Economic news(2024/12/06)
Government considers banning unilateral price setting by ordering party through amendment of Subcontracting Law
2024-12-06 20:53:00
Regarding the proposed amendments to the Subcontracting Act, which is currently under discussion in order to achieve wage increases that exceed inflation, interviews with related parties have revealed that the government is considering including wording that would prohibit unilateral price setting that puts pressure on the management of companies that receive contracts.
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JR East requests fare increase, average fare increase of 7.1% from March 2026
2024-12-06 19:00:00
JR East has applied to the government for a fare increase starting in March 2026. The minimum ticket fare will be increased by 10 yen, bringing the overall fare increase rate to an average of 7.1%.
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Large-scale blackout in Shikoku "caused by miscommunication"; measures to prevent recurrence submitted to government
2024-12-06 18:57:00
Regarding the large-scale blackout that occurred in Shikoku last month, Shikoku Electric Power Transmission and Distribution Co., Ltd. stated that it was caused by a mistake in coordination with Kansai Electric Power Transmission and Distribution Co., Ltd., and has put together measures to prevent recurrence, including strengthening coordination, such as reviewing the memorandum of understanding held by the two companies.
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Ito-Yokado to cut 1,000 jobs by February of next year
2024-12-06 18:53:00
It has been learned that supermarket chain Ito-Yokado plans to reduce its workforce by around 1,000 people, equivalent to just under 20% of its full-time employees, by February 2026 in order to improve its management efficiency.
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The yen fluctuated wildly against the won, but fell slightly against the dollar.
2024-12-06 18:22:00
On the 6th, the Tokyo foreign exchange market saw the yen fluctuate wildly against the Korean won as concerns spread over the political turmoil in South Korea, but fell slightly against the dollar.
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White Diamonds: What's behind the wild fluctuations? [Economics Column]
2024-12-06 18:16:00
Something strange is happening with the price of lithium, also known as the "white diamond." Just when it seemed to have soared to an all-time high in 2022, it suddenly plummeted from last year. It has fallen to about one-eighth of its peak price. We will explore what is happening around this rare metal, which was once the subject of a global scramble for it. (Economics Reporter Mitsutaka Saito)
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Ito-Yokado to cut 1,000 jobs by February of next year
2024-12-06 17:28:00
It has been learned that supermarket chain Ito-Yokado plans to reduce its workforce by around 1,000 people, equivalent to just under 20% of its full-time employees, by February 2026 in order to improve its management efficiency.
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The number of dairy farmers nationwide fell below 10,000 for the first time to 9,960 as of October this year
2024-12-06 16:46:00
A survey by a producers' group revealed that the number of dairy farmers nationwide has fallen below 10,000 for the first time, and at a press conference after the Cabinet meeting on the 6th, Agriculture, Forestry and Fisheries Minister Eto expressed his intention to support farming by increasing milk consumption, among other measures.
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JR East requests fare increase, average fare increase of 7.1% from March 2026
2024-12-06 16:34:00
JR East has applied to the government for a fare increase starting in March 2026. The minimum ticket fare will be increased by 10 yen, bringing the overall fare increase rate to an average of 7.1%.
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Stock prices fall due to the fall in the major stock indexes of the New York market
2024-12-06 16:22:00
The Nikkei Stock Average fell following the decline in major stock indexes on the Tokyo Stock Exchange on the 6th and on the New York Exchange on the 5th.
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October's economic activity index rises for the second consecutive month, up 2.5 points from the previous month
2024-12-06 16:12:00
The Cabinet Office announced that the coincident index, which indicates the current state of the economy, for October this year was 116.5, up 2.5 points from the previous month, with 2020 as the base year and 100. This is the second consecutive month that the index has increased.
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JR East requests fare increase, average fare increase of 7.1% from March 2026
2024-12-06 15:47:00
JR East has announced that it has applied to the government for a fare increase from March 2026. This applies to regular fares as well as commuter passes for work and school, with the overall increase coming to an average of 7.1%. The starting fare for Yamanote Line tickets will be increased by 10 yen, from the current 150 yen to 160 yen. This is the second increase in the fares of JR East tickets and passes, following the March 2023 increase when a "barrier-free fare" was added to some sections of the Tokyo metropolitan area, but this will be the first across-the-board fare increase since the company was founded in 1987, excluding times when the consumption tax is introduced or increased.
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Yen exchange rate volatile due to concerns over political turmoil in South Korea
2024-12-06 13:36:00
In the Tokyo foreign exchange market, when it was reported that the leader of South Korea's ruling party said, "I have decided that it is necessary to immediately suspend the president from his duties," the yen temporarily saw the Korean currency, the won, being sold and the yen being bought out of concerns about political turmoil in South Korea, leading to a rise in the value of the yen against the dollar.
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Stock prices fall due to the fall in the major stock indexes of the New York market
2024-12-06 12:15:00
The Nikkei average is falling following the decline in major stock indexes on the Tokyo stock market on the 6th and the New York stock market on the 5th.
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October household survey: Consumption -1.3% compared to same month last year, 3rd consecutive month of decline
2024-12-06 11:58:00
The amount of money spent by households with two or more people in October this year, excluding price fluctuations, decreased by 1.3% compared to the same month last year, marking the third consecutive month of declines. The Ministry of Internal Affairs and Communications attributes this to a decrease in demand for autumn and winter clothing due to high temperatures.
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October household survey: Consumption -1.3% year-on-year, 3rd consecutive month of decline
2024-12-06 08:55:00
The Ministry of Internal Affairs and Communications announced in its October household budget survey that the amount spent by households with two or more people on consumption, excluding price fluctuations, was down 1.3% compared to the same month last year. This is the third consecutive month of decline, with the average household spending standing at 305,819 yen.
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OPEC+ production cuts framework extended for one year until end of 2026
2024-12-06 03:20:00
OPEC+, a group of major oil-producing countries including Saudi Arabia and Russia, held a ministerial meeting and agreed to extend the current production cut framework for one year. Several countries have also decided to postpone the expansion of crude oil supplies that was scheduled to begin next month, which is thought to be aimed at supporting crude oil prices.
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