Economic news(2024/12/25)
Next fiscal year's general account budget total exceeds 115 trillion yen, the largest ever [Details]
2024-12-25 19:37:00
The government's budget plan for next fiscal year has been finalized, and reflecting increases in social security and defense spending, the general account will total approximately 115.5 trillion yen, the largest amount ever. Tax revenues are expected to exceed 78 trillion yen, the largest amount ever, but the government plans to issue more than 28 trillion yen in new government bonds. In negotiations between Health, Labor and Welfare Minister Fukuoka and Finance Minister Kato, it was decided to review the "high-cost medical care system" in order to reduce the insurance premium burden on the working generation, and to raise the upper limit from August next year.
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Next fiscal year's general account budget total exceeds 115 trillion yen, the largest ever [Details]
2024-12-25 18:55:00
The government's budget plan for next fiscal year has been finalized, and reflecting increases in social security and defense spending, the general account will total approximately 115.5 trillion yen, the largest amount ever. Tax revenues are expected to exceed 78 trillion yen, the largest amount ever, but the government plans to issue more than 28 trillion yen in new government bonds. In negotiations between Health, Labor and Welfare Minister Fukuoka and Finance Minister Kato, it was decided to review the "high-cost medical care system" in order to reduce the insurance premium burden on the working generation, and to raise the upper limit from August next year.
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Government forecasts real GDP growth rate of around 1.2% next fiscal year
2024-12-25 18:45:00
The government has projected that the Japanese economy will grow by about 1.2% in real terms next fiscal year, excluding price fluctuations, in 2025, as wage increases progress, inflation stabilizes, and personal consumption recovers.
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"Relax the upper limit on paid leave acquired by the hour" - Regulatory Reform Promotion Council interim report
2024-12-25 18:40:00
The government's Regulatory Reform Promotion Council has compiled an interim report calling for the relaxation of the upper limit on the amount of paid leave that can be taken on an hourly basis, in order to encourage flexible working styles and make it easier to secure time for caregiving, child care, and extracurricular activities.
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Yen exchange rate: Small fluctuations
2024-12-25 18:15:00
On the 25th, the yen fluctuated little in the Tokyo foreign exchange market.
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Next fiscal year's general account budget total exceeds 115 trillion yen, the largest ever [Details]
2024-12-25 18:05:00
The government's budget plan for next fiscal year has been finalized, and reflecting increases in social security and defense spending, the general account will total approximately 115.5 trillion yen, the largest amount ever. Tax revenues are expected to exceed 78 trillion yen, the largest amount ever, but the government plans to issue more than 28 trillion yen in new government bonds. In negotiations between Health, Labor and Welfare Minister Fukuoka and Finance Minister Kato, it was decided to review the "high-cost medical care system" in order to reduce the insurance premium burden on the working generation, and to raise the upper limit from August next year.
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Japan's first autonomous Level 4 bus service begins in Matsuyama
2024-12-25 17:36:00
Matsuyama City has become the first city in Japan to operate "Level 4" route buses that are capable of fully autonomous driving under certain conditions.
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Regular gasoline average retail price rises to 180.6 yen per liter
2024-12-25 17:07:00
The national average retail price of regular gasoline rose by more than 4 yen from last week to 180.6 yen per liter as of the 23rd. This is due to a reduction in the subsidies the government is providing to oil refiners, and it is the first time that the price has exceeded 180 yen since September last year.
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Next fiscal year's general account budget total expected to reach a record high of mid-115 trillion yen
2024-12-25 17:06:00
On the morning of the 25th, the Cabinet ministers made final adjustments to the government's budget proposal for next fiscal year, and it was revealed that the general account total is expected to reach the mid-115 trillion yen range, a new record high. In negotiations between Health, Labor and Welfare Minister Fukuoka and Finance Minister Kato, it was decided to review the "High-cost Medical Care Fee System" and raise the upper limit from August next year in order to reduce the insurance premium burden on the working generation.
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Keidanren Chairman: "Next year will be the year when wage increases take hold and a virtuous cycle of growth and distribution will be realized"
2024-12-25 16:31:00
Keidanren Chairman Tokura positioned next year as the year in which wage increases will become established, and reiterated his intention to work hard to achieve a virtuous cycle of growth and distribution.
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Next fiscal year's general account budget total expected to reach a record high of mid-115 trillion yen
2024-12-25 16:10:00
On the morning of the 25th, the Cabinet ministers made final adjustments to the government's budget proposal for next fiscal year, and it was revealed that the general account total is expected to reach the mid-115 trillion yen range, a new record high. In negotiations between Health, Labor and Welfare Minister Fukuoka and Finance Minister Kato, it was decided to review the "High-cost Medical Care Fee System" and raise the upper limit from August next year in order to reduce the insurance premium burden on the working generation.
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Nippon Steel Corporation President Imai expresses confidence in US Steel acquisition
2024-12-25 16:07:00
Regarding the fact that the decision of whether to approve Nippon Steel's acquisition of U.S. Steel, a major American steel manufacturer, has been left to President Biden, Nippon Steel President Tadashi Imai told reporters on the 25th, "I think it will be approved if they understand the essential value," once again expressing confidence in the realization of the acquisition.
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Stock price: Small price movements
2024-12-25 15:49:00
On the 25th, the Nikkei Stock Average on the Tokyo Stock Exchange showed little movement.
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Bank of Japan Governor Ueda: "We will assess trends in wage increases and make a decision"
2024-12-25 15:47:00
Speaking at a Keidanren (Japan Business Federation) meeting on the 25th, Bank of Japan Governor Ueda said that the economic outlook for next year is "for the virtuous cycle to strengthen further," but reiterated that he would like to wait until he has assessed trends in wage increases leading up to the spring labor offensive before making a decision on additional interest rate hikes, which are currently being considered.
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November: Domestic automakers' sales numbers struggle in China but increase in the US
2024-12-25 15:41:00
Sales for Japan's major automakers in November rose compared to the same month last year for all six companies that sell in the United States, although sales in China continued to struggle.
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METI begins discussions on legislation to provide financial support to Lapidus
2024-12-25 15:38:00
On the 25th, the Ministry of Economy, Trade and Industry began discussions on the necessary legal framework to provide financial support to Rapidus, which aims to domestically produce advanced semiconductors. In this discussion, a proposal was presented to utilize the Information-Technology Promotion Agency (IPA), an independent administrative institution, as the entity that will provide investment and loan guarantees.
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Mitsui Sumitomo Insurance: Approximately 120,000 personal details leaked due to unauthorized access to contractor
2024-12-25 15:29:00
Mitsui Sumitomo Insurance, a major non-life insurance company, announced that a company it outsourced had been illegally accessed, resulting in the risk that approximately 120,000 pieces of personal information, including names and addresses of policyholders, may have been leaked. The same outsourced company is also said to have leaked the personal information of policyholders at Tokio Marine & Nichido and Sompo Japan.
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Next fiscal year's general account budget total expected to reach a record high of mid-115 trillion yen
2024-12-25 15:09:00
The government's draft budget for next fiscal year, for which final adjustments were made during ministerial negotiations this morning, is expected to have a general account total of around 115 trillion yen, a new record high.
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Keidanren Chairman: "Next year will be the year when wage increases take hold and a virtuous cycle of growth and distribution will be realized"
2024-12-25 14:50:00
Keidanren Chairman Tokura positioned next year as the year in which wage increases will become established, and reiterated his intention to work hard to achieve a virtuous cycle of growth and distribution.
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Next fiscal year's general account budget total expected to reach a record high of mid-115 trillion yen
2024-12-25 13:13:00
The government's draft budget for next fiscal year, for which final adjustments were made during ministerial negotiations this morning, is expected to have a general account total of around 115 trillion yen, a new record high.
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Stock prices fall slightly
2024-12-25 11:58:00
On the 25th, the Nikkei Stock Average on the Tokyo Stock Exchange fell slightly.
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Next fiscal year's general account budget total expected to reach a record high of mid-115 trillion yen
2024-12-25 11:47:00
The government's draft budget for next fiscal year, for which final adjustments were made during ministerial negotiations this morning, is expected to have a general account total of around 115 trillion yen, a new record high.
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Final adjustments are being made to the general account budget for next fiscal year, with the total amount to be in the mid-115 trillion yen range
2024-12-25 11:02:00
The government is in the final stages of making adjustments to the general account budget for next year, fiscal 2025, with the total amount set to be in the mid-115 trillion yen range. In addition to an increase in social security spending and defense spending, government bond expenses for redemption and interest payments on national bonds will also exceed this fiscal year's total, making it the third consecutive year that the initial budget will exceed 110 trillion yen, surpassing last year's and fiscal 2023 figures to become the largest ever.
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Aeon Bank ordered to improve operations due to inadequate anti-money laundering measures
2024-12-25 10:14:00
The Financial Services Agency has decided to issue an order to AEON Bank to improve its business practices, including requesting a review of its risk management system, citing deficiencies in its anti-money laundering measures, which involve washing funds obtained through crime.
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Private survey: 24% "want to go" to Osaka/Kansai Expo, down from last time
2024-12-25 05:48:00
A private survey has found that as of October this year, only 24% of people said they would like to go to the Osaka-Kansai Expo, which opens in April next year, a decrease from the previous survey.
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President-elect Trump's tariff hikes are estimated to reduce global GDP by 0.3%
2024-12-25 04:58:00
Regarding US President-elect Trump's plan to raise tariffs on Mexico, Canada, and China, the Japan External Trade Organization (JETRO) has estimated that if the tariffs are actually raised, it could push down global GDP by 0.3%.
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