Japanese Economy – Japon Online http://japononline.net/ Thu, 11 Aug 2022 02:26:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://japononline.net/wp-content/uploads/2021/05/default1-150x150.png Japanese Economy – Japon Online http://japononline.net/ 32 32 EDITORIAL | Restarting nuclear power plants to tackle the energy crisis and achieve decarbonization https://japononline.net/editorial-restarting-nuclear-power-plants-to-tackle-the-energy-crisis-and-achieve-decarbonization/ Wed, 10 Aug 2022 23:05:14 +0000 https://japononline.net/editorial-restarting-nuclear-power-plants-to-tackle-the-energy-crisis-and-achieve-decarbonization/ On July 27, the Japanese government launched the first meeting of its Green Transformation (GX) panel, chaired by Prime Minister Fumio Kishida, to discuss steps towards a low-carbon society. The Prime Minister began the meeting by recalling the urgency of “rebuilding a stable energy supply” given the seriousness of the current energy situation. At present, […]]]>

On July 27, the Japanese government launched the first meeting of its Green Transformation (GX) panel, chaired by Prime Minister Fumio Kishida, to discuss steps towards a low-carbon society.

The Prime Minister began the meeting by recalling the urgency of “rebuilding a stable energy supply” given the seriousness of the current energy situation. At present, the balance between electricity supply and demand in Japan remains extremely tight.

Kishida further asked the panel to clearly identify issues that require political decisions, such as restarting nuclear power plants.

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Prime Minister Kishida attends the first GX Executive Committee meeting. July 27, 2022 (photo by Ataru Haruna).

Why now?

The Prime Minister had good reason to insist on the urgency. Failure to resolve the current energy crisis will seriously hamper subsequent decarbonization efforts. The panel needs to clarify its priorities.

As global energy prices soar following Russia’s invasion of Ukraine, there is a growing movement in Europe to re-evaluate nuclear power plants as a decarbonizing energy source.

As a country with scant natural resources, Japan needs to take advantage of its safety-tested nuclear power plants – a decision that will hopefully be made under the strong leadership of Prime Minister Kishida.

During the meeting, Prime Minister Kishida said the current situation is so serious that it has raised fears of “the first energy crisis since the oil crisis of 1973”.

He added, “Without overcoming this crisis, there will be no green transformation by 2030 or 2050.”

Its sense of urgency about the severity of the crisis should be shared by government officials and the public.

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Ten years have passed since the Tomari nuclear power plant of the Hokkaido Electric Power Company. was stopped for inspection in November 2012. (photo: May 2022 by Naoki Ohtake)

Facing political decisions

Prime Minister Kishida also urged the panel to identify issues that require political decisions, such as restarting nuclear power plants, by the next meeting, scheduled for September.

The Minister of Economy, Trade and Industry, who is also Minister for the Promotion of Green Transformation, is to present concrete measures to improve the efficiency of the Nuclear Regulatory Authority, which is a administrative body which examines the safety of nuclear power plants.

The extended review period of nuclear power plants by the Nuclear Regulatory Authority means that only 10 nuclear power plants in Japan have passed the review and restarted operations. Moreover, none of them are in the eastern part of Japan, threatened by the power crisis.

Energy liberalization has also led to the closure and dismantling of aging thermal power plants, further exacerbating electricity shortages in eastern Japan.

Under such circumstances, the Kishida administration should take practical steps to restart the nuclear power plants.

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Early restarting of nuclear power plants in eastern Japan would not only help eliminate power shortages and ensure stability of supply, but also bring down electricity prices rapidly.

New decarbonization roadmap

The GX panel also decided to create a 10-year decarbonization roadmap that begins in 2023. To continue to use nuclear power plants as a decarbonizing energy source, this roadmap must also include the construction of new plants and the reconstruction of existing ones.

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(Read the editorial in Japanese on this link.)

Author: editorial board, The Sankei Shimbun

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Japan’s Kishida likely to change trade minister, keep finance in reshuffle -media https://japononline.net/japans-kishida-likely-to-change-trade-minister-keep-finance-in-reshuffle-media/ Mon, 08 Aug 2022 23:33:00 +0000 https://japononline.net/japans-kishida-likely-to-change-trade-minister-keep-finance-in-reshuffle-media/ Japanese Prime Minister Fumio Kishida delivers a speech at his official residence in Tokyo, Japan July 14, 2022. Xinhua/Zhang Xiaoyu/Pool via REUTERS Join now for FREE unlimited access to Reuters.com Register TOKYO, Aug 9 (Reuters) – Japanese Prime Minister Fumio Kishida is likely to appoint Industry Minister Koichi Hagiuda to a post outside the cabinet, […]]]>

Japanese Prime Minister Fumio Kishida delivers a speech at his official residence in Tokyo, Japan July 14, 2022. Xinhua/Zhang Xiaoyu/Pool via REUTERS

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TOKYO, Aug 9 (Reuters) – Japanese Prime Minister Fumio Kishida is likely to appoint Industry Minister Koichi Hagiuda to a post outside the cabinet, while retaining his current finance and foreign ministers as part of a reshuffle planned for this week, media reported.

Koichi Hagiuda, the minister of economy, trade and industry, is expected to be named chairman of the ruling party’s policy research committee, the Yomiuri newspaper said on Tuesday, without specifying where he got the job from. ‘information.

Hagiuda is a member of the largest faction of the ruling Liberal Democratic Party, which was previously led by former Prime Minister Shinzo Abe, who was shot and killed last month. Hagiuda’s appointment is intended to show the importance of this faction and help strengthen defense policy, the Yomiuri said.

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The earlier-than-expected reshuffle comes as Kishida’s administration faces growing public scrutiny of the relationship between the Unification Church religious group and ruling party lawmakers, including Abe. Read more

One of Kishida’s advisers, Minoru Terada, and upper house lawmaker Naoki Okada are expected to be appointed to the cabinet for the first time, the Yomiuri said.

Kishida, who faces his lowest level of support since taking office in October, is also expected to retain Finance Minister Shunichi Suzuki and Foreign Minister Yoshimasa Hayashi, the Nikkei newspaper reported on Monday. He also did not say where he got the information.

Kishida also intends to keep Taro Aso, the vice chairman of the ruling Liberal Democratic Party, and Hirokazu Matsuno, the chief cabinet secretary, he said, other outlets having previously said that these two would probably be retained.

Kishida said over the weekend he would reshuffle his cabinet to address issues such as rising COVID-19 infections.

The Jiji news agency reported on Friday that Suzuki, the finance minister, would be retained. The Yomiuri newspaper previously reported that Kishida was likely to replace Defense Minister Nobuo Kishi, due to his health issues.

(This story corrects Taro Aso’s title as Vice President of the ruling LDP)

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Reporting by David Dolan; Editing by Sam Holmes and Stephen Coates

Our standards: The Thomson Reuters Trust Principles.

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Japan has a ‘once in a lifetime’ chance to end deflation, says outgoing BoJ official https://japononline.net/japan-has-a-once-in-a-lifetime-chance-to-end-deflation-says-outgoing-boj-official/ Sun, 07 Aug 2022 00:01:46 +0000 https://japononline.net/japan-has-a-once-in-a-lifetime-chance-to-end-deflation-says-outgoing-boj-official/ According to a Bank of Japan board member who recently left the central bank, Japan needs bolder monetary and fiscal stimulus to seize “a once-in-a-lifetime opportunity” from global inflationary pressures to end its slump. war on deflation. The BoJ has come under market pressure in recent months to reassess its ultra-accommodative monetary policy as central […]]]>

According to a Bank of Japan board member who recently left the central bank, Japan needs bolder monetary and fiscal stimulus to seize “a once-in-a-lifetime opportunity” from global inflationary pressures to end its slump. war on deflation.

The BoJ has come under market pressure in recent months to reassess its ultra-accommodative monetary policy as central banks globally rush to raise interest rates to rein in rising food and commodity prices. raw materials. With Japanese interest rates still minus 0.1%, a divergence in global yields earlier this year sent the yen to a 24-year low against the US dollar.

But Goushi Kataoka, an aggressive reflationist who quit the BoJ board last month and was named chief economist at PwC Consulting in Japan, warned that any attempt to weaken the central bank’s efforts to achieve and maintaining its inflation target of 2% would have serious consequences for Asia. greater advanced economy.

After the bursting of Japan’s economic bubble in 1990, the country found itself locked in a vicious cycle of slow growth and stagnant or falling prices, resulting in a persistent lack of demand.

The falling yen and soaring oil prices have recently pushed Japan’s headline inflation to 2.5%. Excluding commodity price volatility, however, core inflation remains low and there has been no pass-through from higher prices to wage growth.

“Japan is at an important crossroads where the price trend could change drastically if the government and the Bank of Japan take bold steps” to extend fiscal and monetary stimulus, Kataoka said in his first interview since leaving the board. administration of the BoJ. “This is a unique opportunity for the BoJ.”

Goushi Kataoka said any attempt to weaken the BoJ’s efforts to reach and maintain its 2% inflation target would have serious consequences for the Japanese economy © Issei Kato/Reuters

When hedge funds built up short positions in Japanese government bonds in June, the BoJ was forced to dramatically increase bond purchases to cap 10-year bond yields at near zero, a policy called yield curve control. The pressure has since subsided as the yen strengthened amid US recession fears.

While some critics have called on the BoJ to widen the yield curve to address distortions in the financial sector, Kataoka said setting the bond yield at zero at a time when global rates are rising is crucial to increasing the impact of the crisis. relaxation.

But he acknowledged the limits of what the BoJ can do, saying the government must encourage companies to raise wages by offering bolder tax incentives. “There seems to be a profound lack of sense of crisis” within Prime Minister Fumio Kishida’s administration, he said.

He noted that additional stimulus measures, such as tax cuts, were needed for businesses and households to offset the impact of the weak yen and the rising cost of imported goods.

Since Kataoka joined the BoJ board in 2017, he has consistently voted against central bank monetary policy decisions, arguing that a more aggressive approach with interest rate cuts was needed to avoid downward pressure on prices. As the only dissenter on the board, he also called for a firmer commitment from the BoJ to hit its inflation target.

Kataoka was replaced by Hajime Takata, an economist who has spoken of the negative side effects of the BoJ’s easing program and skeptical of the feasibility of its 2% inflation target.

The appointment has been closely watched as a prelude to the Kishida administration selecting a successor to BoJ Governor Haruhiko Kuroda when his term expires in April.

“It is to be feared that there will be moves for the inflation target to be in name only. This would destroy the legacy of what the BoJ has achieved so far,” Kataoka said.

“The key question is whether the new governor can overcome criticism from the public and beyond to carry out the crucial mission of maintaining and evolving Kuroda’s legacy to anchor inflation expectations at 2%” , he added.

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Live Updates: DraftKings shares jump on improved financial advice and customer engagement https://japononline.net/live-updates-draftkings-shares-jump-on-improved-financial-advice-and-customer-engagement/ Fri, 05 Aug 2022 18:33:17 +0000 https://japononline.net/live-updates-draftkings-shares-jump-on-improved-financial-advice-and-customer-engagement/ © Simonhs/Dreamstime The number of UK businesses in ‘critical financial distress’ has risen by more than a third in the past year, according to a new report, with bars and restaurants, retailers and construction groups hardest hit . According to the “red flag alert” report published by insolvency specialist Begbies Traynor on Friday, 1,957 UK […]]]>

© Simonhs/Dreamstime

The number of UK businesses in ‘critical financial distress’ has risen by more than a third in the past year, according to a new report, with bars and restaurants, retailers and construction groups hardest hit .

According to the “red flag alert” report published by insolvency specialist Begbies Traynor on Friday, 1,957 UK businesses were in critical financial difficulty in the second quarter of 2022, up 37% from the same quarter last year.

The report says rising prices for labour, materials and energy, as well as the withdrawal of government-backed Covid support schemes, are behind the increased pressure on businesses .

Bars and restaurants, general retailers and construction companies were the hardest hit, with annual increases of 70%, 48% and 36% respectively, according to the report.

“After emerging from the pandemic, many businesses hoped for an economic boom, but that simply collapsed as supply chain issues and the invasion of Ukraine took their toll raw material and energy costs,” said partner Julie Palmer. at Begbies Traynor.

There were also high levels of distress in the support services, real estate, automotive and manufacturing sectors.

The report comes a day after the Bank of England warned that Britain faces a prolonged recession, with inflation expected to hit 13% by the end of the year.

Business bankruptcies in England and Wales also rose in the second quarter, according to official data released this week.

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Japan’s service sector nearly stagnated in July – PMI https://japononline.net/japans-service-sector-nearly-stagnated-in-july-pmi/ Wed, 03 Aug 2022 02:13:00 +0000 https://japononline.net/japans-service-sector-nearly-stagnated-in-july-pmi/ A woman wearing a protective face mask is seen at an outdoor restaurant as the government declared the second state of emergency for the capital and some prefectures, amid an outbreak of the coronavirus disease (COVID-19), in Tokyo, Japan, January 9, 2021. REUTERS/Issei Kato/File Photo Join now for FREE unlimited access to Reuters.com Register TOKYO, […]]]>

A woman wearing a protective face mask is seen at an outdoor restaurant as the government declared the second state of emergency for the capital and some prefectures, amid an outbreak of the coronavirus disease (COVID-19), in Tokyo, Japan, January 9, 2021. REUTERS/Issei Kato/File Photo

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TOKYO, Aug 3 (Reuters) – Japan’s services sector activity almost completely stagnated in July as rising inflation and growing economic uncertainty weighed on sentiment, while businesses also said the The momentum given by the lifting of the brakes on the COVID-19 pandemic had faded.

The marked slowdown in activity in the sector offered a harbinger that the Japanese economy could struggle to begin a convincing recovery, a worrying trend for a country highly exposed to fluctuations in global growth.

The final Purchasing Managers’ Index (PMI) at Jibun Bank Japan Services fell to a seasonally adjusted 50.3, marking the lowest since March.

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The figure shows that activity is slightly above the 50 mark that separates contraction from expansion.

It was below June’s final of 54.0, which was an over-eight-year high, and a flash reading of 51.2.

“Japan’s services economy signaled that demand conditions broadly stagnated at the start of the second half of the year as the momentum from the broader reopening of the economy faded,” Usamah said. Bhatti, an economist at S&P Global Market Intelligence, which compiles the survey. .

“Panel members noted that weaker economic conditions, partly due to inflation and uncertainty, had weighed on the sector.”

The average cost burdens faced by service companies remained high, hitting the second-highest rate in survey history after June’s record high.

The composite PMI, which is estimated using both manufacturing and services, slipped to a five-month low of 50.2 from June’s final 53.0.

“Overall, private sector activity broadly stagnated in July after June’s solid rise,” Bhatti added.

“A further slump in manufacturing output and the stalling of global new orders contributed to the lower reading.”

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Reporting by Daniel Leussink; Editing by Sam Holmes

Our standards: The Thomson Reuters Trust Principles.

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Japan’s economic security law takes effect amid regional tensions https://japononline.net/japans-economic-security-law-takes-effect-amid-regional-tensions/ Mon, 01 Aug 2022 09:26:44 +0000 https://japononline.net/japans-economic-security-law-takes-effect-amid-regional-tensions/ Part of a new Japanese economic security law went into effect on Monday to ensure the stable supply of vital commodities, including semiconductors, and to support the development of crucial technologies amid heightened geopolitical concerns. The crucial part of the law, signed into law in May, came into effect ahead of other provisions as China’s […]]]>

Part of a new Japanese economic security law went into effect on Monday to ensure the stable supply of vital commodities, including semiconductors, and to support the development of crucial technologies amid heightened geopolitical concerns.

The crucial part of the law, signed into law in May, came into effect ahead of other provisions as China’s growing influence intensifies global high-tech competition and the rapidly changing security environment in the world. middle of Russia’s invasion of Ukraine.

The last part consists of two pillars: strengthening supply chains to stably supply vital products and facilitating the development of artificial intelligence and other cutting-edge technologies through public-private cooperation.

The other two pillars of the law are government control of infrastructure in sectors such as telecommunications and transportation to mitigate vulnerability to cyberattacks and other threats, as well as the retention of certain patents related to sight-sensitive technologies. public.

These are expected to come into force in stages from next year.

Takayuki Kobayashi, minister in charge of economic security, told reporters on Monday that the government on the same day launched an office with about 50 staff from various ministries and agencies to promote the country’s economic security.

Working out of the Cabinet Office, the newly established office will prepare basic guidelines on developing resilient supply chains and public-private sector cooperation for Cabinet approval at the end of September, the minister said.

“Economic security legislation is attracting the attention of countries around the world,” Kobayashi said, adding, “We would like to do our best for law enforcement and meet new challenges” that emerge with it.

One of the outstanding issues is the introduction of security clearance for officials and researchers who will handle vital and sensitive information, a system which currently does not exist.

Kobayashi said the enactment of the Economic Security Promotion Law was also noted in a joint statement that the foreign and economic ministers of Japan and the United States issued during their inaugural talks.” two plus two” in Washington on Friday.

Against the backdrop of the challenges posed by China and Russia, the statement stressed that economic security is indispensable to comprehensive security, and that diplomacy and economic policy are closely linked and require a coordinated approach.

The two countries pledged to continue joint development of next-generation semiconductors at a research center to be launched in Japan, as well as fostering supply resilience in other strategic items, such as batteries and critical minerals.

Since Japan alone will not be able to build resilient supply chains for strategically important goods, cooperation with like-minded partners will be essential, Kobayashi said.

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U.S. and Japan cooperate on semiconductors in new economic dialogue https://japononline.net/u-s-and-japan-cooperate-on-semiconductors-in-new-economic-dialogue/ Sat, 30 Jul 2022 04:04:00 +0000 https://japononline.net/u-s-and-japan-cooperate-on-semiconductors-in-new-economic-dialogue/ WASHINGTON, July 29 (Reuters) – The United States and Japan launched a new high-level economic dialogue on Friday aimed at pushing back against China and countering disruption caused by Russia’s invasion of Ukraine. The two longtime allies agreed to establish a new joint research center for next-generation semiconductors at the so-called “two plus two” economic […]]]>

WASHINGTON, July 29 (Reuters) – The United States and Japan launched a new high-level economic dialogue on Friday aimed at pushing back against China and countering disruption caused by Russia’s invasion of Ukraine.

The two longtime allies agreed to establish a new joint research center for next-generation semiconductors at the so-called “two plus two” economic ministerial meeting in Washington, Japanese Commerce Minister Koichi Hagiuda said. .

US Secretary of State Antony Blinken, US Secretary of Commerce Gina Raimondo, Japanese Foreign Minister Yoshimasa Hayashi and Hagiuda also discussed energy and food security, the officials said during a briefing. hurry.

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“As the first and third largest economies in the world, it is essential that we work together to defend the rules-based economic order, an order in which all countries can participate, compete and prosper,” Blinken said. during the opening session.

Blinken said recent global events, including the COVID-19 pandemic and the war in Ukraine, had shown the vulnerability of critical supply chains, while a growing number of countries grappled with debt burdens. due to unsustainable and non-transparent lending practices.

“The coercive and retaliatory economic practices of the People’s Republic of China force countries to make choices that compromise their security, their intellectual property, their economic independence,” he said.

Japan’s Hayashi called Russia’s invasion of Ukraine a serious challenge to the international order and – in an apparent reference to China, although he did not name it directly – referred to attempts ” to use economic influence in unfair and opaque ways to achieve … strategic interests and change the existing international order.

SEMICONDUCTORS

Hagiuda said ‘Japan will move quickly’ on next-generation semiconductor research and said Washington and Tokyo had agreed to launch a ‘new R&D organization’ to establish a secure source of components vital.

The research center would be open to participation from other “like-minded” countries, he said.

The two countries did not immediately release additional details of the plan, but Japanese newspaper Nikkei Shimbun earlier reported that it would be set up in Japan by the end of this year to research semiconductor chips. of 2 nanometers. It will include a prototype production line and is expected to start producing semiconductors by 2025, according to the newspaper.

“As we discussed today, semiconductors are the backbone of our economic and national security,” Raimondo said, adding that officials had discussed collaboration on semiconductors, “particularly when it comes to advanced semiconductors”.

Taiwan now manufactures the vast majority of semiconductors below 10 nanometers, which are used in products such as smart phones, and there are concerns about the stability of supply if there is a problem involving Taiwan and China, which considers the island as a renegade province.

The United States and Japan said in a joint statement that they would work together “to foster supply chain resilience in strategic sectors, including, in particular, semiconductors, batteries and minerals. reviews”. They pledged to “build a strong battery supply chain to lead collaboration between like-minded countries.”

Regarding relations with Russia, Hagiuda said he had conveyed to the United States Japan’s intention to maintain its stake in the Sakhalin-2 oil and gas project despite sanctions against Moscow by Washington, Tokyo and the United States. others following the invasion of Ukraine.

“There are voices calling for withdrawal. But that would mean that our participation would revert to a third country and Russia would make a huge profit. We have explained how maintaining our participation is in line with the sanctions, and I think we have won the understanding of the United States,” he said.

Japanese trading houses Mitsui & Co (8031.T) and Mitsubishi Corp (8058.T) hold a combined 22.5% stake in the project.

Friday’s meeting came at a time of heightened tensions over Taiwan.

Chinese leader Xi Jinping on Thursday warned during a call with US President Joe Biden against playing with fire on Taiwan, underscoring Beijing’s concerns over a possible visit to the island claimed by China. Speaker of the US House of Representatives Nancy Pelosi. Read more

The U.S. House of Representatives on Thursday passed sweeping legislation to subsidize the domestic semiconductor industry as it competes with Chinese and foreign manufacturers. Read more

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Reporting by Simon Lewis, David Brunnstrom, Christopher Gallagher and David Shepardson in Washington and Elaine Lies, Mayu Sakoda and Kiyoshi Takenaka in Tokyo; Editing by Paul Simao and Stephen Coates

Our standards: The Thomson Reuters Trust Principles.

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Participation in Investor Communications Japan (ICJ) Proxy Platform Surpasses 1,700 Listed Companies https://japononline.net/participation-in-investor-communications-japan-icj-proxy-platform-surpasses-1700-listed-companies/ Thu, 28 Jul 2022 02:00:00 +0000 https://japononline.net/participation-in-investor-communications-japan-icj-proxy-platform-surpasses-1700-listed-companies/ TOKYO, July 27, 2022 /PRNewswire/ — Communication with investors Japan (ICJ), a joint venture of Broadridge Financial Solutions, Inc. (NYSE: BR), a global leader in Fintech, and the Tokyo Stock Exchange Inc. (TSE), today announced that the number of companies issuing shares on its electronic proxy voting platform (the Platform) exceeded 1,700 registrations, an increase […]]]>

TOKYO, July 27, 2022 /PRNewswire/ — Communication with investors Japan (ICJ), a joint venture of Broadridge Financial Solutions, Inc. (NYSE: BR), a global leader in Fintech, and the Tokyo Stock Exchange Inc. (TSE), today announced that the number of companies issuing shares on its electronic proxy voting platform (the Platform) exceeded 1,700 registrations, an increase of 499 companies since June 2021.

From June 2022, more than 1,600 companies listed on the TSE Prime Market participate in the Platform, representing 87% of the companies in this market or 98% in terms of market capitalization. In addition, more than 100 companies listed on the standard market and more than 20 companies listed on the growth market participate in the platform, and as of June this year, more than 1,200 of all companies listed on the TSE who held general meetings of shareholders participated in the Platform (up more than 300 companies).

“A growing number of listed companies and institutional investors seek to ensure sufficient time to exercise their voting rights based on constructive dialogue and the platform better enables this process,” said the ICJ President, Shigeo Imakiire. “This increase in the number of companies joining the Platform is proof that the voting environment has improved considerably to facilitate the objectives of from Japan Corporate governance and stewardship codes.”

“ICJ will continue to work to strengthen the competitiveness of from Japan capital markets and advancing corporate governance through the digitization of shareholder meeting processes. ICJ aims to support effective dialogue between companies and investors, as well as the achievement of greater operational efficiency and the provision of valuable services for participants in the general meeting of shareholders.

Digitization and streamlining
“Broadridge is proud to support the continued growth of electronic proxy voting in Japandelivering innovative digital technology solutions to benefit issuers and investors and helping to modernize the industry,” said Demi Derem, Managing Director of International Investor Communication Solutions at Broadridge. “Thanks to our collaboration in the Japan market, we enable greater issuer and shareholder participation, market-wide transparency, and set the standard for proxy communications and voting. »

The ICJ platform digitizes shareholder meeting processes to streamline operations and contribute to the competitiveness of from Japan capital markets. It helps listed companies engage constructively with institutional investors by providing the opportunity for well-informed engagement before, during and after shareholder meetings.

Increased interest
Listed Japanese companies using the platform have increased significantly following its March 2006 launched and accelerated after the implementation of the Code of Corporate Governance in 2015 and the recommendation to use the Platform by the Study Group of the Ministry of Economy, Trade and Industry on the promotion of the electronicization of processes for Shareholders’ Meetings in 2016.

More recently, a revision to the Corporate Governance Code in 2021 that requires companies listed on the Prime Market to promote the use of e-voting platforms has further accelerated this trend. After almost 18 years, the Platform has become a key part of the infrastructure of from Japan capital markets.

ICJ is part of Broadridge’s local market commitments to improve corporate governance and increase shareholder democracy at the national level in markets around the world. Broadridge’s infrastructure serves as a global communications hub, enabling higher standards of corporate governance and investor management by connecting thousands of public companies and mutual funds to tens of millions of individual investors. and institutions around the world.

About Broadridge
Broadridge Financial Solutions (NYSE:BR), a global fintech leader with $5 billion in revenue, provides the essential infrastructure that powers investment, corporate governance and communications to improve financial lives. We provide technology-driven solutions that drive business transformation for banks, brokerages, asset and wealth managers, and public companies. Broadridge’s infrastructure serves as a global communications hub enabling corporate governance by connecting thousands of public companies and mutual funds to tens of millions of individual and institutional investors worldwide. Our technology and operational platforms underpin the day-to-day transactions of more than 9 trillion dollars stocks, fixed income and other securities globally. Certified Great Place to Work®, Broadridge is part of the S&P 500® index and employs more than 13,000 people in 21 countries. For more information about us, please visit www.broadridge.com.

About the ICJ
Investor Communications Japan, Inc. (ICJ) exclusively provides electronic proxy voting platform services to Japanese issuers and global institutional investors. Participants in the ICJ platform are: 1,738 Japanese issuers, 6 transfer agents, 3 principal banks, 6 sub-custodian banks, 17 global custodian banks and approximately 4,500 institutional investors worldwide. ICJ delivered 36% of all voting shares of ICJ’s participating issuers in June 2022 AGM high season. For more information about ICJ and participating issuers, please visit www.icj-co.jp.

Media contact:
Ashton Council: [email protected]

SOURCEBroadridge Financial Solutions, Inc.

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Global stocks start the week lower, following the pullback in Wall St https://japononline.net/global-stocks-start-the-week-lower-following-the-pullback-in-wall-st/ Mon, 25 Jul 2022 09:40:36 +0000 https://japononline.net/global-stocks-start-the-week-lower-following-the-pullback-in-wall-st/ The outlook for Dow industrials was unchanged and that of the S&P 500 was down only a fraction of a point. In Asian trading, Tokyo’s Nikkei 225 lost 0.8% to 27,699.25 and Seoul’s Kospi rose 0.4% to 2,403.69. Hong Kong’s Hang Seng fell 0.2% to 20,562.94, while the Shanghai Composite Index fell 0.6% to 3,250.39. […]]]>

The outlook for Dow industrials was unchanged and that of the S&P 500 was down only a fraction of a point.

In Asian trading, Tokyo’s Nikkei 225 lost 0.8% to 27,699.25 and Seoul’s Kospi rose 0.4% to 2,403.69.

Hong Kong’s Hang Seng fell 0.2% to 20,562.94, while the Shanghai Composite Index fell 0.6% to 3,250.39.

In Australia, the S&P/ASX 200 edged down 1.6 points to 6,789.90.

The Fed will likely announce its second straight 0.75% increase in its short-term rate, a big increase it hasn’t otherwise implemented since 1994. This will put the Fed’s benchmark rate in a range of 2.25% to 2.5%. , the highest level since 2018.

The U.S. economy is slowing, but healthy hiring shows it’s not yet in a recession, Treasury Secretary Janet Yellen said on NBC’s “Meet the Press” program on Sunday. She spoke ahead of release this week on a series of economic reports that will shed light on an economy currently beleaguered by runaway inflation as interest rates rise.

The most high-profile report will likely be Thursday, when the Commerce Department releases its first estimate of economic output in the April-June quarter.

“While rising jobless claims, falling home sales and accumulating gasoline inventories show that the Fed’s frontloading rate hikes are causing a slowdown and bringing inflation under control, the question is at what price,” Stephen Innes of SPI Asset Management said in a comment.

Some economists forecast that it could post a contraction for the second consecutive quarter. The economy shrank 1.6% in the January-March quarter. Two consecutive negative readings are considered an informal definition of a recession, although in this case economists believe it is misleading.

Similar data out of Europe underscored weakness in the global economy as central banks raise interest rates. Higher rates make economic conditions more difficult and overly aggressive hikes could trigger a recession.

On Friday, the benchmark S&P 500 lost 0.9%, snapping a three-day rally that had taken it to its highest level in six weeks, but still gained 2.5% for the week.

The Dow Jones Industrial Average fell 0.4%, while the Nasdaq fell 1.9%.

The company behind the Snapchat app fell 39.1% after reporting a worse loss and lower revenue for the spring than Wall Street had expected.

On Friday, the two-year Treasury yield fell again, to 2.98% from 3.09% on Thursday evening and from 3.14% a week ago, on worries about the economy. A report released Friday morning said business activity in the United States could contract for the first time in nearly two years, with service industries particularly weak.

The 10-year Treasury yield was 2.79% early Monday. On Friday, it fell to 2.76% from 2.91% on Thursday evening.

Along with an easing in Treasury yields, lower prices for crude oil and other commodities have also brought some relief on the inflation front, raising hopes that inflation may peak.

Early Monday, the U.S. benchmark crude oil was 90 cents lower at $93.80 a barrel in electronic trading on the New York Mercantile Exchange. It fell $1.65 on Friday to $94.70 a barrel.

Brent crude, the pricing basis for international trade, fell 85 cents to $97.53 a barrel.

The dollar rose to 136.34 Japanese yen from 136.05 yen on Friday. The euro fell from $1.0214 to $1.0217.

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Domestic realities limit Yoon’s foreign policy rebalancing https://japononline.net/domestic-realities-limit-yoons-foreign-policy-rebalancing/ Sat, 23 Jul 2022 00:00:35 +0000 https://japononline.net/domestic-realities-limit-yoons-foreign-policy-rebalancing/ Authors: Christina Dasom Song and Yves Tiberghien, UBC South Korea’s new president, Yoon Suk-yeol, has broken with his predecessor’s careful balance between Seoul’s trade relationship with China and security alliance with the United States. South Korea joined the Quad Summit in May 2022, signaling its desire to join the Quadrilateral Security Dialogue, and recently joined […]]]>

Authors: Christina Dasom Song and Yves Tiberghien, UBC

South Korea’s new president, Yoon Suk-yeol, has broken with his predecessor’s careful balance between Seoul’s trade relationship with China and security alliance with the United States. South Korea joined the Quad Summit in May 2022, signaling its desire to join the Quadrilateral Security Dialogue, and recently joined the US-led Indo-Pacific Economic Framework (IPEF).

This change in foreign policy is due to the hardening of public opinion against China since 2017. Still, South Korea’s trade interdependence with China and the costs of closer alignment with Washington and Japan will force Yoon to act with caution.

The roots of this profound shift in public opinion can be traced back to China’s massive economic and political retaliation against South Korea’s 2017 deployment of the US THAAD missile defense system. Since these reprisals, public opinion towards China fell from 56% in 2016 to 34% in 2018.

Another survey from May 2022 show South Koreans look more to the United States and its allies: 58% of South Koreans support the deployment of THAAD, 83% support security cooperation between the United States and South Korea, 86% support Quad membership and 83% support increased trilateral cooperation. between South Korea, the United States and Japan. 70% say South Korea has a nuclear weapons program. These numbers represent a historic shift in public opinion, though China’s next moves may well shape future trends.

Domestic concerns will likely overshadow South Korea’s foreign and security policy. President Yoon cannot sacrifice economic growth in the name of security realignment. A SBS Survey 2022 showed that 42% of the public want Yoon to focus on policies that improve economic growth, while only 13% want to prioritize foreign and security policy.

Supply chain issues will also hamper South Korea’s efforts to move away from China, as the economies of these countries are deeply intertwined. 2020 IMF data shows that 32% of South Korean exports went to China (including Hong Kong), compared to 15% to the United States and 5% to Japan. 24% of imports came from China, while only 12% came from the United States and 10% from Japan.

These ratios, unchanged since 2010, show how deeply the two economies are intertwined. A recent survey shows that South Korean academics and business experts are aware of this reality and favor economic cooperation with China, even though 51% of South Koreans also support US-led containment policies against China. .

24% of materials and equipment from South Korea for its semiconductor industry come from China and are difficult to replace. Any disruption to this trade relationship would also depress the US economy as it rests heavily on these microchips.

Yoon’s government doesn’t have much leeway because the National Assembly, which doesn’t have a new election until 2024, is controlled by a large opposition majority. Yoon’s margin of victory in the May 2022 presidential election was very narrow. The opposition supports a more cautious approach to foreign policy – denounce Yoon’s pivot to Washington as unpragmatic and ideological.

Japanese reaction to South Korea’s newfound enthusiasm for cooperation has been cautious and will likely remain so for some time. Some see the divide between Japan and South Korea as a possible sticking point that would prevent South Korea from joining the Quadruple and hinder other multilateral endeavors.

South Korea was not invited as a guest at the G7 summit held in Germany in 2022, although it has been in the past. Japanese Prime Minister Fumio Kishida also declined a bilateral meeting with President Yoon on the sidelines of the NATO summit in June 2022.

While Yoon reaffirmed his confidence at the summit that they could work out their differences, Kishida was more circumspect. A positive step came following Kishida’s resounding victory in the Upper House elections. On July 19, South Korean Foreign Minister Park Jin had a rare encounter with Kishida during his three-day visit to Japan. But Japan will go no further unless South Korea finds a solution to the bitter historical dispute over forced labor during Japan’s long occupation of the peninsula. Japan insists that any solution must be based on the 1965 diplomatic agreement which resolved all historical issues.

There is another constraint for Korea in its efforts to fend off China. China continues to hold some influence over North Korea’s nuclear and military actions, as it remains one of North Korea’s few security and economic partners.

Given these economic and geopolitical considerations, the Yoon government has rhetorically embraced existing alliances with the United States and Japan without yet committing to a coherent and concrete foreign policy to deepen these alliances. Seoul enthusiastically joined IPEF and participated in the Quad Summit in Tokyo. Yet, to date, it has not adopted any consistent policy; nor has it resolved the conflict between its trade relationship with China and greater strategic alignment with the United States.

The Yoon administration has made clear that it views the IPEF as a framework for rule-making in critical areas such as infrastructure and digital governance rather than a tool to diversify its trade away from China. Although the U.S. Trade Representative Katherine Tai presents the IPEF as a trade agreement close to the United States-Mexico-Canada agreement, Yoon does not see it that way. Conducting a security policy with high economic costs would be unpopular with the public.

Yoon faces the same challenge as his predecessor – balancing the dual demands of trade relations with China and security alignment with the United States. It will also be limited by the rise of nationalism in the region and the resulting volatility in relations between states. While Yoon has capitalized on anti-China sentiment in South Korea, it may also exacerbate a tense regional environment. Its quickly declining popularity among the electorate may further restrict its foreign policy agenda.

Christina Dasom Song is a master’s student in political science at the University of British Columbia.

Yves Tiberghien is a professor of political science and holder of the Konwakai Chair in Japanese Research at the University of British Columbia.

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