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Japan worries over US plan to curb aluminum import

A worker drives a forklift to transport aluminum bars at a factory in Anshun, Guizhou province, China, in this July 1, 2013 file picture. REUTERS/Stringer/Files ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. THIS PICTURE IS DISTRIBUTED EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA.

TOKYO: Japan’s aluminum industry is worried that any US trade action to block imports of the metal may result in surplus supply elsewhere and prompt a chain-reaction of retaliation by other nations, the head of a trade body said yesterday. US President Donald Trump’s administration is determined to curb imports of aluminum, along with steel. In April, it initiated a ... Read More »

Japan expands trade insurance with eye on infrastructure exports

employement rises

TOKYO: The government-backed Nippon Export and Investment Insurance will more fully cover the exposure Japanese lenders face in financing companies in emerging countries, a measure aimed at boosting infrastructure exports. When Japan exports infrastructure to emerging nations, companies from those countries often borrow from Japanese banks. For expensive projects, it is common for factory builders, trading houses and banks to ... Read More »

Japan’s May bonded bunker fuel sales fall 9%

Bulk Carrier

TOKYO: Japan’s bonded bunker fuel sales fell 9% month on month to 2.02 million barrels in May, and were lower by 13.8% year on year, data released last Friday by the Ministry of Economy, Trade and Industry showed. Bonded marine diesel oil sales fell 4.6% from April to 68,397 barrels in May, and were also 15.2% lower year on year, ... Read More »

Japan’s wooden bedroom furniture imports rose 6%

economic view

TOKYO: Japan’s three top suppliers of wooden bedroom furniture (China, Vietnam and Thailand) saw a decline in the value of shipments to Japan in April compared to levels in March, as ITTO reported. Shipments from the top supplier, China, fell almost 15%, shipments from Vietnam were down 22% while shipments from Thailand dropped just over 30%. The overall decline for ... Read More »

11 TPP states eye new framework to implement pact without US

TPP without US

HAKONE: The chief negotiators of the 11 Trans-Pacific Partnership countries agreed Thursday to aim to put the regional free trade deal into force under a new framework, following the withdrawal of the United States. “The TPP was originally signed by 12 members so for the pact to come into effect with 11 countries, we need a new international agreement,” Japan’s ... Read More »

Japan’s YKIP joins industry coalition to promote LNG bunkering

Japan's Yokohama-Kawasaki International Port Corporation

TOKYO: Japan’s Yokohama-Kawasaki International Port Corporation, or YKIP, is the latest company to join SEA\LNG, a multi-sector industry coalition aiming to accelerate the widespread adoption of LNG as a marine fuel, SEA\LNG said in a statement. This comes at a time when Japan, the world’s largest LNG importer which accounts for about 35% of global demand, is set to play ... Read More »

Japan’s current account surplus down for 1st time in 4 months

Trade Surplus Grows

TOKYO: Japan’s current account surplus fell 5.9 percent from a year earlier to 1.65 trillion yen ($14.5 billion) in May for the first decrease in four months, as higher crude oil prices pushed up imports, government data showed Monday. The country posted a current account surplus for the 35th straight month. But goods trade registered a deficit of 115.1 billion ... Read More »

Japan-EU trade deal agreed ‘in principle’

agreement

TOKYO: The EU and Japan have announced an agreement in principle on an Economic Partnership Agreement (EPA), which would boosting trade by cutting tariffs. The agreement in principle was announced at the EU-Japan summit on July 6. The negotiations were launched in 2013, and there have been 18 rounds of talks. The EU expects the agreement to increase the value ... Read More »

Japan’s tax revenue undershoots estimate by 2 trillion yen

Bangladesh’s SoBs facing capital shortfall of Tk150b

TOKYO: Japan’s fiscal 2016 tax revenue came in around 2.1 trillion yen ($18.5 billion) below the initial forecast, casting doubt over Prime Minister Shinzo Abe’s plan to replenish government coffers by spurring growth in the corporate sector. This was the country’s first drop in tax revenue in seven years, falling by 800 billion yen from the previous year to roughly ... Read More »

Japan’s gold smuggling jumps again

guyanagoldsmuggling

TOKYO: Gold smuggling into Japan has jumped again according to local media, with the notorious yakuza crime syndicates now joined by ‘amateurs’ exploiting the profit margin offered to illegal supplies by the country’s tax system. Japan raised its ‘consumption tax’ on goods and services for the first time in 17 years in April 2014, taking the levy from 5% to ... Read More »

Revised tax giving Japanese residents ‘access to global markets’

Sales-Tax

TOKYO: On Saturday, July 1, the revised consumption tax law went into effect throughout Japan, and bitcoin transactions no longer incur consumption tax of 8%. On the same day, Australia also ended bitcoin double taxation. Bitcoin.com talked to Yuzo Kano, CEO of the largest Japanese bitcoin exchange by volume, to find out the real implications of this change in Japan. ... Read More »

Japan’s core consumer prices rise 0.4% on year in May

index rises

TOKYO: Japan’s core consumer prices rose 0.4 percent from a year earlier in May, the Ministry of Internal Affairs and Communications said in a report on Friday. According to the ministry, the rise in prices in the recording period was due to an increase in prices for crude oil. The core consumer price index, which excludes fresh food prices because ... Read More »

Japan central bank issues rare apology over remark about Hitler

japan central bank

TOKYO: Japan’s central bank issued a rare apology on Friday over a board member’s praise for Adolf Hitler’s economic policies. Yutaka Harada, a member of the board of the Bank of Japan, told a seminar on Thursday Hitler’s economic policies had been “appropriate” and “wonderful” but had enabled the Nazi dictator to do “horrible” things to the world. “The Bank ... Read More »

Japan government raises economic view, says moderate recovery intact

economic view

TOKYO:  Japan’s government on Thursday raised its overall view of the economy for the first time in six months, reflecting a gradual pick-up in private consumption and underscoring its confidence that an export-led recovery is broadening. The government also raised its view of private consumption – which has been a weak link in the economy – saying that it is ... Read More »

Japan’s exports increased in over 2 years with higher shipments of cars and steel

shares high

TOKYO: Japan’s exports surged in May by the fastest in more than two years on higher shipments of cars and steel, an encouraging sign that robust global demand will help keep the country’s modest economic recovery on track. The 14.9 percent annual increase in exports in May was the biggest rise since January 2015 and nearly twice the pace seen ... Read More »

Japan urged to adopt 15% VAT rate

VAT - Value Added Tax

TOKYO: Japan should commit to new gradual increases to its consumption tax rate, beyond 10 percent, to help rein in its substantial deficit, a new report from the International Monetary Fund says. It said the Government should “place emphasis on a gradual, pre-announced schedule of consumption tax rate hikes, of 0.5 to 1.0 percentage points in regular intervals, starting as ... Read More »

Japan blocks more South Korean imports amid cosmetics boom

japan_south_korea_2_0

TOKYO: Japanese customs officers are confiscating a growing number of South Korean imports due to a rise in cosmetics containing orchid species protected under a global treaty. The 159 seizures of South Korean goods last year represent a 24.2% rise from 2015 and are triple the figure from two years ago. Products containing orchid are confiscated if they lack necessary ... Read More »

Japan’s business sentiment weakens in Q2

Raising Weak Economy
weak GDP

TOKYO: Japanese large industries’ business sentiment deteriorated in the second quarter, the quarterly survey by the Ministry of Finance and the Cabinet Office showed. The Business Survey Index, or BSI, fell to -2 in the second quarter from 1.3 in the previous period. The index is forecast to rise to 7.1 points next quarter before falling to 6.7 points in ... Read More »

Japan to launch auto-piloting ships by 2025

auto pilot

TOKYO: Japan’s shipping companies are working with shipbuilders to develop self-navigating ships that could be in service by 2025, Japanese media reported earlier this week. Participating shipbuilders plan to build around 250 self-piloting ships, which will use “the artificial-intelligence-driven steering system” to plot the safest, shortest and most fuel-efficient route, according to the Nikkei Asian Review. The artificial intelligence system ... Read More »

3 customs bureaus suspected of asking dealers to cover up asbestos imports

Japan Customs

TOKYO: Customs bureaus in Tokyo, Osaka and Kobe allowed the import of asbestos into Japan between 2012 and 2016, with officials suspected of later asking importers to change their import declarations so they appear not to have included asbestos following Mainichi Shimbun inquiries, it has been learned. While importing asbestos into Japan is generally prohibited under the Industrial Safety and ... Read More »