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Japan industrial production pulls back in January

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TOKYO: Japanese industrial production fell at a faster rate than forecast in January, recording the sharpest fall since the 2011 earthquake. Industrial production fell 6.6 per cent month on month in January, tumbling at a faster pace than the 4.2 per cent decrease forecasts by economists in a Reuters poll. That was down from 2.9 per cent growth recorded in ... Read More »

Steel industry head wants to see Japan excluded from U.S. import curb

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TOKYO: Japan’s steel industry wants the country to be excluded from any U.S. import curbs as steel from Japan poses no threat to the U.S. national security, the head of the steel federation said on Tuesday. Japan’s steel industry said last week that the U.S. Commerce Department’s proposal to President Donald Trump to impose curbs on steel imports violated the ... Read More »

Japanese delivery giant joins booming logistics market

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TOKYO: Headquartered delivery giant Yamato Group, through its Singapore-based subsidiary Yamato Asia Pte Ltd, and domestic firm Aye International Group Co (AIG) formed joint venture Yamato Global Logistics Myanmar Co last December. Back in 2015, Yamato Asia set up a branch office in the country, which paved way for its JV. Yamato Group told The Myanmar Times that, starting from ... Read More »

Japanese firms in consortium to bring LNG to Australia’s east coast

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TOKYO: A consortium including Japan’s JERA and Marubeni Corp is aiming to ship liquefied natural gas (LNG) to Australia’s east coast, looking to supply industrial gas users and possibly a new power plant, the group said on Monday.  This is the second proposed LNG import terminal for Australia, the world’s no.2 LNG exporter, as the country grapples with a supply ... Read More »

Japan customs authorities seize record high 6,200 kg of smuggled gold

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TOKYO: Japan’s customs authorities seized a record 6,236 kilograms of gold smuggled into the country in 2017, government data showed Friday.  Based on the average price of around 4,500 yen a gram last year, the seized gold was worth around 28 billion yen ($261 million). Smugglers try to evade the 8 percent consumption tax levied on imports of gold worth ... Read More »

Tax hike to accelerate auto sales in Japan by 8.7%

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TOKYO:  Consumers and firms will likely take advantage of lower vehicle prices this year. Auto sales in Japan is expected to grow by 8.7% this year as consumers and firms take advantage of lower vehicle prices before a higher sales tax takes effect in 2019. Prime Minister Shinzō Abe announced in June 2016 the increase of sales tax in Japan ... Read More »

Japan manufacturing growth slows in February

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TOKYO: Growth in Japan’s manufacturing sector slowed in February as output and new orders increased at a slower rate, according to preliminary survey results. The Nikkei-Markit flash manufacturing purchasing manager’s index edged lower to 54 in February, down from 54.8 in January and closer to the 50-point line separating growth from contraction. Output and new orders both increased, but at ... Read More »

Japan books first trade deficit in eight months

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TOKYO: The world’s third-largest economy registered a trade balance deficit of 943.4 billion yen ($887 million) in January, the first since May last year, the finance ministry said. The market had expected a deficit of 1.02 trillion yen. Exports rose 12.2 percent to 6.086 trillion yen but imports also rose 7.9 percent to 7.029 trillion yen The yen was on ... Read More »

Japan’s tax incentive for raising wages may have limited appea

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TOKYO: Japanese Prime Minister Shinzo Abe’s policy actually raises the bar for companies to get tax breaks to 3% wage increases from 2%   and as a result it will likely fail to drive up compensation. Most businesses are simply unwilling to hike wages that much, wary of committing to driving up ongoing costs for a temporary, three-year tax break. Even ... Read More »

Japan’s tax incentive for raising wages may have limited appeal

japan

TOKYO:   On the surface, it looks like an attractive deal: Raise your workers’ pay by 3 percent and your company qualifies for a substantial tax break. But a closer look suggests that Japanese Prime Minister Shinzo Abe’s policy actually raises the bar for companies to get tax breaks to 3 percent wage increases from 2 percent – and as a ... Read More »

Japanese investors flee capital gains taxation of up to 55%

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TOKYO: Japan’s cryptocurrency traders are bracing for the oncoming Japanese tax season, which runs from February 16th until March 15. In Japan, all cryptocurrency earnings are required to be reported as ‘miscellaneous income’, incurring capital gains taxation of between 15% and 55% due to virtual currencies being legally classified as ‘property’. Some traders have criticized the income brackets chosen by ... Read More »

Japan’s economy puts on best winning streak in 28 years

Japan's highest mountain, Mount Fuji (C) is seen behind the skyline of the Shinjuku area of Tokyo on December 6, 2014. Tokyo stocks closed at a seven-year high on December 5 -- extending their winning streak for a sixth straight day -- as a falling yen and oil prices continue to boost investor spirit.  AFP PHOTO / KAZUHIRO NOGI / AFP PHOTO / KAZUHIRO NOGI

TOKYO: The economy of Japan has grown for the eighth straight quarter, something not seen in almost three decades and shoppers are behind this latest boost. A spending frenzy in the run up to Christmas helped drive an eighth straight quarter of growth. GDP ticked up 0.5 per cent between October and December. Imports also soared 2.9 per cent, fuelled ... Read More »

Japanese investment on the rise in Turkey

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TOKYO:  Japan recently. On February 8, the Japanese multinational electronics and electrical-equipment manufacturer Mitsubishi inaugurated a new air-conditioner factory on the outskirts of the city, which came with an investment of US$100 million. Only a few kilometers from this factory site continues the construction of another production plant, undertaken by the Japanese firm GS Yuasa, which has invested $65 million to ... Read More »

Global Economy Japan a lap behind in using renewable energy

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TOKYO: Power generation amounts (see below) created through renewable energy sources are growing rapidly around the world, largely due to international efforts to combat global warming and a dramatic reduction in power generation costs. Urgent action is needed in Japan, where delays in measures to expand the use of renewable energy appear likely to have a negative impact on Japan’s ... Read More »

Japanese wagyu exporter sees sales surging

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TOKYO: Japan’s premium Wagyu beef, expects shipments to climb to a record as demand from Taiwan is set to triple and exports to Brazil may begin. The unit of Itoham Yonekyu Holdings Inc. predicts exports may increase to 2.9 billion yen ($26.6 million) in the year starting April 1 from 2.5 billion yen, said Takayuki Yamakawa, general manager of Itoham’s ... Read More »

Investors face tax of Up to 55% in Japan

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TOKYO: Japan’s National Tax Agency has caught onto the cryptocurrency mania gripping the world and investors in digital coins are about to pay the price. Having ruled last year that capital gains on these transactions are a form of “miscellaneous income,” investors are now required to declare their profits in annual tax filings due Feb. 16-March 15. Unlike winnings on stocks and ... Read More »

Japan’s GDP to increase 0.4% in Q4

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TOKYO: Moody’s Analytics reported that Japan’s GDP is likely to increase by 0.4% QoQ mainly due to high global domestic demand in 4Q2017. Exports are expected to add 0.2 percentage points to December’s GDP growth, remaining as the country’s main growth engine. Accounting for 60% of total GDP, consumption is also forecasted to rise, which is likely to give 0.1% percentage ... Read More »

Japan’s farm and fisheries exports reach record high for fifth year

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TOKYO: The nation’s agriculture, forestry and fisheries exports hit a record high in 2017 for the fifth straight year, led by robust growth in shipments of beef and green tea, a source said Wednesday, adding that the Ministry of Agriculture, Forestry and Fisheries will announce the data soon. But the level totaling ¥807.3 billion ($7.4 billion) is still far from ... Read More »

Bitcoin capital of the world revealed as Japan’s government doubles down on multib

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TOKYO: Overall Bitcoin’s value has fallen by nearly two-thirds since its record high of £14,837 on December 18. The value of the cryptocurrency has almost halved since posting an all-time high on December 16 last year. Its price has been damaged by South Korea’s plan to ban anonymous cryptocurrencytrading, sending the market into a tailspin. “There are estimates that tax revenue from the ... Read More »

Criminals smuggling gold into Japan concealed bars in aeroplane toilets as gangs grow more sophisticated in their tactics

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TOKYO:  Japanese authorities have warned international gold smuggling rings are becoming more sophisticated after cracking a scheme to conceal gold bars in aircraft toilets. Police in Nagoya have arrested six people in connection with the latest in a growing number of smuggling attempts. The six men were accused of illegally importing five gold bars on a Japan Airlines flight from ... Read More »