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


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


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%


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


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


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


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


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%


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


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


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


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


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


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


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


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


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 »

Japan’s Dec caustic soda output rises 4% on month


TOKYO: Japan’s caustic soda production in December rose 4.4% from a month earlier to 368,207 mt, the Japan Soda Industry Association said in a statement Friday. From a year earlier, production rose 2%. In 2017, Japan’s caustic soda production rose 3.4% year on year to 3.99 million mt, it said. Meanwhile, Japan’s caustic soda exports rose 2.7% month on month ... Read More »

Japan’s wood door imports up 19% in November


TOKYO: Despite the surprise jump in November wood door imports into Japan, total 2017 imports are set to be below those of a year earlier. November 2017 imports of wood doors were up sharply year-on-year (+19%) and compered to levels in October a 17% rise was observed, as ITTO reported. Shippers in China continue to capture the lions share of ... Read More »

Japan orders broader checks after $660m cryptocurrency theft as Netherlands banks are hacked


TOKYO: Currency exchange Coincheck after hackers stole hundreds of millions of dollars in digital assets from the Tokyo-based firm in one of the biggest heists ever Units of the cryptocurrency NEM worth A$660 million were taken   based on the exchange rate on Friday  exceeding even the $593 million in bitcoin stolen from the MtGox exchange in 2014. Coincheck suspended trading ... Read More »