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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 »

Japan offers to buy 159,610 tonnes food wheat via tender

Taiwan tenders to import 92,000 tons wheat of US

TOKYO: Japan’s Ministry of Agriculture is seeking to buy a total of 159,610 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that will close late on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second-most important staple after rice, and buys majority of the ... Read More »

Japan Q1 GDP seen revised up on increased capital expenditure

gdp rise

TOKYO: Japan’s economy was expected to have expanded more quickly in the first quarter than initially estimated, buoyed by gains in corporate capital spending. Economic growth was seen at an annualized 2.4 percent in the first quarter, revised up from a preliminary estimate of 2.2 percent, the median forecast of 18 analysts showed. That translates into 0.6 percent growth from ... Read More »

Japan first quarter GDP seen revised up on increased capital expenditure

gdp

TOKYO: Japan’s economy was expected to have expanded more quickly in the first quarter than initially estimated, buoyed by gains in corporate capital spending. Economic growth was seen at an annualized 2.4 percent in the first quarter, revised up from a preliminary estimate of 2.2 percent, the median forecast of 18 analysts showed. That translates into 0.6 percent growth from ... Read More »

Japan reels in largest haul of smuggled gold, 8 arrested

gold

TOKYO: Five Japanese and three Chinese men were arrested Thursday for allegedly smuggling in 206 kilograms of gold by a small ship to a port in southwestern Japan, making it the largest case of illegal gold importing, law enforcement authorities said. The local customs house is verifying the authenticity of the ship’s load seized at the Nagoya port in Karatsu ... Read More »

Japan oil sales fall to lowest in at least 28 years for April

Oil Barrels with Red Arrow isolated on white background. 3D render

TOKYO: Japan’s oil sales were 13.92 million kilolitres (2.92 million barrels per day) last month, down 2.3 percent from a year earlier, data from the Ministry of Economy, Trade and Industry showed on Wednesday, the lowest volume for April in at least 28 years. Oil demand in the world’s third-biggest economy has been declining gradually for more than a decade, ... Read More »

UAE, Japan non-oil trade reaches $14.6bn in 2016

trade

DUBAI: The non-oil trade between the UAE and Japan reached about $14.6 billion in 2016, and the countries are working continuously to strengthen their economic ties and common interests, according to a recent report. The UAE Ministry of Economy has recently released a new report covering a comprehensive review of Japan’s trade policy and a closer look at the latest ... Read More »

Japan, Iceland agree to tax treaty

Flag-Pins-Japan-Iceland

TOKYO: The governments of Japan and Iceland have agreed in principle to tax treaty, the Japanese government has announced. The new tax agreement follows negotiations which took place May 17 in Tokyo. The new tax treaty will include provisions clarifying the taxation rights of the two countries, will eliminate double taxation, and will prevent tax evasion and avoidance. The agreement ... Read More »

Japan, Iceland reach basic agreement on tax convention

agreement

TOKYO: Japan and Iceland have agreed in principle to sign a convention aimed at eliminating international double taxation and preventing tax evasion, the Japanese Finance Ministry said Monday. The convention is hoping to boost mutual investment and encourage economic exchange, the ministry said. After signing, the convention is expected to come into force following domestic approval in both countries. Read More »

Japan industrial output likely to rise 4%

index rises

TOKYO: Japan’s data this week will provide an early picture of the growth performance in 2Q. As inferred from the production forecast index and the PMI, industrial output is likely to show a strong rise in April. In line with the consensus, the country’s industrial production is expected to rise 4 percent m/m on a seasonally adjusted basis, notably up ... Read More »

Japan turns to autonomous shipping

Wärtsilä-Takes-Part-in-Autonomous-Marine-Transport-Project

TOKYO: Japan is moving ahead with research into autonomous ocean transport by selecting Mitsui OSK Lines (MOL) and Mitsui Engineering & Shipbuilding for development work. The research contract was delivered by Japan’s Ministry of Land, Infrastructure, Transportation and Tourism for its transportation research and technology promotion programme. MOL and Mitsui Engineering & Shipbuilding will be joined by universities and institutes ... Read More »

Japan, India joint venture to build gas import terminal in Sri Lanka

LNG import terminal

NEW DELHI:  India and Japan will jointly set up a $250 million liquefied natural gas (LNG) import terminal in Sri Lanka, the first collaboration between the two nations to counter China’s growing influence in the Island nation. Petronet LNG Limited, India’s biggest gas importer, last year proposed to set up a 2-million-tonne (MT) liquefied natural gas import facility on the ... Read More »

Japan April exports, imports slides higher

high growth rates

TOKYO: Japan’s exports grew for a fifth consecutive month in April albeit at a slower pace than the previous month as imports continued to grow. The value of Japan’s exports rose 7.5 percent year on year in April, according to Japan’s Ministry of Finance, slowing from the 12 percent rise seen in March. The April figure was below economists’ estimates ... Read More »

Japan Inc. overcomes falling revenue to log record profit

Profit

TOKYO: Corporate Japan delivered a record profit for fiscal 2016 despite headwinds from a strong yen that pushed down sales, as trading houses rebounded from a resources plunge and communications companies rode the smartphone boom. Listed companies’ net profit climbed 18%, the first increase in two years, as 461 of these businesses logged records, according to a Nikkei survey of ... Read More »