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Many finance chiefs from the Group of Seven wealthy democracies on Friday expressed concern that China's underpriced excess production has had a negative impact on the global economy, Japan's top currency diplomat said. Masato Kanda, Japan's vice finance minister for international affairs, also touched on currency issues, telling reporters in the northern Italian town of Stresa, "It's all about taking appropriate action if there are excessive fluctuations." The G7 meeting, which began Thursday night, comes at a time of considerable depreciation of the yen against the U.S. dollar. Kanda made th...
Kyodo News
Japanese Prime Minister Fumio Kishida on Friday expressed readiness to agree with leaders of China and South Korea to promote "practical cooperation" during their trilateral summit in Seoul, the first of its kind in more than four years. During an interview with Kyodo News ahead of the three-way talks scheduled for Monday, Kishida also said he intends to closely communicate with his Chinese and South Korean counterparts to deal with North Korea's nuclear and missile development programs and past abductions of Japanese nationals. Kishida, Chinese Premier Li Qiang and South Korean President Yoon...
Kyodo News
Toyota Motor Corp. plans to terminate its top-ranked sponsorship contract with the International Olympic Committee after the upcoming Summer Games in Paris, sources close to the matter said Friday. The world's biggest automaker will not extend the contract it signed in 2015 but does plan to continue supporting athletes and promoting sports in its own way, the sources said. Toyota hopes to retain its contract as a top sponsor with the International Paralympic Committee, but the IOC says sponsors cannot continue with only one of the contracts, they said. The Japanese firm became the first automa...
Kyodo News
Tokyo stocks fell Friday, dragged down by Wall Street declines and selling of technology and real estate issues on concerns over higher borrowing costs as Japan's benchmark government bond yield continued to rise. The 225-issue Nikkei Stock Average ended down 457.11 points, or 1.17 percent, from Thursday at 38,646.11. The broader Topix index finished 12.21 points, or 0.44 percent, lower at 2,742.54. On the top-tier Prime Market, decliners were led by securities house, mining and real estate issues. The U.S. dollar was firm in the lower 157 yen zone in Tokyo on prospects that the U.S.-Japan int...
Kyodo News
Japan's transport ministry carried out an inspection at a Japan Airlines Co. office at Haneda airport in Tokyo on Friday following a series of incidents involving the company's aircraft, including one the previous day in which two jets touched wings while taxiing, officials said. Four officials of the Ministry of Land, Infrastructure, Transport and Tourism entered the office, located next to an aircraft maintenance facility, to conduct an extraordinary audit involving hearings to assess the airline's safety procedures and processes. The ministry will instruct JAL to rectify any problems if cur...
Kyodo News
Tokyo stocks fell Friday morning as sentiment was dampened by declines on Wall Street after stronger-than-expected economic data diminished hopes for U.S. interest rate cuts in the coming months. The 225-issue Nikkei Stock Average fell 454.07 points, or 1.16 percent, from Thursday to 38,649.15. The broader Topix index was down 11.11 points, or 0.40 percent, at 2,743.64. The U.S. dollar was firm in the lower 157 yen zone in Tokyo on prospects that the U.S.-Japan interest rate differential will remain wide amid persistent inflation in the United States following unexpectedly strong manufacturing...
Kyodo News
Japan's government said Friday it has decided to impose sanctions on nine groups and one individual linked to Russia as well as two Cypriot firms over Moscow's weapons procurements from North Korea amid its ongoing invasion of Ukraine. Chief Cabinet Secretary Yoshimasa Hayashi told a press conference that Japan "strongly condemns" arms transfers to Russia from North Korea, which are in violation of related U.N. Security Council resolutions.
Kyodo News
Tokyo stocks opened sharply lower Friday on selling spurred by a plunge on Wall Street overnight after stronger-than-expected U.S. economic data reduced the prospects of interest rate cuts in the coming months. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 705.01 points, or 1.80 percent, from Thursday to 38,398.21. The broader Topix index was down 31.32 points, or 1.14 percent, at 2,723.43. On the top-tier Prime Market, decliners were led by wholesale trade, electric power and gas, and real estate issues. At 9 a.m., the U.S. dollar fetched 156.99-157.00 yen compar...
Kyodo News
Japan's core consumer prices rose 2.2 percent in April from a year earlier, government data showed Friday. The increase in the nationwide core consumer price index, excluding volatile fresh food, followed a 2.6 percent gain in March, and the key gauge of inflation remained above the Bank of Japan's 2 percent target for the 25th straight month.
Kyodo News
Japan aims to work with ASEAN to train 100,000 highly skilled digital professionals in the fields of artificial intelligence and semiconductors over the next five years, Prime Minister Fumio Kishida said Thursday. Kishida also said in a speech in Tokyo that the second ministerial meeting of the Japan-led Asia Zero Emission Community framework, which involves Australia and Association of Southeast Asian Nations members excluding Myanmar, will take place in the Indonesian capital of Jakarta in August. The initiatives come amid efforts to bolster cooperation with the 10-member regional bloc. Japa...
Kyodo News
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