economybusiness
The Japanese government on Thursday conducted on-site inspections of two plants of a subsidiary of IHI Corp., a day after the leading engine maker said fuel efficiency data had been falsified for decades. IHI Power System Co.'s plants in Niigata and Gunma prefectures were inspected, the transport ministry said, after data was found to have been rigged for 4,361 engines. IHI said data falsification may have taken place since the late 1980s at the Niigata plant and since 2001 at the Gunma factory. "We will sincerely cooperate and respond. We will make efforts to prevent a recurrence, while seeki...
Kyodo News
Finance Minister Shunichi Suzuki said Thursday there is no change "at all" in the government's stance that it will act appropriately with regard to the yen's value after it slipped past 155 to the U.S. dollar. Speaking in parliament, Suzuki said the government is carefully monitoring currency market developments but declined to comment further, amid market vigilance over a possible yen-buying dollar-selling operation to slow the Japanese currency's fall.
Kyodo News
The U.S. dollar was firm in the lower 155 yen range in Tokyo early Thursday after hitting a new 34-year high overnight, as solid U.S. economic data reinforced expectations that the Federal Reserve will keep interest rates elevated for a while. The dollar hit 155.37 yen in New York, topping the psychologically important 155 yen line, despite wariness over a yen-buying intervention by Japanese authorities. Investors have been selling the yen for the dollar amid the wide interest rate differential between Japan and the United States on receding expectations that the Fed will start cutting interes...
Kyodo News
The Bank of Japan is widely expected to leave its policy rate unchanged at a two-day meeting from Thursday, a month after implementing a hike for the first time in 17 years, though a persistently weak yen is raising the prospect of higher inflation driven by import costs. The Policy Board shifted to using short-term rates as its major policy tool last month, guiding them in a range of between zero and 0.1 percent. It ended unorthodox monetary easing that had weakened the yen, including its negative rate and yield cap program, as robust wage growth has boosted the BOJ's confidence that stable i...
Kyodo News
The Japanese government said Wednesday it will require advance notification from private firms seeking to export cutting-edge technologies such as quantum science, in an effort to prevent such technologies from being diverted to military purposes in countries like Russia and China. Export controls will also be tightened for non-cutting edge fields at risk of being used in conventional weapons, with the Ministry of Economy, Trade and Industry to request that firms investigate the possibility of such use, it said. A trade ministry ordinance under the foreign exchange and foreign trade law will b...
Kyodo News
The yen weakened to the 155 range against the U.S. dollar in London on Wednesday, hitting a fresh 34-year low, amid expectations the Federal Reserve will keep interest rates elevated for longer than projected. Investors have been selling the yen for the dollar amid the wide interest rate differential between Japan and the United States, with their central banks pursuing ultraloose and tight monetary policies, respectively.
Kyodo News
An All Nippon Airways aircraft carrying a total of 213 people landed safely at an airport in Hokkaido in northern Japan on Wednesday after a hydraulic system issue was detected. Upon landing at New Chitose Airport, the pilot of the plane, which took off from Tokyo's Haneda airport, turned off the engines, the authorities said. There were no reports of injuries. The pilot was reported to have said there was an oil leak, according to the airline. Local firefighters were notified of the incident by the airport at around 5:35 p.m.
Kyodo News
In the story headlined "Plane at Hokkaido airport emits smoke, no injuries reported," please note the following CORRECTION. At headline, please read...ANA plane lands at Hokkaido airport with hydraulic trouble...(not...Plane at Hokkaido airport emits smoke, no injuries reported...as sent). Please replace 1st to 2nd grafs with the paragraphs below. An All Nippon Airways aircraft carrying a total of 213 people landed safely at an airport in Hokkaido in northern Japan on Wednesday after a hydraulic system issue was detected. Upon landing at New Chitose Airport, the pilot of the plane, which took ...
Kyodo News
Japanese leading engine maker IHI Corp. said Wednesday a subsidiary has falsified fuel efficiency data for 4,361 engines, mostly for ships, produced at least since 2003 for the domestic and overseas markets. The data-rigging was found at IHI Power Systems Co.'s plants in Niigata and Gunma prefectures, with data doctored during tests to make their fuel economy look better, IHI said. Of the 4,361 engines, 2,058 did not meet the specifications set under contracts with its customers, according to IHI. "It is a betrayal of our customers' trust," IHI Senior Executive Officer Hideo Morita said at a p...
Kyodo News
Japanese Prime Minister Fumio Kishida is set to announce his intention to strengthen support for protection of the Amazon rainforest during his visit to Brazil in early May, government sources said Wednesday. The measures are centered on financial contributions and assistance for regenerating degraded farmland to prevent deforestation and promote the development of sustainable agricultural landscapes, the sources said. Kishida, who is scheduled to visit Brazil next week, is expected to sign a comprehensive cooperative agreement on climate change, decarbonization and other environmental issues ...
Kyodo News
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