EconomyLoop
where regional business news becomes global to everyone

Moody’s cuts China’s rating on debt fears

Moody's on Wednesday slashed China's credit rating for the first time in almost three decades citing concerns about the country's rising debt and slowing growth, but Beijing rejected the downgrade as "inappropriate." The move comes as China tries to ... read more

 Japan Times6 hours ago

     
Dollar bounces back above ¥111.50 in Tokyo trading

The dollar bounced back above ¥111.50 in Tokyo trading Wednesday, following a hawkish remark by the head of the Federal Reserve Bank of Philadelphia. At 5 p.m., the dollar stood at ¥111.94-94, up from ¥111.20-20 at the same time on Tuesday. The euro ... read more

 Japan Times9 hours ago
Shoko Chukin Bank raided over shady loans

Government officials Wednesday raided the offices of Shoko Chukin Bank, a state-linked lender for small and medium-sized firms, over improper loans issued under a state-backed program to help crisis-hit companies. The Financial Services Agency, the M... read more

 Japan Times10 hours ago
China’s Geely to buy Lotus, stake in Malaysia’s Proton

KUALA LUMPUR--The Chinese owner of Sweden's Volvo Cars agreed Wednesday to buy 49. 9 percent of Malaysian automaker Proton, expanding its presence in Southeast Asia. As part of the deal, Geely Automobile... read more

 Asahi Simbun10 hours ago
Toshiba may seek buyers for Westinghouse starting this fall

Toshiba could begin the process to sell a majority stake in Westinghouse Electric this fall as the U.S. company makes its way through a bankruptcy proceeding, according to Mark Marano, Westinghouse's chief operating officer. Tokyo-based Toshiba has "... read more

 Japan Times11 hours ago
Tokyo stocks rebound on weaker yen

Stocks turned higher on the Tokyo Stock Exchange Wednesday, helped by the yen's fall against the dollar. The 225-issue Nikkei average gained 129.70 points, or 0.66 percent, to finish at 19,742.98. On Tuesday, the key market gauge shed 65 points. The ... read more

 Japan Times11 hours ago
Nationwide department store sales jump 0.7% in April

April sales at department stores nationwide rose 0.7 percent from a year earlier on a same-store basis, up for the first time in 14 months, an industry group has announced. Overall sales at 229 outlets operated by 80 companies totaled ¥452.7 billion.... read more

 Japan Times11 hours ago
SoftBank said to take $4 billion stake in U.S. chip-maker Nvidia

SoftBank Group has quietly amassed a $4 billion stake in Nvidia, making it the fourth-largest shareholder in the graphics chip-maker, according to people familiar with the situation. SoftBank, which just closed its Vision Fund, disclosed it owned an ... read more

 Japan Times11 hours ago
Japan manufacturers’ mood slips despite economic recovery, survey finds

Confidence among Japanese manufacturers receded in May for the first time in nine months after hitting a decade-high level April, a Reuters survey has found, showing guarded optimism in a nascent export-led economic recovery. The monthly poll _ which... read more

 Japan Times12 hours ago
Western Digital offers ¥2 trillion for Toshiba’s chip unit

Western Digital has offered ¥2 trillion ($17.8 billion) to buy Toshiba's chip unit put up for sale by the embattled Japanese conglomerate, sources said Wednesday. Western Digital Chief Executive Officer Steve Milligan and Toshiba President Satoshi Ts... read more

 Japan Times12 hours ago
Former Fed chief Bernanke endorses BOJ’s inflation goal

A former head of the U.S. Federal Reserve, Ben S. Bernanke, endorsed the Bank of Japan's extraordinary easing measures to break free of persistent deflation and underlined the importance of coordinating monetary policy with fiscal stimulus. "Despite ... read more

 Japan Times13 hours ago
Moody’s cuts China rating citing rising debt, slowing growth

HONG KONG--Rating agency Moody's cut its credit rating for China on Wednesday, citing slowing economic growth and rising debt that it says will erode the country's financial strength. Moody's said that it... read more

 Asahi Simbun14 hours ago
Japan sees surge in other nations’ ‘problematic’ anti-dumping measures that may violate WTO rules

Japan's trade ministry said Tuesday the number of "problematic" anti-dumping measures is rising, citing South Korean stainless steel and U.S. steel sheet trade cases as among priority issues to tackle. In its annual report on unfair trade practices, ... read more

 Japan Times18 hours ago
Six Japanese media firms, led by TBS, to start joint online video service possibly by fall

Six major Japanese media firms, including Tokyo Broadcasting System Holdings Inc., said Tuesday they will jointly establish a new company in July to offer paid online video services. The new company will offer dramas, economic news and other content ... read more

 Japan Times18 hours ago
EPA sues Fiat Chrysler over alleged diesel emissions cheating

U.S. environmental regulators on Tuesday filed a lawsuit against automaker Fiat Chrysler, accusing the company of installing devices on its trucks that hid harmful emissions during testing. The company kept the software's existence from regulators du... read more

 Japan Times19 hours ago
Trump’s ‘draconian’ budget gets icy reception in Congress, and that’s just from fellow Republicans

President Donald Trump's first budget proposal got an icy reception on Capitol Hill Tuesday, and that was just from the Republicans. Longtime GOP Rep. Hal Rogers of Kentucky declared proposed cuts to safety net and environmental proposals "draconian.... read more

 Japan Times19 hours ago
Trump pitches $120 million budget cut for Hanford nuclear site despite recent radioactive scares

President Donald Trump's proposed budget includes a cut of about $120 million for the Hanford Nuclear Reservation, despite two recent incidents that raised concern about worker safety at the former nuclear weapons production site. Hanford for decades... read more

 Japan Times19 hours ago
U.S. Big 3 to steer clear of Tokyo Motor show again

The Big Three U.S. automakers will skip the Tokyo Motor Show again, raising doubts about their interest in the Japanese market, which U.S. President Donald Trump has promised to liberalize further, it was learned Monday. (the-japan-news.com)... read more

 News on Japan20 hours ago
Sony eyes highest operating profit in 20 years

Japanese electronics maker Sony has set a target for the current business year of logging its highest operating profit in 2 decades. (NHK)... read more

 News on Japan20 hours ago
Government says labor investment, reform key in economic policy blueprint

The government proposed stepping up investment in human resources development and promoting labor reform in its overview of an economic and fiscal policy blueprint Tuesday, as the graying nation tries to boost its productivity and growth potential. T... read more

 Japan TimesYesterday
Dollar weakens to around ¥111.20

The dollar weakened in Tokyo trading Tuesday amid sluggish Japanese stocks, a suspected terror attack in Britain and news reports about U.S. President Donald Trump's Russia-related allegations. At 5 p.m., the dollar stood at ¥111.20-20, down from ¥11... read more

 Japan TimesYesterday
With plans for electric versions of its vehicles, Subaru avoids reinventing the wheel

Subaru Corp. is considering electric versions of its existing models for the carmaker's first foray into the technology, as it joins peers around the world in pouring cash into battery-powered vehicles amid tightening emissions rules. Subaru, which p... read more

 Japan TimesYesterday
Stocks dragged down on yen’s rise

Stocks turned lower Tuesday, dragged down by the yen's ascent against the dollar. The Nikkei 225 shed 65.00 points, or 0.33 percent, to finish at 19,613.28. On Monday, the key market gauge gained 87.52 points. The Topix, which covers all first-sectio... read more

 Japan TimesYesterday
Dakota Access pipeline leaks 100 gallons of oil in March

The Dakota Access pipeline system leaked more than 100 gallons of oil in North Dakota in two separate incidents in March — the second and third known leaks discovered as crews prepared the disputed $3.8 billion pipeline for operation. Two barrels, or... read more

 Japan TimesYesterday
Trump budget promises balance in decade, relies on deep cuts to social safety nets

President Donald Trump is proposing to balance the federal budget within a decade by making sharp cuts to social safety-net programs like food stamps and Medicaid and offering optimistic estimates of economic growth and tax revenues to fulfill the pr... read more

 Japan TimesYesterday
Sony about to get its groove back, CEO Kazuo Hirai says

After five years of restructuring by Sony Corp., Chief Executive Officer Kazuo Hirai said Tuesday he is confident the once-dominant electronics giant will see an operating profit of ¥500 billion, the largest in two decades, in the current business ye... read more

 Japan TimesYesterday
Deal for U.S. drugmaker Upsher-Smith Laboratories poised to boost sales for Sawai

For decades, the Sawai family was content to keep the drug business it founded focused on the Japanese market. Now, it is steering the country's second-biggest maker of generic drugs through its first overseas acquisition in its 88-year history. Sawa... read more

 Japan TimesYesterday
Japan’s ‘Superhuman’ sports games meld high-tech and athletics

When it comes to culture and entertainment, Japan has a rich history spanning from ancient legends and sports to modern manga and video games. Now a new generation of inventors is drawing on this culture to create sports with a 21st-century twist — h... read more

 Japan TimesYesterday
Japan’s agriculture more corporate, attracting younger farmers, white paper says

Japan's agricultural sector has seen a major shift from family-owned businesses to corporate operators employing a growing number of younger farmers, according to the fiscal 2016 white paper on agriculture approved by the Cabinet on Tuesday. The pape... read more

 Japan TimesYesterday
Sony chief Hirai promises profits, but is short on specifics

Sony's leader promised a comeback for the Japanese electronics and entertainment company having its best profitability in two decades. "We are a company that moves people," said Chief Executive Kazuo Hirai,... read more

 Asahi SimbunYesterday
Inheritance tax avoidance, cheap mortgages driving a rental housing bubble

Apartment construction is booming as the wealthy rush to invest in rental housing as a way to reduce inheritance tax and banks hand out easy mortgages, but concerns are mounting that excessive supply paired with a shrinking population could soon lead... read more

 Japan TimesYesterday
Subaru eyes electric versions of cars in foray into battery-powered vehicles

Subaru Corp. is considering electric versions of its existing models for the carmaker's first foray into the technology, as it joins peers around the world in pouring cash into battery-powered vehicles amid tightening emissions rules. Subaru, which p... read more

 Japan TimesYesterday
Dwindling apple growers see opportunities in hard cider

Apple growers are increasingly going into the cider business, often with government assistance aimed at revitalizing regional economies that are grappling with the prospect of aging and dwindling populations, especially among farmers. As is the case ... read more

 Japan TimesYesterday
Japan’s ‘Superhuman’ sports games meld high-tech with athletics and myth

When it comes to culture and entertainment, Japan has a rich history spanning ancient legends and sports to modern manga and video games. Now a new generation of inventors is drawing on this culture to create sports with a 21st-century twist — helpin... read more

 Japan TimesYesterday
French fare feast; beer brewed for altitude; surfing the sky

French fare feast Air France's business class customers can enjoy Michelin-starred chef Michel Roth's signature dishes on long-haul flights from Paris through June. Each month, the menu will be renewed with two new dishes. In May, customers can choos... read more

 Japan TimesYesterday
How Japan's elite poker pros can transform the Japanese poker scene

Japan is a very modern, forward-thinking country in many aspects, but its modernity doesn't extend to the nation's gambling laws, which remain considerably tight by 21st century standards. A large percentage of gambling games are still illegal under ... read more

 News on JapanYesterday
Tokyo police urge go-kart companies to improve safety

The Metropolitan Police Department on Monday asked go-kart companies to improve safety as the popularity of their driving tours grows. (Japan Times)... read more

 News on JapanYesterday
Trump budget promises balance in decade, relies on deep cuts to social safety-nets, expected growth

President Donald Trump is proposing to balance the federal budget within a decade by making sharp cuts to social safety-net programs like food stamps and Medicaid and offering optimistic estimates of economic growth and tax revenues to fulfill the pr... read more

 Japan TimesYesterday
Scandal-plagued Fox News slapped with more harassment, discrimination suits in U.S. court

Fox News was hit with new sexual harassment and discrimination lawsuits on Monday, adding to the catalog of complaints that has rattled the U.S. cable news network and its corporate parent 21st Century Fox Inc. New York City lawyer Douglas Wigdor fil... read more

 Japan TimesYesterday
Dakota Access pipeline sprang two more leaks in March

The Dakota Access pipeline system leaked more than 100 gallons of oil in North Dakota in two separate incidents in March — the second and third known leaks discovered as crews prepared the disputed $3.8 billion pipeline for operation. Two barrels, or... read more

 Japan TimesYesterday
Elvis link, red velvet boost value of jet up for auction

A private jet once owned by Elvis Presley and featured on the National Geographic Channel is set to be auctioned after sitting on a runway in New Mexico for 30 years. The red 1962 Lockheed Jetstar, one of many owned by the King of rock 'n' roll, has ... read more

 Japan TimesYesterday
U.S. automakers to skip Tokyo Motor Show again as China steals spotlight

America's top automakers will skip the Tokyo Motor Show again, raising doubts about their interest in the tough Japanese market, which U.S. President Donald Trump has promised to open wider, it was learned Monday. The list of participants at the bien... read more

 Japan Times2 days ago
China’s biggest e-commerce retailer to fly one-ton delivery drones

China's biggest online retailer, JD.com Inc., announced plans Monday to develop drone aircraft capable of carrying a ton or more for long-distance deliveries. The company said it will test the drones on a network it is developing to cover the norther... read more

 Japan Times2 days ago
Dollar falls to around ¥111.30

The dollar fell to around ¥111.30 in Tokyo late Monday amid a jittery mood ahead of the release of a U.S. budget proposal Tuesday. At 5 p.m., the dollar stood at ¥111.29-30, down from ¥111.46-46 at the same time Friday. The euro was at $1.1171-1171, ... read more

 Japan Times2 days ago
Hitachi aims to become leader of Thai elevator market by 2020

Hitachi Ltd.'s elevator and escalator distributor in Thailand is projecting aggressive sales growth to restore its top position in the local market in the next three years. Michael Tang, vice president of Hitachi Elevator (Thailand) Co., who has take... read more

 Japan Times2 days ago
Japan, WTO chief reaffirm commitment to free trade

Japan and the World Trade Organization on Monday issued what is believed to be an unprecedented joint statement reaffirming their commitment to fostering free trade in the face of a recent surge of protectionism embodied by U.S. president Donald Trum... read more

 Japan Times2 days ago
Stocks rise thanks to strong Friday on Wall Street

Stocks gained ground Monday following Wall Street's advance Friday. The Nikkei 225 average climbed 87.52 points, or 0.45 percent, to finish at 19,678.28. On Friday, the key market gauge gained 36.90 points. The Topix, which covers all first-section i... read more

 Japan Times2 days ago
Daiwa Securities not forming capital ties with banks, president says

Daiwa Securities Group Inc. has no plans to form a capital alliance with a major banking group, President and Chief Executive Officer Seiji Nakata, said in a recent interview. No capital alliance will be formed with any banking group "at least while ... read more

 Japan Times2 days ago
Exports propel Japan to third straight monthly trade surplus

Japan posted a trade surplus for the third straight month in April, helped by a further rise in exports including to the United States, according to official data released Monday. U.S. President Donald Trump has vowed to root out "unfair" trade pract... read more

 Japan Times2 days ago
SoftBank’s Son chases boyhood dreams with $100 billion fund

When Masayoshi Son was a boy growing up in Kyushu, he kept a notebook to scribble down inventions he hoped to create one day. Today, the SoftBank founder has almost $100 billion to invest in making the next big thing a reality. Son's SoftBank Group C... read more

 Japan Times2 days ago