economybusiness
Japan's government pension fund on Friday reported a largest-ever profit of 45.42 trillion yen ($283 billion) for the year through March 2024, driven by higher share prices and a weak yen that inflated the value of foreign assets. The Government Pension Investment Fund, one of the world's largest institutional investors, remained in the black for the fourth straight year with a 22.67 percent return on its investments. It had a record 245.98 trillion yen in assets at the end of March. The fund manages its pension reserves stably from a long-term perspective and aims to support the pension syste...
Kyodo News
Toyota Motor Corp. said Friday that the final report of its internal investigation found no more cases of improper vehicle testing for certification other than irregularities in testing seven models found earlier. Like other Japanese auto-related manufacturers, the world's biggest automaker by volume was looking into the certification process of all its domestic models over the past 10 years at the request of the transport ministry after data fraud was discovered at Daihatsu Motor Co. and Toyota Industries Corp., both Toyota group companies. The Ministry of Land, Infrastructure, Transport and ...
Kyodo News
The number of corporate bankruptcies in Japan hit a 10-year-high in the first half of 2024, marking the 3rd consecutive year of increase for the period, as labor shortages and inflation took their toll, a credit research company said Friday. The failures, involving debts of at least 10 million yen ($62,200), rose 22.0 percent year-on-year to 4,931 cases in the six months, according to Tokyo Shoko Research. Those caused by labor shortages increased by 2.2 times to 145 cases, hitting the highest for the period since the survey began in 2013. Bankruptcies triggered by rising prices increased by 2...
Kyodo News
Japan's space agency said Friday personal information and other data were breached after it was hit by cyberattacks last year. The breached data include information related to projects jointly conducted with other entities but did not involve "sensitive information" related to the operation of rockets and satellites, according to the Japan Aerospace Exploration Agency. JAXA said it has apologized to those affected by the data leak, adding it is taking the issue very seriously as "a matter that could damage our trusting relationship" with parties concerned. JAXA became aware of the incident las...
Kyodo News
Tokyo stocks snapped a five-day winning streak Friday, as investors locked in gains after the Nikkei and Topix hit all-time highs, while caution also took hold ahead of U.S. jobs data. The 225-issue Nikkei Stock Average ended down 1.28 points from Thursday at 40,912.37. The broader Topix index finished 14.29 points, or 0.49 percent, lower at 2,884.18. On the top-tier Prime Market, decliners were led by marine transportation, transportation equipment and electric power and gas issues. The U.S. dollar fell to the upper 160 yen range in Tokyo on selling by domestic exporters for settlement purpos...
Kyodo News
Tokyo stocks were mixed Friday morning after hitting record highs in early trading, as buying tracking overnight rises in major European markets was offset by selling to lock in gains. The 225-issue Nikkei Stock Average climbed 137.84 points, or 0.34 percent, from Thursday to 41,051.49. The broader Topix index was down 3.05 points, or 0.11 percent, at 2,895.42. The U.S. dollar fell slightly to the upper 160 yen range in Tokyo on selling by domestic exporters for settlement purposes, while a wait-and-see mood prevailed ahead of the release of a key U.S. employment report later in the day. At no...
Kyodo News
The Nikkei and Topix stock indexes briefly rose to new intraday all-time highs early Friday, as sentiment was boosted by overnight rises in major European markets. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average gained 62.91 points, or 0.15 percent, from Thursday to 40,976.56. The broader Topix index was up 0.39 point, or 0.01 percent, at 2,898.86. On the top-tier Prime Market, gainers were led by mining, pharmaceutical, and oil and coal product shares. At 9 a.m., the U.S. dollar fetched 161.36-37 yen compared with 161.05-08 yen in London at 4 p.m. and 161.27-29 yen in T...
Kyodo News
Japan's household spending in May fell a real 1.8 percent from a year earlier, government data showed Friday. Average spending by households with two or more people stood at 290,328 yen ($1,800), the Ministry of Internal Affairs and Communications said. Household spending is a key indicator of private consumption, which accounts for more than half of Japan's gross domestic product.
Kyodo News
The number of bankruptcies among nursing care providers in Japan for the first six months of 2024 jumped 50 percent from a year earlier to reach a record 81, amid rising prices and labor shortages, a survey by a credit research company showed Thursday. The previous high for nursing care firm bankruptcies in the January-June period was logged in 2020 at 58, when the number of service users declined during the coronavirus pandemic, according to Tokyo Shoko Research Ltd. Comparable data became available from 2000. The rise in failures involving liabilities exceeding 10 million yen ($6,200) comes ...
Kyodo News
SkyDrive Inc., a Japanese air taxi startup, on Thursday cited persistent challenges in addressing safety and other technological development issues as the reason for abandoning its plan to offer commercial flights at next year's World Exposition in Osaka. SkyDrive sought to develop a flying taxi that can carry up to three people to showcase its technology at the expo as one of the event's main attractions, but it decided last month to withdraw the plan and only perform demo flights without passengers. "As we moved ahead with the development, we found more and more unexpected problems, includin...
Kyodo News
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