Industry's mood at five-year low

Oct 2, 2008

Industry's mood at five-year low

The business confidence of big manufacturers dipped below zero for the first time in more than five years in the latest Bank of Japan “tankan” survey released Wednesday. Large manufacturers’ business sentiment has dropped for four straight quarters and now stands at minus 3, ...

Matsushita gives way to Panasonic

Oct 1, 2008

Matsushita gives way to Panasonic

A famous corporate brand name will disappear Wednesday when Matsushita Electric Industrial Co. abandons the name of its founder in an attempt to evolve into a truly global corporation. The company, named after its late founder Konosuke Matsushita, is changing its name to Panasonic ...

Primary surplus not top priority: Nakagawa

| Sep 27, 2008

Primary surplus not top priority: Nakagawa

Achieving a primary surplus by fiscal 2011 is not the most important goal for Prime Minister Taro Aso’s administration, finance and financial services minister Shoichi Nakagawa said in an interview Friday. While the government hasn’t given up on the objective, Nakagawa stressed that a ...

Economists split over Nakagawa's dual financial duties

Sep 26, 2008

Economists split over Nakagawa's dual financial duties

Prime Minister Taro Aso’s appointment of Shoichi Nakagawa to head both the Finance Ministry and the Financial Services Agency drew mixed reactions Thursday as economists wondered whether the move will help Japan cope with global turmoil or compromise the FSA’s regulatory role. Aso said ...

Sep 19, 2008

BOJ joins dollar-swap deal

The Bank of Japan and four other central banks Thursday agreed to a $180 billion swap deal with the U.S. Federal Reserve to pump dollars into short-term money markets and ease the global credit crunch. The BOJ agreed to a dollar swap of up ...

AIG Japan unit safe for time being

Sep 18, 2008

AIG Japan unit safe for time being

The U.S. Federal Reserve’s emergency $85 billion rescue of the U.S. insurer American International Group eased concerns Wednesday that its Japanese unit will survive, at least for the time being. “It means that the U.S. government and financial authorities are tackling the problem to ...

Sep 17, 2008

Collapse echoes through Japan

Monday’s bankruptcy of Lehman Brothers Holdings Inc., the fourth-biggest financial institution in the United States, sent shock waves through the global financial industry, and Japan was no exception. “Each bank seems to have a certain amount of exposure to Lehman Brothers, and that is ...

Coach builds brand of affordable luxury goods

Sep 12, 2008

Coach builds brand of affordable luxury goods

Twenty years ago, at the height of the bubble economy, Coach Inc. started out small in Japan, selling its products at the Mitsukoshi department store in Yokohama. At that time, the Coach brand was just starting to become popular in its home market in ...

Against high odds, masses chase luck

| Sep 2, 2008

Against high odds, masses chase luck

What would you do if you won ¥400 million? Would you buy a convertible, a new house, start a business? All of the above? The dream of winning big is the lottery’s lure, and as the economy turns bleaker, inflation kicks in, the pension ...

Stimulus package ready for Diet OK

Aug 30, 2008

Stimulus package ready for Diet OK

Hammered out in lengthy negotiations among ministries and the ruling parties, the government put forward an ¥11.7 trillion economic stimulus package Friday financed by a ¥1.8 trillion supplementary budget to be submitted to next month’s extraordinary Diet session. The move by Prime Minister Yasuo ...

Aug 29, 2008

Debt-servicing costs swell next year's budget

Ballooning debt-servicing costs will raise next year’s general account budget to ¥86.13 trillion on a request basis, a 3.7 percent rise from this year, Finance Ministry officials said Thursday. The total size of this year’s requests by ministries and agencies is second only to ...

Aug 23, 2008

Additional budget for stimulus in the works

The government will draft a supplementary budget for the current fiscal year to secure financial resources for an economic stimulus package to be drafted by month’s end, economic and fiscal policy minister Kaoru Yosano said Friday. Before the Cabinet meeting Friday morning, Prime Minister ...