Business Topics

Outlook upgraded for a second month

The government on Wednesday upgraded its basic assessment of the economy for the second straight month, saying industrial output has picked up in February amid expectations that a global economic upturn could perk up exports. “The Japanese economy is bottoming out, while weakness can be seen in some areas,” the ...

Aso vows 'drastic' action on deflation

Mar 1, 2013

Aso vows 'drastic' action on deflation

Prime Minister Shinzo Abe’s administration will take “drastic” measures to revitalize the economy, Finance Minister Taro Aso pledged Thursday, suggesting that previous policies had been insufficient to beat back more than a decade of deflation. “Deflation is a deep-rooted problem that has undermined the ...

Mar 1, 2013

Industrial output up second month

Industrial production grew 1.0 percent in January from December for the second straight monthly rise, backed by positive developments in global economic conditions and the weakening yen, the Ministry of Economy, Trade and Industry announced Thursday. METI upgraded its basic assessment of production, saying ...

LDP panel gives guarded nod to joining TPP talks

Feb 28, 2013

LDP panel gives guarded nod to joining TPP talks

A Liberal Democratic Party panel signaled Wednesday it would tolerate Japan’s participation in Trans-Pacific Partnership free-trade talks on condition that core national interests are protected. The panel, titled the Research Commission on Regional Diplomatic and Economic Partnership, adopted a resolution requesting that the Abe ...

U.S. frees detained migrants as budget cuts loom

Feb 28, 2013

U.S. frees detained migrants as budget cuts loom

U.S. authorities revealed Tuesday that they have released hundreds of detained immigrants in recent days to trim expenses ahead of massive automatic budget cuts due to take effect this week. With days to go before the so-called sequester — $85 billion in across-the-board cuts ...

Feb 27, 2013

Singapore tightens foreign labor curbs

Singapore on Monday tightened curbs on foreign labor for a fourth consecutive year, as the government seeks to reduce companies’ reliance on overseas workers amid a public backlash over the influx. The government will increase levies that companies must pay for lower-skilled foreign employees ...

Feb 26, 2013

'Abenomics' whets appetite of rich as sales of luxury items surge

Sales of luxury goods at domestic department stores are rapidly growing, as the economy shows signs of life apparently due to Prime Minister Shinzo Abe’s economic policies, dubbed “Abenomics.” “Buying appetite among the rich has been on the rise,” said an official at Sogo ...

BOJ should have Kuroda at helm: Abe

Feb 26, 2013

BOJ should have Kuroda at helm: Abe

The government will nominate Asian Development Bank President Haruhiko Kuroda as the next Bank of Japan governor and scholar Kikuo Iwata as one of two deputy governors.

Abe seeks Komeito TPP backing

Feb 26, 2013

Abe seeks Komeito TPP backing

Prime Minister Shinzo Abe sought support Monday from the coalition partner of his Liberal Democratic Party for Japan’s participation in the Trans-Pacific Partnership free-trade talks, after he and U.S. President Barack Obama made a key confirmation at their Friday summit in Washington. During a ...

Feb 26, 2013

Is the U.S. near a tipping point for government debt?

by Neil Irwin

How much debt can America handle? The question is one of the most fundamental the nation faces, and the answer should determine how the United States handles the delicate task of reducing budget deficits without walloping economic growth. A new paper argues that the ...

NYC condo prices go through the roof

Feb 25, 2013

NYC condo prices go through the roof

by Oshrat Carmiel

Michael Stern was prepared for a gradual real estate rebound after buying a New York office tower in December 2009, with plans to convert it to condominiums following a housing plunge that sent prices down 31 percent. Now, long before the final floor tile ...

Feb 25, 2013

President admits to economic woes

Iranian President Mahmoud Ahmadinejad made a rare acknowledgment Saturday night of the economic challenges his country is facing. “This was a very difficult year for our economy,” Ahmadinejad said during a live television interview in which he outlined his government’s budget plan for the ...

Feb 23, 2013

IMF says concerns on yen's fall 'overstated'

Recent concerns about competitive currency devaluations are “overstated,” according to the International Monetary Fund. The yen’s recent sharp fall has sparked concerns about competitive devaluations, the IMF said Thursday in a report on global prospects and policy challenges. “Taking a broader perspective, however, such ...