Business Topics

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

Tepco mulls power cuts for industries refusing its rate hike

Tokyo Electric Power Co. may suspend power supply to companies and factories that are refusing to accept the utility’s higher electricity rates, which it has increased since last April by an average of 14.9 percent, a company official said Wednesday. The utility, which is ...

Mar 1, 2013

Domestic auto output skids 10.6%

Eight major Japanese automakers reported Wednesday their combined domestic output in January fell 10.6 percent from a year earlier to 714,580 vehicles as domestic sales sagged after the end of government subsidies for eco-friendly vehicle purchases. Their domestic production declined for the fifth straight ...

FAA: Boeing fix won't end 787 grounding fast

Mar 1, 2013

FAA: Boeing fix won't end 787 grounding fast

Boeing Co.’s proposal to get the 787 Dreamliner back in the skies, while comprehensive, will require extensive testing even if approved before regulators end the plane’s grounding, the top U.S. aviation official said. Federal Aviation Administrator Michael Huerta on Wednesday wouldn’t speculate when the ...

Mar 1, 2013

China overtakes Japan on IT outlays

China has overtaken Japan in global information technology spending, German IT industry group BITKOM said Wednesday, ahead of the CeBIT, the world’s biggest high-tech trade fair. Global IT spending is poised to rise by 5.1 percent to $3.5 trillion, said BITKOM in a new ...

Mar 1, 2013

Seven-Eleven stores top 15,000

Seven-Eleven Japan Co. opened almost 90 new outlets Thursday, pushing the convenience store chain past the 15,000-store mark for the first time for any Japanese retailer. The chain, a unit of Seven & I Holdings Co., now has 15,072 stores after opening 89 shops ...

Mar 1, 2013

Itochu to invest in U.S. LPG base

Itochu Corp. says it will invest in the construction of an export base for liquefied petroleum gas in the United States with the major energy trading Vitol group. Construction of the base in the Gulf Coast region will entail about $500 million, or ¥4.5 ...

BOJ easing options limited

| Mar 1, 2013

BOJ easing options limited

by Mie Sakamoto

The Bank of Japan’s options to reinforce its monetary easing grip will probably be limited even if Asian Development Bank President Haruhiko Kuroda, a strong advocate of aggressive easing, takes the BOJ helm in March. The government’s nomination of Kuroda, 68, apparently reflects its ...

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 ...

Mar 1, 2013

EU decides cap on banker bonuses

Top European Union officials late Wednesday struck an agreement on a package of financial laws that include capping bankers’ bonus payments at a maximum of one year’s base salary. The bonuses will only be allowed to reach twice the annual fixed salary if a ...

Mar 1, 2013

Dollar climbs back over ¥92.30

The dollar firmed above ¥92 in Tokyo trading Thursday as market participants regained their risk appetite on the back of the upbeat stock market. At 5 p.m., the dollar was quoted at ¥92.34-35, up from ¥91.83-83 at the same time Wednesday. The euro stood ...

Mar 1, 2013

Nikkei rallies on U.S. gains, month-end buying

Stocks bounced back sharply Thursday, buoyed by hefty gains on Wall Street and purchases from fund managers attempting to spruce up their portfolios at the end of the month. The Nikkei 225 average closed up 305.39 points, or 2.71 percent, at 11,559.36. On Wednesday, ...