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August 15, 2024
 

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CORPORATE GOVERNANCE

Officials of JR Kyushu Jet Ferry bow at a news conference in Fukuoka on Wednesday.
JAPAN
Aug 14, 2024
JR Kyushu ferry unit found covering up leak problem
The jet ferry service has been suspended since Tuesday, seen affecting about 22,000 people in the middle of the Bon summer holiday season.
JPMorgan Asset Management (Japan) President Shoichi Okoshi speaks during an interview in Tokyo in July.
BUSINESS / Companies
Aug 14, 2024
JPMorgan wants a 30% female exec ratio in Japan
The Japanese affiliate of U.S. financial giant JPMorgan Chase plans to adopt the threshold within several years
Former Kobayashi Pharmaceutical President Akihiro Kobayashi (second from right) speaks during a news conference in Osaka on Aug. 8 along with President Satoshi Yamane (third from right).
JAPAN / Society
Aug 14, 2024
Kobayashi Pharma fails to report 11 more suspected deaths
The 11 cases had been classified into a wrong category in the process of sorting out the inquiries made to its call center.
Protesters for and against affirmative action demonstrate on Capitol Hill in Washington. As the backlash against diversity, equity and inclusion (DEI) has intensified in the U.S., the number of so-called anti-DEI proposals have multiplied.
BUSINESS / Companies
Aug 12, 2024
For anti-DEI groups swarming annual meetings, even a loss is a win
This year, prominent conservative investors filed 42 anti-DEI proposals, up from just one in 2021.
Former Kobayashi Pharmaceutical President Akihiro Kobayashi (right) and Satoshi Yamane, the new president, bow in apology over health problems caused by its beni kōji products, during a news conference in the city of Osaka on Thursday.
JAPAN / Science & Health
Aug 8, 2024
Kobayashi Pharma to withdraw from beni kōji product segment
The firm said it would offer compensation to those who suffered health problems linked to their products and prevent a recurrence of the incident.
Tokio Marine & Nichido Fire Insurance and three other insurance firms will be issued with cease-and-desist orders by the the Fair Trade Commission for forming a cartel, sources have said.
BUSINESS / Companies
Aug 6, 2024
Japan's FTC to issue orders to four major nonlife insurers in premium cartel
The insurers are said to have started prearranging premiums on contracts for Keisei Electric Railway, in which they shared the risk of covering payments, before 2020.
Itochu is buying back ¥150 billion worth of its own shares.
BUSINESS / Companies
Aug 6, 2024
Itochu to buy back shares and take full control of apparel and chemicals units
The deals are part of a trend of dissolving dual listings of parent and subsidiary companies to enhance corporate governance and improve operational efficiency.
Commuters take a subway home at Sungsu station in Seoul on July 15.
BUSINESS / Companies
Aug 6, 2024
Declaring ‘crisis,’ South Korean firms tell managers to work more
In South Korea, the five-day workweek is only a generation old, introduced by labor laws in 2004.
The Internal Affairs and Communications Ministry has said the 50-50 control of LY, the operator of the Line app, by SoftBank and Naver leaves the messaging app vulnerable to cyberattacks.
BUSINESS / Companies
Aug 4, 2024
SoftBank and Naver to sell down stake in Japan’s Line app
The tender comes as the capital structure of the operator of Japan’s biggest messaging app Line threatens to become a diplomatic flash point with South Korea.
Toyota Motor has been issued a correction order for the first time.
BUSINESS / Companies
Jul 31, 2024
Toyota Motor receives correction order from transport ministry
The ministry found indications of additional misconduct, such as falsifying test results.
Harley-Davidson motorcycles on display in Tokyo. Japan's antitrust watchdog has raided the manufacturer's Japan unit for allegedly imposing excessive sales quotas on its dealers.
JAPAN
Jul 30, 2024
Harley-Davidson's Japan unit raided after quotas force dealers into hardship
The motorcycle manufacturer's unit in Tokyo is also suspected of having dealers buy Harley-Davidson models that they did not want.
The emphasis on lifting earnings is prompting more Japanese companies to boost investments abroad.
BUSINESS / Companies
Jul 30, 2024
Japan corporate cleanup fuels appetite for record debt sales
Japanese corporate dollar bonds have been outperforming U.S. peers, and borrowers have piled into the market with record issuance in recent months.
Shareholder backing for Toyota Motor Chairman Akio Toyoda slid to 72% at the company's annual general meeting last month.
BUSINESS / Companies
Jul 29, 2024
Toyota chairman warns he may lose board spot amid falling investor support
Akio Toyoda said he may not be reelected as a director if shareholder support for him continues to fall at the pace it did this year.
Toyota's plan to buy back shares from major banks and insurers is part of a broader push to unwind strategic shareholdings with financial partners.
BUSINESS / Companies
Jul 23, 2024
Toyota to buy back stock worth $5.2 billion from banks and insurers
Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Tokio Marine Holdings and MS&AD Insurance Group Holdings are tendering shares at an 11% discount.
As of Sunday, Kobayashi Pharmaceutical reported 279 deaths and 2,274 hospital visits due to health issues related to its beni kōji supplements, among which 461 required hospitalization.
JAPAN / Science & Health
Jul 23, 2024
Kobayashi Pharma's president and chairperson resign over health scandal
For the first time in its history, someone outside of the Osaka-based drugmaker's founding family will become its president.
Some 20% of Japanese companies have stropped creating medium-term management plans to respond more flexibly to changes in the business environment and achieve long-term goals, a recent survey has found.
BUSINESS / Companies
Jul 21, 2024
20% of Japan firms have no medium-term plans, poll finds
A survey found that about 10% of companies with medium-term plans are considering changing the duration of their plans or making other reviews.
Mitsubishi UFJ Financial Group CEO Hironori Kamezawa (center) and other executives bow during a news conference in Tokyo on Friday.
BUSINESS / Companies
Jul 19, 2024
MUFG heads to take pay cut after information firewall breach
21 MUFG officials, including some retired executives, will give up part of their pay after the bank was penalized for the unauthorized sharing of client information.
Japan's tradition of offering investors gifts is nice. But with the stock market at record highs, such perks are no longer needed.
COMMENTARY
Jul 18, 2024
It’s time Japan's shareholders buy their own wine
The practice by Japanese companies of giving gifts once served as a good way to encourage trading novices to dabble in the stock market.
Brokers such as Nomura are busy handling transactions for the offloading of cross-shareholdings among Japanese companies, which bring in hefty fees.
BUSINESS / Companies
Jul 18, 2024
Block trades herald $5 billion fee windfall for Japan’s brokers
Pressure to improve corporate governance is leading firms to whittle down an estimated ¥50 trillion ($320 billion) they hold in companies with which they do business.
Yuki Kusumi, CEO of Panasonic Holdings, during an interview in Tokyo last week
BUSINESS / Companies
Jul 16, 2024
Panasonic managers need ‘sense of crisis’ over low profitability, says CEO
The comments are unusually harsh in Japan, and especially at Panasonic, where the notion of lifetime employment was embraced for years.
Japan to revise consumption tax exemption for overseas tourists
Tourists walk through Nakamise shopping street near Sensoji Temple in Tokyo in April
Japan's tourism industry hit by cancellations after megaquake alert
A beach closed due to a megaquake alert in Hiratsuka, Kanagawa Prefecture, from Friday to Thursday.
Focus shifts to incoming typhoon as Tropical Storm Maria dissipates
Newly formed Tropical Storm Ampil, which is forecast to approach eastern Japan this weekend, is seen on the left side of this satellite image.
Kishida to step down in September in bid to show ‘LDP has changed’
Prime Minister Fumio Kishida speaks during a news conference Wednesday at the Prime Minister's Office in Tokyo.
Publisher finds surprise audience after translating history textbooks
Yamakawa Shuppansha president Takeshi Nozawa holds the publisher's textbook on Japanese history — used in high schools across Japan — alongside the new English version in Tokyo on May 23.
Economic security is about strengthening and sustaining growth, former minister says
Former economic security minister Takayuki Kobayashi says changes in the international balance of power, along with deepening economic interdependence, have led some countries to attempt to use their economic power to impose their will on others.
Ice bandanas, convenience store breaks: Running under Japan’s summer sun
Blistering heat is becoming a fixture of summer in Japan, but a few tweaks to your routine can make your outdoor runs bearable — if not enjoyable — until cooler temperatures return.
Japan issued its first-ever megaquake alert. What does that mean?
Naoshi Hirata (center), chairman of a committee tasked with evaluating the risk of a Nankai Trough earthquake, speaks at a news conference in Tokyo on Friday.
France brings down the curtain on its Olympic party with Tom Cruise and Leon Marchand
Fireworks are set off during the closing ceremony of the 2024 Paris Olympics at Stade de France in Saint-Denis on Sunday.
Japan fuels U.S. LNG boom even as climate targets and impacts loom
Flaring at the Cameron LNG export terminal in Hackberry, Louisiana. Flaring, a common sight at LNG plants, is a controlled burning of gas for reasons ranging from depressurizing equipment to disposing of gas that can’t be used. The practice is a "waste of money" and negatively impacts climate change and human health, says the International Energy Agency.

Podcast

One of the many entrances to the Kabukicho neighborhood in Tokyo’s Shinjuku Ward.
Kabukicho: Tokyo’s ‘stadium of desire’

Longform

Sociologist Gracia Liu-Farrer argues that even though immigration doesn't figure into Japan's autobiography, it is more of a self-perception than a reality.
In search of the ‘Japanese dream’
By Thu-Huong Ha

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