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Business sentiment among large Japanese manufacturers has declined for the first time in a year, influenced by concerns over U.S. tariffs under President Trump. The Bank of Japan's quarterly survey revealed a drop in the sentiment index from plus 14 to plus 12, with major manufacturers like Toyota and Nissan particularly affected. Meanwhile, the sentiment for large non-manufacturers improved, reflecting a boost from healthy tourist traffic, as Japan's unemployment rate slightly improved to 2.4%.
Nippon Steel and US Steel are negotiating a deal to secure a $14 billion merger, with Nippon offering to increase its investment in US Steel facilities from $2.7 billion to as much as $7 billion. The discussions involve the US government, with Nippon Steel's president confirming ongoing negotiations to finalize the equity purchase terms and future investment plans.
Brazil's President Lula began a four-day state visit to Japan, accompanied by a 100-member business delegation, to strengthen trade ties amid US tariffs. Discussions with Prime Minister Ishiba will focus on biofuels and reaffirming commitments to free trade, while also addressing Brazil's increasing reliance on China. Lula's visit marks a significant effort to diversify Brazil's trade relationships, particularly in the Asia-Pacific region.
Japan's core inflation eased to 3.0% in February, down from 3.2% in January, driven by government subsidies for utilities and a decline in fresh food prices. Despite this deceleration, inflation remains above the Bank of Japan's 2% target, with rice prices soaring 81% year-on-year. The government is taking measures to alleviate the impact of rising costs on households, while underlying inflation suggests potential interest rate hikes in the near future.
Japanese firms have agreed to an average wage increase of over 5%, the largest in 34 years, amid rising living costs and labor shortages. While major companies like Hitachi have met union demands, concerns remain about whether this will significantly boost consumer spending, especially among smaller firms. Prime Minister Shigeru Ishiba emphasized the need for higher pay, particularly for truckers, as negotiations continue into the spring.
Japanese firms have agreed to an average wage increase of over 5%, the largest in 34 years, amid rising living costs and labor shortages. While major companies like Hitachi have met union demands, concerns remain about whether this will significantly boost consumer spending, especially among smaller firms. Prime Minister Shigeru Ishiba emphasized the need for higher pay, particularly for truckers, as negotiations continue into the spring.
US President Donald Trump warned Japan and China against further devaluing their currencies, stating it unfairly disadvantages American manufacturers. His comments led to a rise in the yen and a drop in Japan's stock market, while Japanese officials denied pursuing a currency devaluation policy. The situation complicates the Bank of Japan's potential interest rate hikes amid ongoing economic recovery efforts.
Japanese Prime Minister Ishiba Shigeru's coalition has reduced the draft budget for the upcoming fiscal year by $2.30 billion, marking the first budget revision since 1996. The new budget, estimated at 115.2 trillion yen, includes increased household subsidies and a higher tax-free income threshold, funded by reserve funds. As pressure for fiscal expansion mounts ahead of the July upper house election, analysts anticipate new spending plans to attract voters.
Warren Buffett's increased investment in Japan's trading houses offers a rare boost for Prime Minister Shigeru Ishiba's struggling government, yet it highlights a lack of broader economic reforms. While Buffett opts for established conglomerates, SoftBank's Masayoshi Son champions disruptive tech investments, underscoring Japan's need for a vibrant startup ecosystem. Without significant policy changes to attract more foreign capital, the potential for transformative growth remains unfulfilled.
The Trump administration is pushing for the deployment of Open Radio Access Networks (O-RAN) in the Pacific region, despite challenges and a fading multi-vendor vision, as highlighted by a Dell’Oro Group report predicting a 25% market share by 2029. While major American vendors are absent, partnerships with countries like Japan, Australia, and South Korea are being sought to enhance infrastructure investments. The administration's interest raises speculation about a potential controlling stake in Nordic vendors like Ericsson or Nokia to strengthen U.S. presence in RAN infrastructure.
Shigeru Ishiba
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