Tokyo, June 28 (Jiji Press)–A Japanese government report on Tuesday underlined the need to strengthen supply chains for important goods such as semiconductors at a time when the global economy is facing growing risks from Russia’s invasion of Ukraine and the novel coronavirus pandemic.
Damage to supply chains from COVID-19 lockdowns, abnormal weather and the Ukraine crisis is causing inflation to surge and the supply-demand balance to become tight for a wide range of goods and services, especially in resource-limited countries including Japan, the 2022 White Paper on International Economy and Trade said.
The annual report also cited major challenges like surges in shipping fees and stagnation in logistics services amid a shortage of containers and higher resources prices.
The paper, which was submitted to the day’s cabinet meeting by industry minister Koichi Hagiuda, also said that a tendency to give more weight to sharing values and norms such as the fight against climate change and human rights protection is accelerating globally.
In addition to efforts by private-sector companies to address these issues, it is expected that the Japanese government will take part in international discussions on rulemaking in an appropriate way, the report said.