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No more Japan firms break away from Russia, Teikoku Database poll

  • July 26, 2022
  • , Jiji Press , 9:07 p.m.
  • English Press

Tokyo, July 26 (Jiji Press)–No Japanese companies announced in the month through Friday that they would suspend or stop operations in Russia, a private survey showed Tuesday.

 

The monthly survey by Teikoku Databank Ltd. saw such a result for the first time since it started in March, following Russia’s invasion of Ukraine.

 

According to the survey report, 74, or about 40 pct, of 168 listed Japanese companies operating in Russia have so far announced their departure from the country.

 

Of the 74 companies, 34 said they would halt transactions including shipments and order placements, 14 said they would halt production, 10 said they would halt sales activities, and five declared their withdrawal.

 

Teikoku Databank said difficulties finding alternative suppliers of rare metals and liquefied natural gas are making it difficult for Japanese companies to sever ties with Russia.

 

The research firm added that Japanese companies had been emphasizing Russia as an important emerging market.

 

Citing a Yale University survey, meanwhile, Teikoku Databank pointed out that the proportion of companies withdrawing from Russia is lowest in Japan and Italy among the Group of Seven countries.

 

The withdrawal rate stands at 5 pct for both Japanese and Italian companies, far below 46 pct for British firms, 33 pct for Canadian firms and 27 pct for U.S. firms.

 

Outside the G-7, the rate is high among North European companies, standing at 56 pct for Norwegian firms.

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