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Exclusive: Papers required by foreign exchange law to go “hanko”-free

Tokyo, Oct. 28 (Jiji Press)–Japan’s Finance Ministry plans to end the use of “hanko” personal seals and signatures in documents required by the foreign exchange and trade control law, informed sources told Jiji Press Wednesday.     The use of hanko seals and signatures will be scrapped for 93 types of documents and reports, effective on Friday, the sources said.    ….Read more

  • October 28, 2020
  • , Jiji Press , 6:59 p.m.
  • English Press

ECONOMY

Desire to check China steers nations toward collaboration in digital currency

Monetary authorities of Japan, the U.S. and Europe are increasingly focusing their attention on central bank digital currency (CBDC) in response to the emerging possibility that the Chinese government could become the technological and institutional leader in the field through the rapid development of a digital renminbi.   A joint statement issued on Oct. 13 after a G7 Finance Ministers….Read more

  • October 26, 2020
  • , Nikkei , p. 3
  • JMH Translation

ECONOMY

2 public entities hold large stakes in 84% of firms listed on TSE

Two government entities have increased their stock investments using public money and are now indirect major shareholders in about 84 percent of companies listed on the Tokyo Stock Exchange’s First Section, The Asahi Shimbun has learned.   The combined holdings of the Government Pension Investment Fund (GPIF) and the Bank of Japan are worth about 67 trillion yen ($640 billion),….Read more

  • October 23, 2020
  • , The Asahi Shimbun , 5:53 p.m.
  • English Press

POLITICS

Suga inherits Abenomics’ magic wand despite his and Abe’s difference in economic philosophy

By Makoto Hara, senior staff writer   Discussions over the true worth of Abenomics aside, it was undeniably the reason behind the record longevity of the Abe administration. Although Prime Minister Yoshihide Suga says he will follow Abe’s footsteps including Abenomics, his path may not be exactly the same as his predecessor’s. For one thing, their economic philosophies are quite….Read more

ECONOMY > Finance

Japan mulls tax breaks for foreign finance hires

Aiming to raise Japan’s status as a global financial center, the government and ruling parties plan to study a system to encourage the entry of overseas financial institutions and the hiring of foreign finance professionals.   The main pillars of this system would be reducing corporate and inheritance taxes, as well as beefing up English-language support for business licensing procedures.….Read more

  • September 20, 2020
  • , The Japan News , 2:53 p.m.
  • English Press

ECONOMY

Fincen files: Money trail ties Tokyo Olympic bid consultant to kin of IOC member

Documents reviewed by an international media consortium have pieced together the flow of money from a consultant of the Tokyo Olympic bid committee to the son of an influential member of the International Olympic Committee.   U.S. bank and French criminal investigation records show that about $370,000 (about 37 million yen) was transferred from the bank account of a Singapore….Read more

  • September 21, 2020
  • , The Asahi Shimbun , 2:00 a.m.
  • English Press

POLITICS > Political Parties

Three LDP presidential candidates differ on fiscal policy

Nikkei reviewed the positions expressed by Chief Cabinet Secretary Suga, LDP Policy Research Council Chairman Kishida, and former LDP Secretary General Ishiba on Japan’s monetary easing policy and fiscal rehabilitation. The paper wrote that although all of them believe the BOJ’s monetary easing measures should be maintained for the time being, they have different views about long-term strategies. Suga has….Read more

  • September 11, 2020
  • , Nikkei
  • JMH Summary

ECONOMY > Finance

Fintech companies outrun big banks in profit and valuation

AKIRA YAMASHITA and KYOHEI SUGA, Nikkei staff writers   TOKYO — Fintech companies are overtaking global financial institutions in both earnings and market capitalization in the April-June quarter, as the coronavirus accelerates trends toward a cashless society.   “In the midst of the COVID pandemic, we have seen substantial macro changes that we believe will have a lasting and profoundly….Read more

  • August 30, 2020
  • , Nikkei Asian Review , 10:00 a.m.
  • English Press

ECONOMY

Japan to pitch Osaka, Fukuoka as int’l financial hubs after pandemic

The government has decided to target regional areas such as Osaka and Fukuoka to attract foreign financial institutions, shifting from its Tokyo-focused approach to creating a global financial hub after the coronavirus pandemic, sources familiar with the matter said Tuesday.   The addition of the two areas also comes as China’s recent tightening of its grip over Hong Kong has raised concern about the semiautonomous region’s status as a major financial hub in Asia….Read more

  • August 18, 2020
  • , Kyodo News , 8:47 p.m.
  • English Press

ECONOMY

Major bank groups’ combined profits forecast to hit 11-yr low

Tokyo, May 15 (Jiji Press)–Combined consolidated net profits at five major Japanese banking groups are seen plunging to an 11-year low in fiscal 2020 on ballooning costs to prepare for business failures amid the coronavirus pandemic.     For the year ending in March 2021, their combined profits are estimated at 1.53 trillion yen, down 23.4 pct from the previous year,….Read more

  • May 16, 2020
  • , Jiji Press , 1:17 a.m.
  • English Press
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