Journalist

시미즈 미유키 기자/ [번역] 이경
  • Japan’s FY2025 Exports Hit Record 113 Trillion Yen as AI Chip Demand Offsets Auto Slump
    Japan’s FY2025 Exports Hit Record 113 Trillion Yen as AI Chip Demand Offsets Auto Slump Japan’s exports in the last fiscal year rose to a record high, as surging demand tied to artificial intelligence helped offset weaker auto shipments hit by U.S. tariffs. The Nikkei newspaper reported on the 23rd that Japan’s exports in fiscal 2025 totaled 113.2422 trillion yen, up 4.0% from the previous year and the highest on record. Trade statistics released by Japan’s Finance Ministry on the 22nd showed auto exports fell 3.6% to 17.6674 trillion yen. Exports to the United States dropped 15.9%, turning down for the first time in five years. The report attributed the decline to tariff hikes under the Donald Trump administration, saying companies lowered prices to absorb the added costs. AI-driven demand supported shipments elsewhere. The report said demand rose across Asia, including Taiwan, for semiconductor manufacturing equipment, data center cooling systems and electronic components. Exports of materials such as nonferrous metals processed in Japan and copper scrap also increased. Exports to Asia climbed 6.7% to 61.9374 trillion yen. Japan’s trade deficit narrowed to 1.7144 trillion yen, an improvement of 68.4% from a year earlier, the report said. Still, higher energy prices linked to instability in the Middle East were cited as a key risk. Koya Miyamae, a senior economist at SMBC Nikko Securities, said the impact of rising crude prices would be reflected in earnest from April. If oil holds around $100 a barrel, Japan’s fiscal 2026 trade deficit could widen to about 15 trillion yen, the report said. Benchmark WTI crude had been in the $60 range before U.S. and Israeli strikes on Iran, then rose and has recently traded around $90. With Japan heavily dependent on oil imports, higher import costs could directly weigh on the trade balance. Middle East risks could also affect exports. Some Japanese automakers have begun adjusting production of vehicles for the region or changing destination markets, the report said. The Middle East has been a key growth market for Japanese auto exports; shipments there in 2025, measured from January to December, totaled 2.4483 trillion yen, a record high. The latest figures underscore a shift in Japan’s economic center of gravity from traditional manufacturing toward semiconductors and data infrastructure, the report said.* This article has been translated by AI. 2026-04-23 11:39:10
  • Japan’s Weak Yen May Face a Second Wave as Energy Costs Spur Real-Trade Selling
    Japan’s Weak Yen May Face a Second Wave as Energy Costs Spur Real-Trade Selling With the Bank of Japan’s rate hike effectively pushed back to June, market participants are warning that Iran-related energy price swings could drive the yen’s weakness into a new phase. Analysts say yen selling led by corporate demand — rather than speculative money — is harder for policymakers to counter, raising the risk of a prolonged weak-yen cycle. Nikkei reported on April 22 that more investors are now talking about a “second wave” of yen weakness in the second half of this year. It said the yen has recently traded in a narrow band of 158 to 160 per dollar largely because hedge funds and other speculative players are making short-term trades while watching for possible Japanese government intervention, limiting day-to-day volatility. Nikkei said the bigger risk lies in what comes next. If oil prices that surged amid the Iran situation settle and crude imports normalize, demand for dollars to pay for energy imports could rise again, intensifying yen selling. It noted that military clashes have damaged parts of oil refining facilities in the Middle East and that tensions around the Strait of Hormuz persist, meaning a risk premium could remain embedded in shipping costs for some time. Takahide Kiuchi, an economist at Nomura Research Institute, said it could take several months to half a year for oil prices to stabilize. That shift could change the nature of the yen’s decline. Speculative yen selling is often followed by yen buying to lock in profits, but yen selling tied to real demand — such as import payments — is less likely to be reversed later. Nikkei said if real-demand selling expands, there may be few forces to pull the exchange rate back, increasing the odds of a long-lasting weak yen. Policy options are also limited. Authorities can more easily seek understanding from the United States and others for intervention against speculative moves, but it is difficult to suppress exchange-rate shifts driven by corporate activity. Koji Fukaya, head of Market Risk Advisory, said, “It is hard to predict where the Iran situation is headed, but a scenario in which the yen-dollar rate breaks above 160 yen is entirely possible.” Nikkei said real-demand selling could also deepen pressure through the trade balance. Many foreign-exchange market sources expect a large trade deficit this year, it reported. More than half projected a deficit of 5 trillion to 15 trillion yen (about 46 trillion to 139 trillion won), and not a few forecast it could reach 20 trillion yen. In 2022, when the trade deficit swelled to 20 trillion yen amid a surge in resource prices after Russia’s invasion of Ukraine, the yen weakened from the 115-per-dollar range early in the year to 150. Concerns about a prolonged weak yen also matter for South Korea. A cheaper yen can boost the price competitiveness of Japanese exporters, increasing pressure on South Korean firms in sectors where they compete directly in global markets, including semiconductors, automobiles and steel. It could also lift demand for travel to Japan while shifting some domestic spending overseas. South Korea, which relies heavily on energy and raw-material imports, is also directly exposed to higher global oil prices.* This article has been translated by AI. 2026-04-22 17:15:20
  • Japan Seen Holding Rates Steady as Middle East Tensions Cloud BOJ Outlook
    Japan Seen Holding Rates Steady as Middle East Tensions Cloud BOJ Outlook The Bank of Japan is increasingly expected to keep its policy rate unchanged at its late-April meeting, as instability in the Middle East drives up oil prices and raises concerns about supply disruptions, making the impact on Japan’s economy and inflation harder to gauge. A decision on a rate increase is likely to be pushed to the June meeting. Yomiuri Shimbun, Nikkei and Asahi Shimbun reported on April 22 that the BOJ is seriously considering holding the policy rate at about 0.75% at its April 27-28 policy meeting. With uncertainty over Middle East developments persisting, the central bank is seen prioritizing a review of broader economic effects over a premature hike. The outlook is being closely watched in South Korea as well. If a hike is delayed, the U.S.-Japan rate gap would remain, keeping pressure on the yen and potentially affecting South Korean export competitiveness through the won-yen exchange rate. The key variable is Middle East risk. Japan relies heavily on the region for crude oil imports, and higher oil prices can push up inflation. The BOJ is reportedly considering raising its forecast for fiscal 2026 consumer inflation in its April “Outlook for Economic Activity and Prices” report to reflect the impact of higher oil prices. Even so, the durability of inflation trends remains uncertain. Energy-driven price gains may prove temporary, while prolonged high oil prices could squeeze corporate profits and curb consumption, slowing growth. Asahi reported that the BOJ is holding off judgment between upside inflation pressure and downside economic risks, and that the probability of an April rate hike fell to 9% as of the afternoon of April 21, from more than 70% at one point. With markets largely positioned for no change, a surprise hike could increase financial-market volatility, the report said. Internal support for a hike also appears limited. Nikkei reported that while some policy board members may argue for an increase, there is no clear momentum for an early move. At the March meeting, board member Hajime Takata, described as hawkish, proposed a hike, but it was voted down by a majority. Yomiuri said concerns are also spreading over supplies of petrochemical feedstocks such as naphtha, as the Strait of Hormuz remains blocked, a key chokepoint for Middle East energy shipments. If crude supply disruptions materialize, Japan could slip into a slowdown, the report said. The BOJ has held rates steady for two straight meetings since raising the policy rate from 0.5% to 0.75% last December. If it stands pat again, it would extend a cautious approach to tightening. Still, the central bank’s overall policy direction has not changed. Yomiuri reported that the BOJ is maintaining its stance that it will make additional rate increases to adjust the degree of monetary accommodation if the economy and prices move in line with its projections. Market attention is now shifting to whether the June meeting will bring an actual hike.* This article has been translated by AI. 2026-04-22 15:01:06
  • Japan’s Self-Defense Forces Join U.S.-Philippines Balikatan Drills in First Combat Training Role
    Japan’s Self-Defense Forces Join U.S.-Philippines Balikatan Drills in First Combat Training Role Japan’s Self-Defense Forces are taking part in U.S.-Philippines joint exercises in a full operational role for the first time, a move aimed at tightening allied coordination as concerns grow about a potential “power vacuum” in Asia while the United States concentrates military resources on the Middle East, the Nikkei business daily reported. According to Nikkei on the 21st, the United States and the Philippines began the large-scale Balikatan exercises on the 20th. This year, Japan is joining with a substantial troop presence for the first time, following the entry into force of a Reciprocal Access Agreement between Japan and the Philippines in September last year that facilitates troop movement between the two countries. Nikkei said the drills go beyond routine military cooperation and reflect a response to shifts in U.S. strategy. It cited concerns that deterrence in the Indo-Pacific could weaken after the Donald Trump administration moved naval forces previously deployed in Asia to the Middle East to respond to Iran. With key assets such as U.S. Navy amphibious assault ships redeployed, regional governments have become more alert to a possible capability gap, and the Philippines is using joint exercises to help keep the United States engaged in the region, Nikkei said. A senior U.S. military official said at the opening ceremony that “no matter what happens in other parts of the world, America’s engagement in the Indo-Pacific will not waver.” Nikkei also pointed to the Philippines’ experience after the U.S. military withdrawal in 1992, saying China has expanded its influence in the South China Sea since then, shaping Manila’s current security approach. The Philippines has recently broadened security cooperation not only with the United States but also with Japan, Australia, Canada, New Zealand and France as it builds a wider network of partners. Cooperation with Japan has deepened quickly. Japan became the third country after Australia and the United Kingdom to sign a Reciprocal Access Agreement with the Philippines, effectively elevating ties to a “quasi-alliance,” Nikkei said. The two sides also signed an Acquisition and Cross-Servicing Agreement in January to provide mutual support such as fuel and ammunition. Nikkei said Japan’s role in Balikatan is also changing. The Self-Defense Forces had previously participated as observers, but this time about 1,400 personnel will take part in operational training including maritime drills and missile defense exercises. Near the South China Sea, they are also set to join live-fire training using Type 88 surface-to-ship missiles. Philippine armed forces chief of staff Romeo Brawner was quoted by Nikkei as saying it was meaningful to welcome Japanese combat units for the first time since the end of the war. Nikkei said the Philippines sees limits to acting alone given the military gap with China and is seeking deterrence through cooperation with partners including Japan. Japan, for its part, is expanding its defense role and increasing its presence in the Indo-Pacific. Nikkei added that uncertainty remains. The Philippines relies on the Middle East for a significant share of its energy imports, and a prolonged period of instability there could constrain military activity. Overall, Nikkei said the exercises illustrate a shifting Indo-Pacific security landscape, as allies and partners seek to sustain deterrence through cooperation while U.S. forces are spread across regions. * This article has been translated by AI. 2026-04-21 17:59:33
  • Vietnam Streamlines Rail Approval Process to Speed Infrastructure Projects
    Vietnam Streamlines Rail Approval Process to Speed Infrastructure Projects Vietnam’s Ministry of Construction has abolished and adjusted some administrative procedures in the rail sector to speed up rail infrastructure development. Vietnam’s government website reported on Jan. 22 that the ministry eliminated several rail-related procedures effective Jan. 1. The changes follow Decision No. 2,267 (2,267/QD-BXD), announced by the ministry on Dec. 10. Under the decision, the ministry’s approval process for commercialization policy for rail line-connection projects was scrapped, along with the Vietnam Railway Authority’s procedure for issuing safety assessment certificates for urban rail systems. The decision also reorganized responsibilities among agencies. The Vietnam Register will issue safety and environmental compliance certificates for rail vehicles, while the Vietnam Railway Authority will oversee rail vehicle registration and issue operating permits. Permits related to rail connections and approvals to install or remove level crossings will be handled by the Vietnam Railway Authority or provincial and municipal people’s committees. Certification for specialized personnel, including rail inspectors, was newly assigned to the Vietnam Register. The Ministry of Construction will retain authority to approve plans for maintaining and managing rail facilities.* This article has been translated by AI. 2026-01-28 16:42:33
  • Hong Kong Signs Precious Metals Cooperation Deal With Shanghai Gold Exchange
    Hong Kong Signs Precious Metals Cooperation Deal With Shanghai Gold Exchange Hong Kong’s Financial Services and the Treasury Bureau said Jan. 26 that it signed a cooperation agreement on precious metals trading with mainland China’s Shanghai Gold Exchange at the Asian Financial Forum being held in Hong Kong. The agreement includes setting up a new company, the Hong Kong Precious Metals Central Clearing System, fully funded by the Hong Kong government. The Hong Kong Precious Metals Central Clearing System will be chaired by Financial Services and the Treasury Secretary Christopher Hui, with a Shanghai Gold Exchange representative serving as vice chair. A Hong Kong central clearing system specializing in gold trading, managed by the company, is expected to begin a pilot run within the year. The agreement also includes support to expand gold storage capacity at the Airport Authority Hong Kong and financial institutions. The goal is to increase capacity to more than 2,000 tons within three years. Hui said the Hong Kong government plans to submit a bill in the first half of this year to include precious metals among eligible investments for tax incentives for “single family offices,” including those set up for funds or a single wealthy family.* This article has been translated by AI. 2026-01-28 16:13:05