Last phase of redevelopment of Tokyo's Shibuya Station area begins
The last stage of large-scale redevelopment around Shibuya Station in Tokyo has begun, in what has been called a once-in-a-century project.
Under the work so far, the layout of the station has been changed. A pedestrian deck that connects the station's east and west sides has been built.
A station square known for the iconic Hachiko dog statue has been improved. Shibuya Sakura Stage is among the new high rises that have opened in the vicinity of the station.
Tokyu Corporation, a company in the consortium undertaking the project, says it was originally planned to be completed by March 2028 but has been delayed by seven years to March 2035.
The company attributes the delay primarily to a review on the flow of pedestrians and additional measures against disasters.
Going forward, two buildings of the Shibuya Scramble Square complex will be constructed. A pedestrians' walk way will connect the station from east to west and from north to south. More squares will be provided.
Tokyu President Horie Masahiro said the mission is to evolve the Shibuya area into a global city. He said his company will pursue the creation of a vibrant city that is resilient to disasters.
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NHK
an hour ago
- NHK
Ishiba talks unrest, tariffs after G7 summit
Before leaving the venue of the Group of 7 summit in Canada, Japanese Prime Minister Ishiba Shigeru held a news conference, saying that the joint statement calling for de-escalation in the Middle East was significant. Prime Minister Ishiba said: "The G7 has contributed to global stability and prosperity over many years, united by shared values such as freedom and democracy. The value of the G7 is evident in how we have worked together across differences in national positions to address the challenges of each era." As for the Middle East, Ishiba said his government is monitoring the impact the unrest will have on gas prices. He said, "In case the confusion in the Middle East drags on and the prices of gasoline and other oil products continue to rise sharply, I have made an instruction to consider necessary measures to prevent it from having a major impact on people's lives." The prime minister went to the G7 hoping to discuss tariffs with the US president. He said the talks will continue. He said: "At the Moment, we have yet to reach an agreement on a package over tariffs. I had a frank discussion with the US President Trump for about 30 minutes on Monday, and agreed to instruct the ministers in charge to proceed with further talks between the two countries. I would like to continue to make arrangements so that an agreement will be beneficial to both Japan and the US, while protecting our interests." Trump was not the only world leader Ishiba met for sit-down talks. He also held his first-ever meeting with the new South Korean president, Lee Jae-myung. They agreed to continue cooperating on issues like North Korea. Ishiba is scheduled to attend another major meeting -- the NATO summit -- in the Netherlands next week.
Japan Times
2 hours ago
- Japan Times
Asia overshadowed as G7 struggles with crises and lack of unity
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Meanwhile, mentions of China's growing assertiveness in the Indo-Pacific — a constant element of previous summits — were conspicuously absent from the statements that emerged from the meeting. Speaking at a news conference after the summit, Prime Minister Shigeru Ishiba said that he had 'emphasized the importance of the G7's continued engagement in the region' and secured an agreement 'to work together on various issues related to China' and nuclear-armed North Korea. 'As the only G7 member in Asia, I shared Japan's position and efforts, including from the perspective of the Indo-Pacific region,' he said. 'Through two days of intensive discussions, we, the G7 leaders, were able to demonstrate our resolve to unite and work together to take the lead in addressing the various challenges facing the international community,' he added. But the visible lack of any focus on the Indo-Pacific was viewed by some as a loss for Ishiba, alongside the lack of a Japan-U.S. trade framework announcement and the missed chance for his first trilateral talks with Trump and South Korea's new president, Lee Jae-myung. 'I think this is a setback for Ishiba, who would clearly have preferred to reach an agreement with the U.S. on settling the trade dispute before the Upper House elections to emphasize his government's competency in handling Trump on the foreign policy front,' said Sebastian Maslow, an associate professor who specializes in Japanese politics at the University of Tokyo. 'Since this hasn't happened, the public and the opposition will have ample opportunity to question his U.S. policy.' An Upper House election is expected to be held July 20. 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While the presence at the summit of Lee, as well as the prime ministers of India and Australia might have helped, Trump's early departure meant he wasn't able to meet any of them, thus removing any chance of presenting a united front alongside Japan. 'The larger image is hard to shake — America is walking away from global leadership at a time when it is badly needed,' said Nick Bisley, dean and professor of international relations at Australia's La Trobe University. 'The cooperative approach that lies at the heart of multilateralism is entirely at odds with Trump's instincts and political persona,' he added. To be fair, expectations for this G7 gathering were low to begin with. Relations between Washington and its closest allies have taken a hit ever since Trump decided to launch his global campaign of unilateral tariffs. Many countries had hoped to reach a deal with Washington at the summit, but the only agreement signed was with Britain — and that was seen as a mere formality. Further highlighting the low bar, Canada had announced prior to the summit that the grouping would not release a joint communique due to expected disagreements with the United States. The disagreements became clear from the outset, when the U.S. president mused that Russia should again be part of the bloc and raised the possibility of China — which his administration calls the United States' top security priority — also joining the grouping. Both suggestions are believed to have raised eyebrows among the G7's other members, especially after Moscow backed the remarks, with Kremlin spokesman Dmitry Peskov telling reporters: "We agree with President Trump: It was a big mistake then to exclude Russia from the G8 format." Ultimately, as Washington refused to back a call for de-escalation, G7 leaders were only able to reach a bare-minimum agreement on the Israel-Iran conflict, issuing a tersely worded joint statement in which they expressed support for Israel's 'right to defend itself' while labeling Iran a 'principal source of regional instability.' Another pressing issue where Trump found himself at odds with other leaders was the conflict in Ukraine, with Canadian officials quoted as saying that plans to issue a strong statement on Russia's invasion were dropped after the U.S. sought to water down a draft document. U.S. President Donald Trump arrives for a family photo during the Group of Seven summit in Kananaskis, Alberta, on Monday. | POOL / VIA AFP-JIJI In Trump's absence, Ukrainian President Volodymyr Zelenskyy met Tuesday with the remaining G7 leaders, who used the opportunity to double down on their support, including a promise by Canada of fresh financial sanctions and nearly $1.5 billion in new military assistance. Ishiba also held his first in-person meeting with Zelenskyy, discussing defense-industrial cooperation, including investments in Ukraine's drone production, as well as continued support for reconstruction efforts. The two sides also addressed Russia's collaboration with North Korea and Iran, including Moscow's upgrade of Iranian drones and the subsequent transfer of these enhanced models to Pyongyang. This comes as European countries are pushing for more coordinated sanctions against Russia. Washington, however, has refused to join the push, with Trump saying that Europeans should "do it first" and that "sanctions cost us a lot of money." 'The G7 has historically seen itself as a group of developed democracies,' said Ian Chong, an associate professor and expert on international relations at the National University of Singapore. 'Trump's position suggests that he prioritizes being a big power over common political values.' Meanwhile, conversations on the Indo-Pacific are likely to continue, Chong said, even if they do not have the higher profile of the crises that overshadowed the region at this meeting. But some say the latest summit ultimately highlighted how the Trump administration is squandering hard-earned U.S. leverage for short-term gains. 'What we need from President Trump are commonsense aims,' said Patrick Cronin, an Asia-Pacific security expert with the Hudson Institute think tank. Washington, he said, needs to be firmer with adversaries than allies, while also maintaining respect on the world stage and articulating what a 'credible' new international order looks like 'before dismantling the one that has served American interests for generations.' 'In the parlance of the current era, don't squander leverage without a clear strategy for achieving a better deal.'
Japan Times
2 hours ago
- Japan Times
Record demands from activist investors driving focus on governance, efficiency
Activist investors are inundating Japanese companies with an unprecedented number of proposals that will keep executives on their toes at annual general meetings (AGMs). Firms have received a record 137 requests from activists, according to data compiled by Mitsubishi UFJ Trust & Banking. The shareholders are delving deeper into management decisions and demanding changes to board structures and privatizations. The country's jammed AGM season matters more than ever this year as investors seek signs that Japanese stocks — which have underperformed most major markets this year — can get out of a rut. The proposals are putting added pressure on management to deliver tangible growth strategies, rather than simply turning to the quick fix of more buybacks or dividends. "With new activist holdings being revealed each day, companies are paying extra attention to governance and capital efficiency,' said Rieko Otsuka, a strategist at MCP Asset Management Japan. "There's a sense of impending crisis among management about when they might be targeted,' she said. The season peaks next week, with more than 40% of listed companies — that's over 1,700 firms — set to hold AGMs. They will be at venues including the luxury Palace Hotel near the emperor's residence and the Ariake Arena, which was built as a venue for the Tokyo 2020 Olympics. Some executives are readying for drawn-out meetings as overall proposals from activists and other shareholders have increased to almost 400, according to Mitsubishi UFJ Trust. That's well over double the number a decade ago. In contrast, in the United States, total proposals this year fell 14% through May 13 compared with the January-June period last year, as investor demand declined for environmental and social issue-related changes, according to a report from ISS-Corporate based on Russell 3000 index companies. Activist investors typically acquire a significant stake and then exert pressure on a firm to influence how it's run, suggesting that the increasing presence of these shareholders in Japan may be key to driving pro-growth strategies. The scrutiny in Japan is important right now because it may help carve out a path for corporate growth amid a worsening business climate as tariffs upend key sectors of the economy. Gains in Japanese stocks have been limited this year, raising the risk that the Topix Index's two-year rally is over. "We get to vote once a year, so it's important and I think — probably more than other cultures — voting against the president or the chairman sends a pretty clear message,' said Carl Vine, co-head of Asia-Pacific equities at M&G Investments, whose holdings include Toyota and Seven & I Holdings. Even so, proposals aimed at improving shareholder returns still make up a large chunk of activists' requests, and that may provide a short-term boost to the market as deep-pocketed companies pour more cash into buybacks. In addition, activist proposals rarely get passed because of opposition from domestic investors, who tend to be quite conservative. Still, the increase in proposals comes at an unfortunate time for executives who can no longer rely as much as on cross-shareholders. The waning influence of this cohort, also known as stable or policy shareholders, may increase the clout of institutional investors at proxy fights. This puts the focus more on companies with low approval ratings and "opens up the possibility that maybe a new shareholder would come in and try and put additional pressure on management,' said Bruce Kirk, chief Japan equity strategist at Goldman Sachs Japan. All this means that AGMs are now a far cry from how they were conducted before Japan's corporate reforms kicked in and the market caught the attention of overseas investors. "There was a time when decisions were made at AGMs in a planned, harmonious, and ritualistic manner, just for the sake of it,' said Hidenori Yoshikawa, chief consultant at Daiwa Institute of Research, a Tokyo-based think tank. "Now, until the meeting ends, we don't know how it will turn out.'
