Japan's top FX diplomat Mimura to serve in post for second year
TOKYO, June 24 (Reuters) - Japan's top foreign exchange diplomat, Atsushi Mimura, was reappointed for a second year, the finance ministry said on Tuesday, as he remains a vital member of the country's U.S. tariff negotiations team.
The 58-year-old Mimura will remain vice finance minister for international affairs - a post that oversees Japan's currency policy and coordinates economic policy with other countries.
Finance Minister Katsunobu Kato said at a press conference that the ministry sought the reappointment of Mimura as he "has been engaged in trade talks with the United States, led by (Japan's chief trade negotiator) Ryosei Akazawa, as well as discussions on foreign exchange between me and U.S. Treasury Secretary Scott Bessent."
While the finance ministry conducts a regular personnel reshuffle every year, it is not rare for the top foreign exchange diplomat post to be served for more than a year.
His predecessor, Masato Kanda, currently the president of the Asian Development Bank, stayed in the post for three years as he combated the yen's falls to 38-year lows against the dollar with record yen-buying interventions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
18 minutes ago
- The Sun
Iconic car firm brings back ‘legendary' SUV with a twist making it ‘smoother, more comfortable & perfect for off-road'
A JAPANESE manufacturer is set to launch a hybrid version of one of their legendary models, offering a smoother, more comfortable ride with a 48V mild-hybrid system. Toyota have shared plans for its new electric Land Cruiser, which is set to compete with rival off-road motors. 4 4 According to Autocar, the SUV uses the same electrified diesel powertrain as the mild-hybrid Hilux, combining a 2.8 litre four-pot with an electric motor-generator and a 48V battery. Toyota said: 'The benefits include a smoother, quieter and more responsive engine stop-start system and smooth, linear and powerful acceleration from start-off.' The manufacturer continued by explaining that this set-up takes up less room than the full-hybrid arrangement seen in their other models, meaning neither the Land Cruiser's bodywork nor drivetrain needed significant modification. They added: 'The system in no way compromises the Land Cruiser's ability to operate in extreme conditions and rough terrain. 'The all-new Land Cruiser combines the model's long-established strengths of quality, durability and reliability with new technologies. "Built on a new Toyota Global Architecture body-on-frame platform, it has even greater strength to tackle challenging conditions while delivering composed, reassuring on-road behaviour." It also emphasised that the high-mounted and waterproofed motor-generator means it can still wade through water up to 700mm deep, making the SUV ideal for off-roading. The motor recuperates energy under deceleration to charge the 48V battery, which can then supplement the engine under acceleration and power the stop-start system. According to Toyota, this results in smoother acceleration, improved efficiency and enhanced ability to tackle off-road obstacles. While prices are yet to be confirmed, the first examples are reportedly due at the end of the year. Toyota explained that all Land Cruiser models will use the new MHEV powertrain in the UK, including the freshly revealed Land Cruiser Commercial. I restored a classic car I found at a scrapyard – now it's award-winning The new motor will initially use the non-electrified version of the diesel powertrain and is differentiated from the passenger car only by the absence of rear seats to make way for a 2000-litre load bay. The Land Cruiser is set to rival the Land Rover Discovery Commercial, which is set to hit the market in August with a starting price of £52,729.17. Toyota has also recently hinted that it is finally bringing the long anticipated GR Corolla to the UK. The motor is reportedly expected to go into production next year at the manufacturer's Derbyshire plant, in a bid to satisfy lengthy wait lists. 4
Daily Mail
33 minutes ago
- Daily Mail
LadBible publisher faces £2m hit from dollar woes amid US expansion
LadBible owner LBG Media has warned that continued US dollar weakness will hit sales and profits this year. The digital publisher, which has been expanding operations in the US, told investors it had 'done all it can to mitigate the impact', but said a weak dollar could cost it about £2million in revenues and £1million in earnings this year. The US dollar index is down by almost 10 per cent since the beginning of the year as global investors have grown wary of the country's enormous debt pile, weaker economic growth and the impact of trade tariffs. LBG, which owns US female-focused digital media brand Betches, took a £366,000 loss from FX movements over its first half, over up from £15,000 last year. Analysts at brokers Zeus, Investec and Peel Hunt have cut their annual turnover and earnings forecasts for LBG by 2 and 5 per cent, respectively, due to the foreign exchange headwinds. But LBG remains optimistic about increasing its turnover by 10 per cent at constant currency rates this year, despite elevated economic volatility partly resulting from recent tariffs. The Manchester-based group, whose other brands include UniLad and SPORTbible, reported that its sales rose by 13 per cent to £43.9million in the six months ending March. Indirect revenues jumped by 18 per cent to £24.5million following a weak comparative period on social platforms last year. Direct turnover expanded by 8 per cent to £19.3million thanks to a strong performance in the US, where the firm's clients include Netflix, Dunkin' Donuts and PepsiCo. Sales growth far outpaced the rise in costs, helping LBG's adjusted earnings before nasties climb by 18 per cent to £12.2million and pre-tax profits more than double from £3.3million to £8.6million. Solly Solomou, chief executive of LBG, said: 'LBG Media has positive momentum, with double-digit growth in the first half of 2025. 'This reflects our diversified and agile model, which offers blue-chip brands access to the hard-to-reach 16-34 year old demographic. He added: 'Our confidence of progress in the second half of the year is underpinned by our audience, the power of LBG Media's brands, our attractiveness to brands and celebrities, and the relevance of our content.' LBG claims to be the UK's fifth largest social and digital business, with an audience of 520 million as of March, compared to 503 million at the same time last year. The company is attempting to capitalise on two major long-term trends: an expanding digital advertising market and higher purchasing power among the millennial and Gen Z generations. Consequently, LBG is heavily targeting the US market; it acquired the female-focused digital media firm Betches two years ago in a $54million deal. Fiona Orford-Williams, director at Edison Group, said: 'Getting it right in the US is key to LBG Media's growth ambitions, and the Betches acquisition has given a good springboard, as well as broadening out the addressable audience. 'The second half of the year will provide more difficult comparatives, and currency moves are unhelpful, but full-year revenue progress in double figures should be achievable, and the medium-term potential remains positive.' LBG Media shares were 5.3 per cent up at 99p on Tuesday morning, although they have still fallen by over a quarter this year.
The Independent
41 minutes ago
- The Independent
Nato sounds alarm over ‘massive' Chinese military buildup and potential for Taiwan invasion
Nato secretary general Mark Rutte said China 's 'massive' military buildup raised the risk of conflict over Taiwan, potentially drawing in Russia and impacting European security. Mr Rutte said Japan, South Korea, Australia, and New Zealand were closely aligned with Nato now because they were deeply concerned about China's military buildup and the threat it posed, particularly regarding Taiwan. 'We have this close relationship with Japan and the Republic of Korea, Australia and New Zealand, exactly for the reason that these countries are very, very worried about the massive military buildup in China that at the moment is taking place,' he said ahead of the Nato summit in The Hague. If China moved on Taiwan, Mr Rutte claimed, there was a real possibility Beijing would urge Russia to create trouble in Europe so as to divide Nato's attention and resources. 'We are all very worried, of course, about the situation in Taiwan. And we also know there is a risk that if the Chinese will try anything with Taiwan, that no doubt he will call his junior partner, Mr Putin, and make sure ... he will keep us busy here, if that would happen,' he said. 'That's one of the reasons why we have to stand ready, and we cannot be naive. We have to be clear on this and that is why that extra defence spending is so important. That is why Nato does not have as an alliance opt-out, side deals, etc, because we all have to chip in.' Beijing routinely sends warplanes and naval vessels towards Taiwan, with the scale and intensity of these manoeuvres increasing in recent years. Taiwanese officials have warned that China might use such exercises as cover for a surprise attack. Any outbreak of hostilities could quickly draw in the US, which maintains key alliances in the region, supplies Taiwan with advanced weaponry, and is legally obligated to respond to threats against the island. China considers Taiwan to be a breakaway province and its president Xi Jinping has vowed to 'reunite' the democratically governed island with the mainland, by force if necessary. In its Worldwide Threat Assessment report last month, the US Defence Intelligence Agency said China could seize Taiwan's smaller outlying islands as a tactic to intimidate the government in Taipei. The report argued that seizing and attempting to annex these islands was among a number of military options available to Beijing as it continued to threaten Taiwan with an invasion. Mr Rutte said China's rapidly expanding military capabilities were evident from the global rise of its defence companies and that the country was preparing for real geopolitical power projection. 'We know that out of the 10 biggest defence companies, only a couple of years ago you would not find any Chinese companies. At this moment, you will find three to five Chinese defence companies in the top 10 of biggest defence companies in the world,' Mr Rutte said. 'This shows you that this massive buildup is taking place and is having a huge impact, also when it comes to the defence industrial production of China. And of course, they don't do this only because they want to have nice parades in Beijing. I guess it's there for a reason.' Speaking at a pre-summit press conference, Mr Rutte said Nato was working to grow more capable and that its leaders were set to take big steps to strengthen the alliance's power. He described this as making Nato 'stronger, fairer, and more lethal'. A central part of the proposed transformation, he said, was a major increase in military spending, with member states aiming to raise the benchmark to five per cent of their GDP, more than doubling the longstanding two per cent target. It would also involve 'a concerted effort to ramp up defence industry across the alliance, bringing not only greater security but also more jobs. And a continued focus on support for Ukraine, alongside the pursuit of a just and lasting end to Russia's war of aggression', he said. 'All of this is essential to keeping our 1 billion citizens safe.' 'Our security environment has changed. And not for the better. The threats we face today demand that we do far, far more to ensure we can effectively deter and defend,' Mr Rutte said. 'Nato has detailed defence plans in place. We know how to tackle the dangers that confront us. And we are committed to defending every inch of allied territory, should any potential adversary make the mistake of attacking any ally.'
