Japan, Netherlands win as China's chip tool imports surge on US tensions
TAIPEI/SEOUL -- China bought a record amount of foreign chipmaking equipment in 2024 as part of efforts to massively expand domestic chip production as well as build up stockpiles of key tools amid rising tensions with the U.S.
Of the $30.9 billion imported from major sources, nearly $20 billion came from Japan and the Netherlands, Nikkei Asia found, with smaller sources like Malaysia and Singapore also rising sharply.
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Nikkei Asia
6 hours ago
- Nikkei Asia
Japan election live: Ishiba vows to carry on for now
TOKYO -- The Japanese public voted on Sunday to determine the makeup of the nation's upper house, in a crucial vote for Prime Minister Shigeru Ishiba, whose coalition is fighting to hold on to its majority -- one that it lost in the lower chamber last autumn. The race is set to be very unpredictable, with issues such as inflation, tax and immigration having dominated the campaign. Here are some of our recent articles on this key election: - Japan's ruling coalition set to suffer big loss in upper house poll - What the upper house election means for Japan: 5 things to know - Sanseito brings far-right populism to Japan - Immigration becomes election issue in Japan amid tough economy - Japan's rice price shock exposes PM Ishiba to voter anger as election looms Here's the latest: (Japan time) Sunday, July 20 10:25 p.m. Prime Minister Shigeru Ishiba, speaking to media on NHK, acknowledged that his ruling bloc is facing a tough race. The LDP-leader had set a goal of reaching a simple majority together with its junior coalition partner Komeito. However, Ishiba avoided saying whether he would take responsibility and resign if that goal is not achieved. "Votes are still being counted and we must see what the results are," he said. On why the LDP has struggled to gain seats, Ishiba stated that the party has sought long-term goals such as realizing wage increases that exceed inflation while also trying to react swiftly and help struggling households through cash handouts. Many of the opposition camps have launched promises to cut the consumption tax, but Ishiba argued that "medical and nursing care will become even more important in the future and our fiscal situation will be under pressure. Long-term interest rates rising further and our fiscal conditions becoming even tighter is not ideal." He added: "At present, we are the party with the largest number of seats. We must respond to the nationwide issues we have advocated for during the campaign, such as wage increases that exceed inflation and our critical national security environment. We have responsibilities to fulfill for the nation." 9:57 p.m. Rintaro Nishimura of The Asia Group spoke with Nikkei Asia about the results so far. Some quotes here: "It's a clear rebuke from the voters of Ishiba and his government, and it will be very challenging going forward to see whether the ruling parties can muster a majority, not through a coalition, maybe, but through policy by policy coordination with parties." "There's definitely a sense that these established parties like the LDP, and also even the DPJ, are not really doing what the people want them to do, what they want to see from the parties." "A lot of the younger voters seem to like the Sanseito platform. Maybe because their social media game is better, but I think the large part was that there's a sense that the economy, especially for the younger generations, is not really doing well for them. I think they see that foreign tourists and also immigrants, maybe are having a better life than them." 9:52 p.m. Sohei Kamiya, the leader of the right-wing Sanseito, told an online election results program that "if there are issues that are important to the national interest and must be passed at all costs, we would not hesitate considering cooperating with the LDP or other parties on a topic or bill basis. But we have no intention of nestling up to obtain official posts in the administration." 9:42 p.m. Akira Nagatsuma of the CDP said: "There will be no grand coalition, whatsoever. Changing the structure of national politics is a very high priority, so a grand coalition is not possible." 9:33 p.m. According to NHK, it could be the first time since its formation in 1955 that an LDP-led government loses its majority in both the upper and lower houses. The ruling bloc could secure fewer than 46 seats -- a new low since the formation of the coalition between the LDP and Komeito. 9:30 p.m. As of 7:30 p.m., the national turnout figure stood at 29.93%, down 0.65 percentage point from the previous upper house election. 9:22 p.m. Ryohei Iwatani, the secretary-general of Japan Innovation Party, which has a strong foothold around Osaka, said at a press conference: "We continued to appeal for realistic reforms, including lowering social insurance premiums and that gradually gained the understanding of voters throughout the campaign period." 9:14 p.m. Here are some photos from the evening so far: 9:08 p.m. Itsunori Onodera, the LDP's policy chief, spoke to NHK: "The election results clearly show that our policies did not go down well with the voters. I have to acknowledge this as the party's policy chief." When he was asked about whether the party will go for tax cuts or cash handouts as an economic relief measure, Onodera said, "The consumption tax is an important revenue source for the country's social security programs. We need to discuss with the opposition what it intends to do with these programs." During the campaign, the LDP promised cash handouts as a relief measure for inflation, while opposition parties called for consumption tax cuts, either permanent or temporary. 8:59 p.m. Kiyomi Tsujimoto of the CDP told a radio station that "I think criticism against the LDP was very strong." NHK projects that the CDP, the main opposition party, will likely increase its seats in the chamber. Meanwhile, the DPFP, which held four seats before the election, is also projected to boost its presence in the chamber. Secretary-general Kazuya Shimba said he does not think there will be a grand coalition between his party and the ruling bloc, claiming that the parties have been unable to reach an agreement on the issue of raising the ceiling on the so-called "1.03 million yen wall," where individuals limit their part-time income to avoid certain taxes and social security burdens. 8:45 p.m. Right-wing Sanseito appears to have shaken up this election, and could win more than 20 seats in the chamber. It had just two before today's election. Sanseito candidate Saya, who was elected in the Tokyo constituency, talked on TV about why she thought her party had been successful. "I think us maintaining the 'Japanese First' policy and advocating for the gradual abolition of the consumption tax resonated with voters who are struggling as wage increases stagnate and the cost of living rises." Saya's win comes despite a viral video of her speaking to Russian news agency Sputnik. 8:35 p.m. Hiroshi Moriyama, the LDP's secretary-general, avoided giving concrete comments on TV, saying that "Vote counts are still on going and I would like to refrain from commenting on the nature of responsibility at this time." 8:26 p.m. The ruling coalition is projected to gain between 32~51 seats, according to NHK. Remember they need 50 to keep their majority. The range of seats won for each party is: Liberal Democratic Party (LDP): 27~41 Constitutional Democratic Party (CDP): 18~30 Japan Innovation Party: 6~9 Komeito: 5~12 Democratic Party For the People (DPFP): 14~21 Japanese Communist Party: 3~5 Reiwa: 2~4 Sanseito: 10~22 Conservative Party of Japan: 1~3 8 p.m. Voting ends. The ruling bloc is at risk of losing their upper house majority, national broadcaster NHK projected immediately after polls closed. 7:37 p.m. The latest data on voter turnout is out. As of 6 p.m., the national figure stood at 26.65%, down 0.71 percentage points from the 2022 upper house election. 7:13 p.m. Some errors have been made at polling stations, according to national broadcaster NHK. In Tokyo's Ota ward, 25 voters were handed the wrong ballot sheets. In Saitama Prefecture's Kasukabe city, there was a similar error involving ballot sheets for constituencies and proportional representation being mixed up. The affected votes could become invalid. 7:00 p.m. Just an hour to go now. 6:54 p.m. Japan's lead tariff negotiator Ryosei Akazawa on Sunday told reporters that the election results will not affect talks with the U.S., according to Kyodo News. The upper house vote comes amid Tokyo's continued efforts to reach a trade deal with Washington, which has slapped a 25% "reciprocal" tariff that goes into effect on Aug. 1. 6:30 p.m. Here's a few photos from today: 6:15 p.m. The national voter turnout as of 4 p.m. stood at 22.42%, 0.57 percentage point lower than the previous upper house election three years ago, according to the Ministry of Internal Affairs and Communications. For Tokyo, it was 22.87% -- 2.6 percentage points down. According to government data, an estimated 26.18 million people participated in early voting, a record high and over 6.5 million more than in the previous upper house poll. 6 p.m. Just two hours now until voting ends. Exit polls and projections by major broadcasters will start coming in at 8 p.m., and will be updated frequently during the course of the evening as votes are counted.
Nikkei Asia
2 days ago
- Nikkei Asia
Chinese listings in US rebound on back of small-cap firms
IPO First-half 2025 IPOs by mainland companies jump 80% on the year despite tensions There is a stronger pipeline of small Chinese companies looking to list in the U.S. this year, according to Dan McClory of Boustead Securities. © Reuters PAK YIU NEW YORK -- Companies with small market capitalizations are driving a rebound in Chinese stock listings in the U.S. as blockbuster initial public offerings show little sign of returning. Eighteen mainland Chinese companies went public on U.S. markets in the first half of 2025, according to Dealogic data compiled for Nikkei Asia. This was up 80% from a year earlier and is on track to exceed the 34 such IPOs for all of 2024.
Nikkei Asia
2 days ago
- Nikkei Asia
Letter from Nikkei Asia's editor: Japan election puts foreign residents in focus
Hello from Tokyo. This weekend, Japanese voters will head to the polls for the upper house election. While inflation and related economic policies have long dominated the agenda, attention is now shifting rapidly toward policies affecting foreign residents. If you're unfamiliar with the upcoming vote, I recommend watching our explainer video featuring a Nikkei Asia editor -- it provides a clear and concise overview. As I've emphasized many times in this newsletter, Nikkei Asia's mission is to report global news from an Asian perspective. Fulfilling that mission requires a diverse team that transcends borders. Our greatest strength lies in the broad range of team members, not only at our editorial headquarters in Tokyo, but also reporting from across Asia and around the world. Our deputy editor-in-chief, a New York native, often tells me, "I love Japan." And indeed, the nation's image has undergone a dramatic transformation over the past few decades. There was a time when public signs appeared only in Japanese, and navigating the vast Tokyo subway system felt like an impossible maze for foreign visitors. But through steady efforts to make society more welcoming to the world, the number of foreign travelers and residents in Japan has grown significantly. As a result, major cities like Tokyo have become magnets for top global talent, and Nikkei Asia is one of the many beneficiaries of this transformation. Now, however, these positive trends may be under threat. According to a Nikkei poll and report, the right-wing populist party Sanseito -- known for its "Japanese First" stance and calls for stricter regulations on foreign residents -- is gaining momentum. This political shift is also fueling a wave of similar sentiment on social media. And, as in many other democracies, misinformation and disinformation are spreading in certain corners of the conversation. For Japanese organizations to strengthen their global presence, embracing diverse talent is essential. More broadly, with Japan's population decline accelerating, foreign talent has already become crucial to sustaining society. Personally, I'm feeling very uneasy heading into the weekend. At Nikkei Asia, we'll be covering Japan's election in real time through our live blog, and we'll follow up with in-depth post-election analyses. Be sure to log on and stay with us for the latest updates. My suggested reads 1. Nikkei Asia has long chronicled China's attempts to overcome a U.S. clampdown on its tech sector and build its own domestic chip supply chain. The latest installment looks at the final and most complex piece of that puzzle: lithography machines. This visually rich deep dive explores how companies, the government and research institutions are racing to build the country's own answer to ASML. 2. Chinese consumer brands are grabbing ever more market share in Southeast Asia, particularly in home appliances and cosmetics -- markets once dominated by Japanese and South Korean companies. Our writers explain what's driving their rapid rise. 3. After Thailand began issuing same-sex marriage licenses this year, businesses from tour operators and drag shows to boys' love drama producers are looking to capitalize on the "rainbow economy," with much encouragement from the government. The economic boost from last month's Bangkok Pride parade suggests there may indeed be gold at the end of the rainbow. Wishing you a wonderful weekend! Akito Tanaka Sign up for the weekly Editor-in-chief's picks newsletter here. Follow us on LinkedIn and Instagram
