Top banker vows loyalty to DEI at Tokyo Pride parade as Trump's pushback rages
TOKYO – The head of one of Japan's largest investment banks used the Tokyo Pride parade to strike a rare public stance on pushing ahead with diversity initiatives, as US President Donald Trump seeks to abolish such policies.
Few Japanese corporate executives have taken a clear position on US efforts to roll back the diversity, equity and inclusion policies that had become common at global corporations, though many firms appear to have quietly maintained their initiatives.
'Even if the US has adopted an anti-DEI policy, Japan should press ahead and make up for lost time rather than following suit,' said Mr Akihiko Ogino, president and chief executive officer of Daiwa Securities Group Inc, before the start of the Tokyo Pride parade near the bustling Shibuya area.
He was speaking on June 8 at his first visit to the Tokyo iteration of the global event that organisers describe as 'advocating LGBTQ+ rights and dignity'.
Faced with a rapidly ageing and shrinking population, some Japanese firms have sought to bolster the pool of available workers by becoming more inclusive of different gender and sexual minorities, as well as women.
Major financial firms including Nomura Holdings, Goldman Sachs and Deutsche Bank are also among the sponsors of the event, according to its website.
Companies around the world that do business in the US have faced a dilemma in dealing with the abrupt about-face on the issue.
Mr Trump has vowed to stamp out diversity policies across the board, saying they are illegal and have disastrous consequences. In response, Citigroup withdrew its ambitious DEI goals and other US financial firms have made adjustments.
Mr Ogino said he doesn't necessarily oppose the anti-DEI movement in the US, but that he thinks it's 'important to recognise that there are people with different viewpoints and work together within an organisation'.
'I believe we should acknowledge such diversity, recognise the differences between ourselves and others, and work together while respecting each other,' he said.
Daiwa earned less than 7 per cent of its ordinary profit last fiscal year through businesses in the Americas as a whole.
Japanese carmakers Nissan and Toyota rolled back some initiatives in the US in 2024 after pressure from conservative activists like Robby Starbuck.
Sumitomo Mitsui Financial Group erased references to DEI from its American websites, but the Japanese company left its international websites untouched, describing the US changes as part of a global digital restructure 'after many months of planning'.
A survey by the Mainichi newspaper published in March found 83 per cent of Japanese companies who responded agreed that DEI initiatives are necessary to secure talent. Bloomberg
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
16 minutes ago
- Business Times
China considering renminbi-backed stablecoins to boost global currency usage: sources
[BEIJING] China is considering allowing the usage of renminbi-backed stablecoins for the first time to boost wider adoption of its currency globally, sources familiar with the matter said, in a major reversal of its stance towards digital assets. The State Council – China's Cabinet – will review and possibly approve a roadmap later this month for the greater usage of the currency globally, including catching up with a US push on stablecoins, said the sources. The plan is expected to include targets for usage of the Chinese currency in the global markets and outline the responsibilities of domestic regulators, they said, adding that the roadmap will also include guidelines for risk prevention. The country's senior leadership is also expected to meet for a study session as early as the end of this month, focusing on renminbi internationalisation and stablecoins, which are gaining momentum worldwide, said one of the sources. In that meeting, senior leaders are likely to deliver remarks to set the tone for stablecoins and define the boundaries of its application and development in business, said the source. China's plan for the usage of stablecoins, if approved, would mark a major shift in its approach towards digital assets. The country banned cryptocurrency trading and mining in 2021 due to concerns about the stability of the financial system. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China has long aspired for the renminbi to achieve global currency status, akin to the US dollar or euro, reflecting its weight as the world's second-biggest economy. However, its tight capital controls and its trillion-US dollar annual trade surpluses have worked against that aim. Those restrictions are likely to be a key hurdle to the development of stablecoins as well, market participants have said. Stablecoins are a type of cryptocurrency designed to maintain a constant value. They are usually pegged to a fiat currency such as the US dollar and are commonly used by crypto traders to move funds between tokens. The renminbi's share as a global payment currency fell to 2.88 per cent in June, its lowest in two years, according to payment platform Swift. In contrast, the US dollar commanded a 47.19 per cent market share. China places strong capital controls to manage flows in and out of the border, with a few connect schemes permitting capital to be deployed in some key offshore market such as Hong Kong. In the US, President Donald Trump backed stablecoins days after his inauguration in January and is establishing a regulatory framework that helps legitimise US dollar-pegged cryptocurrencies. Their underlying blockchain technology enables instant, borderless and round-the-clock transfer of funds at low cost, giving stablecoins the potential to disrupt traditional daily money moves and cross-border payment systems. Financial innovation, specifically stablecoins, is viewed by Beijing as a promising tool for renminbi internationalisation amid the growing influence of US dollar-linked cryptocurrencies in global finance, said the sources. Details of the plan are expected to be unveiled in the coming weeks, with Chinese regulators, including the central bank, the People's Bank of China (PBOC), being assigned implementation duties, said the sources. The sources declined to be named as they were not authorised to speak to the media. The State Council Information Office (SCIO) did not immediately respond to Reuters requests for comment. The PBOC could not be immediately be contacted for comment outside of normal business hours. Major shift Stablecoins backed by the US dollar currently dominate the market, accounting for over 99 per cent of the global stablecoin supply, according to the Bank for International Settlements. In Asia, South Korea has pledged to allow companies to introduce won-based stablecoins and develop the necessary infrastructure, while similar initiatives are underway in Japan. The latest push comes amid mounting geopolitical tensions with Washington, and the growing use of US dollar-backed stablecoins by Chinese exporters. Beijing's latest plans come after a Shanghai regulator last month said it had held a meeting for local government officials to consider strategic responses to stablecoins and digital currencies. In a recent interview, PBOC advisor Huang Yiping told local media that an offshore renminbi stablecoin in Hong Kong is 'a possibility'. Separately, Hong Kong's long-awaited stablecoin ordinance took effect on August one and positions the Chinese-controlled territory as one of the first markets globally to regulate fiat-backed stablecoin issuers. China's commercial hub Shanghai is also establishing an international operation centre for the digital renminbi. According to the sources, Hong Kong and Shanghai will be the main cities to fast-track local implementation of the latest plan. China is expected to discuss expanding the use of renminbi and possibly stablecoins for cross-border trade and payments with some countries at the Shanghai Cooperation Organisation (SCO) Summit to be held Aug 31 to Sep 1 one in Tianjin, said the sources. The global stablecoin market is currently small at about US$247 billion, according to crypto data provider CoinGecko. However, Standard Chartered Bank estimates it could grow to US$2 trillion by 2028. REUTERS
Straits Times
an hour ago
- Straits Times
US suspends visa processing in Zimbabwe, embassy says
Sign up now: Get ST's newsletters delivered to your inbox HARARE - The United States has stopped processing most visas in Zimbabwe until further notice, its embassy in the capital Harare said on Wednesday, citing unspecified concerns with the government. "We have paused routine visa services in Harare while we address concerns with the Government of Zimbabwe," the embassy said in a post on X. It said the move was not a travel ban and that current visas would remain valid. The government of the Southern African country did not immediately reply to a request for comment. The pause took effect on August 7, according to a notice on the U.S. State Department's website, which said it applied to all visa services with the exception of most diplomatic and official visas. U.S. President Donald Trump's administration has restricted travel from a number of African countries, saying it is working to prevent visa overstaying and misuse. Zimbabwe had a visa overstay rate of 10.57% in 2023, according to a U.S. Department of Homeland Security report. Starting this week, the U.S. will require visa applicants from Zambia and Malawi to pay bonds of up to $15,000 for some visitor visas. The Trump administration has also paused visa processing in Niger. Top stories Swipe. Select. Stay informed. Singapore 18 persons nabbed and 82 vapes seized in HSA ops in Raffles Place and Haji Lane Singapore Woman trapped between train doors: Judge rules SBS Transit '100% responsible' Life 'Loss that's irreplaceable': Local film-makers mourn closure of indie cinema The Projector Singapore COE premiums up in all categories except motorcycles; Cat A price climbs 2.5% to $104,524 Singapore Nearly 2 years' jail, caning for man caught with at least 100 sexually explicit videos of children Singapore MyRepublic's policy of not imposing download speed limits to stay after takeover: Starhub Singapore Staff member found with active TB after screening at 2 pre-schools; no children diagnosed so far: CDA Singapore Grab users in Singapore shocked by fares of over $1,000 due to display glitch Harare resident Angella Chirombo said her 18-year-old son had received a scholarship to do his bachelor's degree at Michigan State University and had been waiting for a visa interview when the pause hit. "He was supposed to be in school already. I paid for everything else and was waiting for the visa so I could buy tickets," she told Reuters. She said other parents were considering booking interviews at other U.S. embassies in Southern Africa, but that she wouldn't be able to afford the travel. "Now they are saying we can go to Zambia and Namibia. I don't even have money right now and I don't know where to get this money. They are so many students that have been affected." REUTERS
Business Times
an hour ago
- Business Times
Russia expects India to keep buying its oil and seeks China-India-Russia talks
[NEW DELHI] Russia expects to continue supplying oil to India despite warnings from the US, Russian embassy officials in New Delhi said on Wednesday (Aug 20), adding that Moscow hopes trilateral talks will soon take place with India and China. US President Donald Trump has announced an additional tariff of 25 per cent on Indian goods exported to the US from Aug 27, as a punishment for buying Russian oil, which constitutes 35 per cent of India's total imports compared with a negligible 0.2 per cent before the Ukraine war. 'I want to highlight that despite the political situation, we can predict that the same level of oil import (by India),' Roman Babushkin, the charge d'affaires at the Russian embassy in India, told a press briefing. He predicted India and Russia would find ways to overcome Trump's latest tariffs in their 'national interests'. Trade talks between India and the US broke down over the opening up of India's vast farm and dairy sectors, as well as its purchases of Russian oil. The total tariff announced on Indian goods entering the US is 50 per cent. The Indian foreign ministry did not immediately reply to an emailed request for comment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up It has previously said the US decision to single out India for Russian purchases was 'extremely unfortunate'. Russia's Deputy Trade Commissioner Evgeny Griva on Wednesday said buying oil from Russia is 'very profitable' for India, which will not want to change its supplier. On average Russia gives a 5-to-7 per cent discount to Indian buyers, he said, adding that Russia has a 'very, very special mechanism' to continue oil supplies to India. In addition, he said Russia had started accepting Indian rupee payments for its goods after the resolution of issues that had trapped billions of US dollars worth of funds in Indian banks. 'Greater Eurasian partnership' As tensions between Washington and New Delhi rise, high-profile visits from New Delhi and Beijing in recent weeks have raised hopes on the part of the Asian neighbours that ties damaged by a 2020 border clash can be repaired. Indian Prime Minister Narendra Modi plans to visit China for the first time in over seven years later this month. The planned visit was reported by Reuters last week, even as other high profile exchanges, including Chinese Foreign Minister Wang Yi's two-day visit to New Delhi, concluded. At the same time, Russia is trying to revive long-standing plans for a trilateral meeting with India and China to help them forge a 'greater Eurasian partnership'. 'As far as the trilateral is concerned, we are quite hopeful that this format will be resumed sooner rather than later because its importance is not questioned,' Babushkin said. 'This is closely linked to the Russian initiative of the establishment of the greater Eurasian partnership,' Babushkin said. Russian President Vladimir Putin will meet Modi in New Delhi by the end of year, he said. Putin, Modi and Chinese President Xi Jinping are also expected to all attend the Shanghai Cooperation Organisation starting Aug 31. REUTERS
