Japan's Ishiba calls for closer weapons development with allies
"It is difficult for any one country to defend itself alone, and this may be true for the US as well,' Ishiba said in a speech on Thursday (May 22) at a major defence industry conference just outside Tokyo.
"We should establish a strong relationship with our allies of defense equipment cooperation, including the transfer of such equipment, joint development and joint production,' he said.
Trump administration plans to develop the "Golden Dome' missile defense system to defend the US from potential attack highlight growing global concerns over the missile threat from countries such as China and North Korea.
Japan is also plowing money into defense systems, including a joint project with the US to develop an interceptor to destroy hypersonic missiles, which have been flight tested by China and which are hard for existing defense systems to defend against.
Japan is aiming to boost its defense industry by means of a sharp increase in military spending. In 2022, Tokyo pledged ¥43 trillion (US$300 billion) to a military build-up that would span five years, aiming to raise defense spending to around 2% of gross domestic product from a long-held stance of keeping it around 1%.
In another international partnership with the UK and Italy, Japan is developing a sixth generation fighter jet that is scheduled for deployment in 2035.
The pace of technological change in military equipment and the financial burden involved mean that countries with similar values have to work together, Ishiba said.
"It's become impossible for one country to bear the costs and the risk of research and development alone,' he said in a keynote address at the Defense and Security Equipment International conference.
"Technology is advancing rapidly, and it is not an overstatement to say that technology used in the morning is obsolete by the evening,' he said.
DSEI is Japan's largest defense industry conference, featuring global defense contractors and a growing number of Japanese companies entering the sector or expanding their defense businesses. - Bloomberg
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
4 hours ago
- New Straits Times
Asian shares rise, dollar defensive after mild inflation data
TOKYO: Stocks in Asia climbed and the US dollar was subdued on Wednesday, as data showed both resilience in major economies and the need for central banks to remain accommodative. Wall Street scaled new heights on Tuesday, driven by increasing certainty the Federal Reserve will cut interest rates next month. Japan's Nikkei broke through the 43,000 level for the first time and cryptocurrency ether rose to an almost four-year high. The highly anticipated US inflation readings indicated President Donald Trump's tariff regime had yet to filter down to consumer prices. In Japan, a report showed manufacturers grew more confident about business conditions after a trade agreement with the United States. "It's clear that almost any good news leads investors to pile money into markets, particularly tech stocks, despite their lofty price tags," Paco Chow, dealing manager at Moomoo Australia and New Zealand, wrote in a note to clients. "They're riding on 95 per cent odds of a Fed rate cut in five weeks and feeling comfort that inflation is only creeping higher, not running amok," Chow said. The MSCI All Country World Index of shares climbed for a second day to reach 948.54, a new all-time high. Japan's Nikkei stock index rose one point four per cent, also setting a new peak for a second-straight session. US Labour Department data showed the consumer price index rose 2.70 per cent in the 12 months through July, slightly below the 2.80 per cent rate that economists polled by Reuters had forecast. A Reuters Tankan poll that tracks the Bank of Japan's quarterly tankan business survey showed Japanese manufacturers' sentiment index improved for a second straight month. Another report showed Japan's wholesale inflation slowed in July, underscoring the central bank's view that upward price pressure from raw material costs will dissipate. On Wall Street, the benchmark S&P 500 and the Nasdaq hit record highs after President Trump signed an executive order pausing triple-digit levies on Chinese imports for another 90 days. Traders are pricing in a 94 per cent chance of a Fed cut in September, up from nearly 86 per cent a day ago and about 57 per cent a month earlier, according to the CME FedWatch tool. Investors had been on tenterhooks about the inflation data because it followed a surprisingly weak jobs report on Aug 1 and had the potential to stoke concerns about stagflation. Trump has nominated White House adviser Stephen Miran to temporarily fill a vacant board seat at the US central bank, stirring up speculation about presidential interference in monetary policy. And the White House said it was "the plan" that the Bureau of Labour Statistics would continue to publish its closely watched monthly employment report after Trump's pick to head the agency E.J. Antoni proposed suspending its release. Speculation the labour report would be halted has "done the USD no favours and would have only incentivised foreign investors to review their hedging ratios on US investments," Chris Weston, head of research at Pepperstone, said in a note. The dollar was little changed at 147.84 yen. The euro edged up 0.10 per cent to US$1.1684, after a 0.50 per cent jump in the previous session. The dollar index, which tracks the greenback against a basket of major peers, slid for a second day. Ether touched US$4,634.70, the highest since December 2021, in early trading before sliding 0.90 per cent. US crude dipped 0.05 per cent to US$63.14 a barrel. Spot gold was little changed at US$3,348.10 per ounce. In early trade, pan-region Euro Stoxx 50 futures were up 0.20 per cent, German DAX futures rose 0.30 per cent and FTSE futures climbed 0.10 per cent. US stock futures, the S&P 500 e-minis, were little changed.
Daily Express
5 hours ago
- Daily Express
Petronas to expand LNG exports to new Asian markets
Published on: Tuesday, August 12, 2025 Published on: Tue, Aug 12, 2025 By: Bloomberg Text Size: The company plans further exploration to maintain domestic production levels after hitting peak output. (Reuters pic) Kuala Lumpur: Petroliam Nasional Bhd is seeking to expand its liquefied natural gas exports to growing Asian markets while also supporting Malaysia's rising energy needs, which are partly driven by a data-centre boom. The state-owned company's diversified portfolio – which includes a newly operational export plant in Canada – will enable it to meet overseas demand for gas, said Adif Zulkifli, chief executive officer of Petronas' gas and maritime business. The firm plans to expand beyond its traditional markets – Japan, China and South Korea – to countries in Southeast Asia, including Vietnam and the Philippines, he said in an interview. But the gas-producing country is also eyeing more imports because its reserves are dwindling at a time when its energy requirements are growing thanks to a proliferation of power-hungry data centres serving the artificial intelligence industry. Malaysia imported about 3.3 million metric tonnes of LNG in 2024, up from 2.1 million tonnes in 2021, according to Bloomberg's vessel-tracking data. Petronas will continue exploration for more resources to sustain its domestic production, which has already peaked, Adif said. It operates one of the world's largest LNG terminals in Bintulu on the Sarawak coast and has enough gas to fill up its plant there 'for as long as we need', he added. 'We have brought in a number of upstream projects to make sure that we are able to deliver gas and sustain that for the next 20 to 30 years,' Adif said at the company's headquarters on the 42nd floor of the Petronas Twin Towers in Kuala Lumpur on Tuesday. 'We are also gearing up to bring in more imports into Peninsular Malaysia.' Traditional gas suppliers in Asia are being forced to rethink their export strategies as they try to reconcile rapid economic growth with falling domestic reserves. Malaysia, which was the world's fifth-largest shipper of the super-chilled fuel last year, usually meets domestic demand by topping up with cargoes from Australia. Petronas CEO Muhammad Taufik said in June that Malaysia is set to be increasingly dependent on LNG imports in the next five years. In a bid to appease US President Donald Trump and secure a lower tariff from Washington in August, the Asian nation agreed that Petronas would buy US$3.4 billion of US LNG annually. Malaysia leaning into imports to support its energy needs highlights a broader trend of once hefty producers having to turn to buying the fuel from overseas. Traders are also seeing more opportunity to sell gas to traditional exporters in the future. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
5 hours ago
- The Star
Asian shares rise, dollar defensive after mild inflation data
TOKYO: Stocks in Asia climbed and the U.S. dollar was subdued on Wednesday, as data showed both resilience in major economies and the need for central banks to remain accommodative. Wall Street scaled new heights on Tuesday, driven by increasing certainty the Federal Reserve will cut interest rates next month. Japan's Nikkei broke through the 43,000 level for the first time and cryptocurrency ether rose to an almost four-year high. The highly-anticipated U.S. inflation readings indicated President Donald Trump's tariff regime had yet to filter down to consumer prices. In Japan, a report showed manufacturers grew more confident about business conditions after a trade agreement with the United States. "It's clear that almost any good news leads investors to pile money into markets, particularly tech stocks, despite their lofty price tags," Paco Chow, dealing manager at Moomoo Australia and New Zealand, wrote in a note to clients. "They're riding on 95% odds of a Fed rate cut in five weeks and feeling comfort that inflation is only creeping higher, not running amok," Chow said. The MSCI All Country World Index of shares climbed for a second day to reach 948.54, a new all-time high. Japan's Nikkei stock index rose 1.4%, also setting a new peak for a second-straight session. U.S. Labor Department data showed the consumer price index rose 2.7% in the 12 months through July, slightly below the 2.8% rate that economists polled by Reuters had forecast. A Reuters Tankan poll that tracks the Bank of Japan's quarterly tankan business survey showed Japanese manufacturers' sentiment index improved for a second straight month. Another report showed Japan's wholesale inflation slowed in July, underscoring the central bank's view that upward price pressure from raw material costs will dissipate. On Wall Street, the benchmark S&P 500 and the Nasdaq hit record highs after President Trump signed an executive order pausing triple-digit levies on Chinese imports for another 90 days. Traders are pricing in a 94% chance of a Fed cut in September, up from nearly 86% a day ago and about 57% a month earlier, according to the CME FedWatch tool. Investors had been on tenterhooks about the inflation data because it followed a surprisingly weak jobs report on August 1 and had the potential to stoke concerns about stagflation. Trump has nominated White House adviser Stephen Miran to temporarily fill a vacant board seat at the U.S. central bank, stirring up speculation about presidential interference in monetary policy. And the White House said it was "the plan" that the Bureau of Labor Statistics would continue to publish its closely watched monthly employment report after Trump's pick to head the agency E.J. Antoni proposed suspending its release. Speculation the labour report would be halted has "done the USD no favours and would have only incentivised foreign investors to review their hedging ratios on U.S. investments," Chris Weston, head of research at Pepperstone, said in a note. The dollar was little changed at 147.84 yen. The euro edged up 0.1% to $1.1684, after a 0.5% jump in the previous session. The dollar index, which tracks the greenback against a basket of major peers, slid for a second day. Ether touched $4,634.70, the highest since December 2021, in early trading before sliding 0.9%. U.S. crude dipped 0.05% to $63.14 a barrel. Spot gold was little changed at $3,348.1 per ounce. In early trade, pan-region Euro Stoxx 50 futures were up 0.2%, German DAX futures rose 0.3% and FTSE futures climbed 0.1%. U.S. stock futures, the S&P 500 e-minis , were little changed. - Reuters
