Latest news with #Japan-U.S.
Yomiuri Shimbun
an hour ago
- Business
- Yomiuri Shimbun
Extraordinary Diet Session Kicks Off; Opposition Parties Call for Clarification on Japan-U.S. Tariff Agreement
The 218th extraordinary Diet session convened Friday. It is the first Diet session since last month's House of Councillors election, where the ruling coalition of the Liberal Democratic Party and Komeito lost its majority in the upper house, having already done so in the House of Representatives last year. Elections for the upper house's president and vice president were held. As is custom, the president was picked from the largest member party, and the vice president was picked from the largest opposition party. LDP lawmaker Masakazu Sekiguchi was reappointed as upper house president at the plenary session on Friday and Tetsuro Fukuyama from the Constitutional Democratic Party of Japan was elected vice president. The session will last for five days until Tuesday. This post-election session is normally limited to such formalities as the house presidential and vice presidential elections. At a request from opposition parties, however, discussions on the Japan-U.S. tariff agreement will be held during the current session at the budget committees of the lower house on Monday and of the upper house on Tuesday. At the committees, Ishiba and economic revitalization minister Ryosei Akazawa will explain the details of the agreement and the course of the negotiations. Chief Cabinet Secretary Yoshimasa Hayashi said Friday at a press conference, 'We will thoroughly explain our policies including on the Japan-U.S. tariff agreement and respond sincerely to the Diet deliberations.' Bill on gasoline tax submitted Seven opposition parties jointly submitted a bill to the lower house Friday to scrap the provisional add-on gasoline tax rate. The ruling and opposition parties have agreed to abolish the tax rate within this year and plan to pass the bill at the extraordinary session scheduled for autumn, instead of voting on it at the current session. Under the terms of the bill, the add-on gasoline tax rate of ¥25.1 per liter would be abolished from Nov. 1. The seven parties that submitted the bill were the CDPJ, the Japan Innovation Party, the Democratic Party for the People, the Japanese Communist Party, Sanseito, the Conservative Party of Japan and the Social Democratic Party.
Business Recorder
2 hours ago
- Business
- Business Recorder
Asia's factory activity worsens as US trade uncertainty bites
TOKYO: Asia's factory activity deteriorated in July as soft global demand and lingering uncertainty over U.S. tariffs weighed on business morale, private sector surveys showed on Friday, clouding the outlook for the region's fragile recovery. The surveys were taken before Japan and South Korea clinched trade deals with Washington, offering some hope that receding uncertainty could prop up manufacturing activity in coming months, some analysts say. Factory activity shrank in export power-houses Japan and South Korea, surveys for July showed, underscoring the challenge Asia faces as President Donald Trump's policies threaten the global free trade system the region relied upon for growth. China's factory activity also deteriorated in July as softening business growth led manufacturers to scale back production, boding ill for the region's economy. The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June, undershooting analysts' expectations of 50.4 in a Reuters poll and dropping below the 50 threshold that separates growth from contraction. The reading comes a day after an official survey showed China's manufacturing activity shrank for a fourth straight month in July, suggesting a surge in exports ahead of higher U.S. tariffs has started to fade while domestic demand remained sluggish. The survey 'provides further evidence that China's economy lost some momentum last month, largely due to domestic weakness,' said Zichun Huang, an economist at Capital Economics. The S&P Global Japan manufacturing purchasing managers' index (PMI) also fell to 48.9 in July from 50.1 in June, a sign U.S. tariffs were hurting the world's fourth-largest economy. Most of the survey data was collected before the announcement of a Japan-U.S. trade agreement last month, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%. As the trade deal with Washington kicks in, 'it will be important to see if this will translate into greater client confidence and improved sales in the months ahead,' said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey. South Korea also saw factory activity contract in July for the sixth straight month with the S&P Global PMI falling to 48.0 in July, from 48.7 in June. 'Both production volumes and new orders fell at a steeper rate than that in June, with anecdotal evidence indicating that weakness in the domestic economy was compounded by the impacts of U.S. tariff policy,' said Usamah Bhatti, economist at S&P Global Market Intelligence. The survey was conducted from July 10 to July 23, before South Korea reached on Wednesday a trade deal with the U.S. lowering tariffs to 15% from a threatened 25%. Factory activity in July expanded in the Philippines and Vietnam, but shrank in Taiwan, Indonesia and Malaysia, PMIs showed.
Time of India
3 hours ago
- Business
- Time of India
Asia's factory activity worsens as US trade uncertainty bites, India outshines with 16-month high record
Asia's factory activity deteriorated in July as soft global demand and lingering uncertainty over U.S. tariffs weighed on business morale, private sector surveys showed on Friday, clouding the outlook for the region's fragile recovery. The surveys were taken before Japan and South Korea clinched trade deals with Washington, offering some hope that receding uncertainty could prop up manufacturing activity in coming months, some analysts say. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Design Thinking Technology Others Leadership Artificial Intelligence MBA Project Management Product Management Public Policy PGDM Degree Data Science Management MCA Data Science others CXO healthcare Digital Marketing Operations Management Healthcare Cybersecurity Data Analytics Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Factory activity shrank in export power-houses Japan and South Korea, surveys for July showed, underscoring the challenge Asia faces as President Donald Trump 's policies threaten the global free trade system the region relied upon for growth. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Quote Undo An outlier was India, which saw manufacturing activity expand at the fastest pace in 16 months in July on robust demand, its PMI showed. But business confidence fell to a three-year low amid competitive pressures and inflation concerns, with a lack of progress in striking a trade deal with the U.S. adding to the gloom. Live Events China's factory activity also deteriorated in July as softening business growth led manufacturers to scale back production, boding ill for the region's economy. The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June, undershooting analysts' expectations of 50.4 in a Reuters poll and dropping below the 50 threshold that separates growth from contraction. The reading comes a day after an official survey showed China's manufacturing activity shrank for a fourth straight month in July, suggesting a surge in exports ahead of higher U.S. tariffs has started to fade while domestic demand remained sluggish. The survey "provides further evidence that China's economy lost some momentum last month, largely due to domestic weakness," said Zichun Huang, an economist at Capital Economics. The S&P Global Japan manufacturing purchasing managers' index (PMI) also fell to 48.9 in July from 50.1 in June, a sign U.S. tariffs were hurting the world's fourth-largest economy. Most of the survey data was collected before the announcement of a Japan-U.S. trade agreement last month, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%. As the trade deal with Washington kicks in, "it will be important to see if this will translate into greater client confidence and improved sales in the months ahead," said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey. South Korea also saw factory activity contract in July for the sixth straight month with the S&P Global PMI falling to 48.0 in July, from 48.7 in June. "Both production volumes and new orders fell at a steeper rate than that in June, with anecdotal evidence indicating that weakness in the domestic economy was compounded by the impacts of U.S. tariff policy," said Usamah Bhatti, economist at S&P Global Market Intelligence. The survey was conducted from July 10 to July 23, before South Korea reached on Wednesday a trade deal with the U.S. lowering tariffs to 15% from a threatened 25%. Factory activity in July expanded in the Philippines and Vietnam, but shrank in Taiwan, Indonesia and Malaysia, PMIs showed.
The Star
5 hours ago
- Business
- The Star
Asia's factory activity worsens as US trade uncertainty bites
Workers assemble garments at a factory on the outskirts of the Laotian capital, Vientiane. - Reuters TOKYO: Asia's factory activity deteriorated in July as soft global demand and lingering uncertainty over U.S. tariffs weighed on business morale, private sector surveys showed on Friday, clouding the outlook for the region's fragile recovery. The surveys were taken before Japan and South Korea clinched trade deals with Washington, offering some hope that receding uncertainty could prop up manufacturing activity in coming months, some analysts say. Factory activity shrank in export power-houses Japan and South Korea, surveys for July showed, underscoring the challenge Asia faces as President Donald Trump's policies threaten the global free trade system the region relied upon for growth. China's factory activity also deteriorated in July as softening business growth led manufacturers to scale back production, boding ill for the region's economy. The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June, undershooting analysts' expectations of 50.4 in a Reuters poll and dropping below the 50 threshold that separates growth from contraction. The reading comes a day after an official survey showed China's manufacturing activity shrank for a fourth straight month in July, suggesting a surge in exports ahead of higher U.S. tariffs has started to fade while domestic demand remained sluggish. The survey "provides further evidence that China's economy lost some momentum last month, largely due to domestic weakness," said Zichun Huang, an economist at Capital Economics. The S&P Global Japan manufacturing purchasing managers' index (PMI) also fell to 48.9 in July from 50.1 in June, a sign U.S. tariffs were hurting the world's fourth-largest economy. Most of the survey data was collected before the announcement of a Japan-U.S. trade agreement last month, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%. As the trade deal with Washington kicks in, "it will be important to see if this will translate into greater client confidence and improved sales in the months ahead," said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey. South Korea also saw factory activity contract in July for the sixth straight month with the S&P Global PMI falling to 48.0 in July, from 48.7 in June. "Both production volumes and new orders fell at a steeper rate than that in June, with anecdotal evidence indicating that weakness in the domestic economy was compounded by the impacts of U.S. tariff policy," said Usamah Bhatti, economist at S&P Global Market Intelligence. The survey was conducted from July 10 to July 23, before South Korea reached on Wednesday a trade deal with the U.S. lowering tariffs to 15% from a threatened 25%. Factory activity in July expanded in the Philippines and Vietnam, but shrank in Taiwan, Indonesia and Malaysia, PMIs showed. - Reuters
Yomiuri Shimbun
5 hours ago
- Business
- Yomiuri Shimbun
Japan's Factory Activity Slips Back into Decline in July, PMI Shows
TOKYO, Aug 1 (Reuters) – Japan's manufacturing activity shrank in July after briefly stabilizing in the previous month as weak demand pulled production back into contraction, a private sector survey showed on Friday. The S&P Global Japan manufacturing purchasing managers' index (PMI) fell to 48.9 in July from 50.1 in June, dropping below the 50.0 threshold that separates growth from contraction. The PMI was little changed from the flash reading of 48.8. Most of the survey data was collected before the announcement of a Japan-U.S. trade agreement last week, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%. As the trade deal with Washington kicks in, 'it will be important to see if this will translate into greater client confidence and improved sales in the months ahead,' said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey. The key sub-index of output fell back into contraction and at the sharpest pace since March. Companies widely reported reducing production due to lower volumes of new business, according to the survey. New orders shrank again in July, though at a slightly slower pace than in June. Despite falling production and orders, manufacturers continued to increase staffing in July, though the pace of job creation slowed to a three-month low. On the price front, input cost inflation eased to its lowest in four-and-a-half years, while output prices rose at the fastest rate in a year as firms passed on higher costs to customers. Business confidence improved to a six-month high in July, with firms expecting improved demand conditions and reduced trade-related uncertainty to support growth over the next year.
