Latest news with #Keidanren
Yomiuri Shimbun
02-06-2025
- Business
- Yomiuri Shimbun
Keidanren Under New Tsutsui Leadership: Strong Ability to Communicate Needed to Overcome Difficult Situation
The tariff policies of U.S. President Donald Trump are shaking the world, causing major changes to the global economic order. As a leader in the business community, Keidanren (Japan Business Federation) must convey its messages strongly to overcome this difficult situation. Yoshinobu Tsutsui, former chairman of Nippon Life Insurance Co., has taken office as the 16th chairman of Keidanren. This is the first time for a figure from a financial institution to assume the post, whose past holders have mainly been people from the manufacturing industry. Nippon Life Insurance is a leading institutional investor with in-depth knowledge of the management of a wide range of companies. To break out of the long period of stagnation known as the 'lost 30 years,' Keidanren under Tsutsui must take the lead in discussions on the state of government economic policies and corporate management. The first test will be how to maintain the trend of wage increases. In an effort to achieve a growth-oriented economy in which both wages and investment increase, historically high wage increases have continued at major companies for three consecutive years, including this year's shunto spring wage negotiations. However, amid growing uncertainty over the future due to the U.S. high tariff policy, the momentum for wage hikes at small and midsize companies is weakening, and dark clouds are looming over major companies' shunto negotiations next year. 'Extremely powerful momentum for wage increases has been established. The most important task now is to further cement this trend,' Tsutsui said. He must take the lead in the wage hike movement and make it spread throughout Keidanren's member companies. The internal reserves of Japanese companies have risen to about ¥600 trillion, which should provide sufficient capacity for investment and wage increases. It is the responsibility of member companies to continue investing aggressively and raising wages even in the face of headwinds. Stabilizing the social security system and dispelling future concerns are important tasks even for corporate management. Tsutsui has stated that 'it is not appropriate to reduce consumption tax,' as it is a fundamental source of revenue supporting the social security system. This is a valid point. Close attention must be paid to changes in the global economic order. The United States will likely maintain its protectionist stance for some time. The free trade system centered on the United States is wavering, and the foundation of Japan's economic growth is being shaken. Tsutsui has announced a plan to establish a Global South committee within Keidanren and strengthen ties with emerging and developing countries. It is important to deepen relations with India and the Association of Southeast Asian Nations. It is necessary to devise a strategy to reduce dependence on the United States, expand sales channels to other countries and regions and continue economic growth. Toyota Motor Corp. President Koji Sato is among the four people to newly assume a vice chair post. It has been a long time since a Toyota president has held that job. It is hoped that he will bring new energy to Keidanren by leveraging his experience as the head of Japan's largest manufacturing company. (From The Yomiuri Shimbun, June 2, 2025)
01-06-2025
- Business
Nippon Life's Tsutsui Yoshinobu Appointed New Keidanren Chair
Japan Data Tsutsui Yoshinobu, former chairman of Nippon Life Insurance, has been appointed head of influential Japanese economic organization Keidanren. He is the first leader of the group to hail from the finance industry. Tsutsui Yoshinobu, the former head of Nippon Life Insurance, was appointed chair of Keidanren (Japan Business Federation) on May 29, 2025. He stepped down from his position at Nippon Life to take the new role. The Keidanren chair serves for two terms over a period of four years. Although the position does not have as much sway as during Japan's period of high economic growth, when the chair was regarded as the leader of big business in Japan, it continues to have an influece on national politics by representing the interests of industry and serving as an advocate for public opinion. Tsutsui is the first head of the group to hail from the world of finance, bucking the unwritten rule that the chair should come from a manufacturing background. He is also the first chair not to come from a listed company; Nippon Life Insurance is a mutual company in which policyholders are company members. Tsutsui became president of Nippon Life Insurance in 2011, where he oversaw the acquisition of Mitsui Life Insurance (now Taiju Life Insurance) in 2015 and strengthened the company's revenue base. He was appointed chairman of Nippon Life in April 2018 and became a Keidanren vice chair in 2023. He was also tapped as the inaugural chair of the GX (Green Transformation) Acceleration Agency in July 2024, which was established by the government to push forward decarbonization. Chairs of Keidanren Keidanren (under former English name: Japan Federation of Economic Organizations) 1 Ishikawa Ichirō (Nissan Chemical Industries) 1948–56 2 Ishizaka Taizō (Toshiba Shibaura) 1956–68 3 Uemura Kōgorō (Keidanren Secretariat) 1968–74 4 Dokō Toshio (Toshiba Shibaura) 1974–80 5 Inayama Yoshihiro (Nippon Steel) 1980–86 6 Saitō Eishirō (Nippon Steel) 1986–90 7 Hiraiwa Gaishi (TEPCO) 1990–94 8 Toyoda Shōichirō (Toyota) 1994–98 9 Imai Takashi (Nippon Steel) 1998–2002 Nippon Keidanren (under current English name: Japan Business Federation) 10 Okuda Hiroshi (Toyota) 2002–06 11 Mitarai Fujio (Canon) 2006–10 12 Yonekura Hiromasa (Sumitomo Chemical) 2010–14 13 Sakakibara Sadayuki (Toray) 2014–18 14 Nakanishi Hiroaki (Hitachi) 2018–21 15 Tokura Masakazu (Sumitomo Chemical) 2021–25 16 Tsutsui Yoshinobu (Nippon Life Insurance) 2025– (Translated from Japanese. Banner photo: Tsutsui Yoshinobu [left], the incoming chair of Keidanren, shakes hands with his predecessor Tokura Masakazu on March 25, 2025. © Kyōdō.)
NHK
30-05-2025
- Business
- NHK
Japan's leading business lobby gets new chairman
Japan's leading business lobby has a new leader. Tsutsui Yoshinobu is a former chairman of Nippon Life Insurance. He is now head of the Japan Business Federation, or Keidanren, and the first person from the financial industry to hold that position. Tsutsui said, "Keidanren will aim to fulfill its responsibility to future generations by embracing mid- and long-term perspectives as well as viewpoints of the whole of Japan." He stressed that he thinks the nation's tax and social security systems should be reformed. He said he wants to clarify the structure of payments and burdens in order to lessen the financial strain on working people. Tsutsui also touched on the issue of the government selling stockpiled rice directly to retailers, which are offering it for reduced prices. He said the prices need to drop in the short term. But he added that Keidanren needs to convey that agricultural and food policies have structural issues.
28-05-2025
- Business
Incoming Keidanren Head Vows to Focus on Social Security Reform
News from Japan Economy May 29, 2025 00:19 (JST) Tokyo, May 29 (Jiji Press)--Yoshinobu Tsutsui, who will become chairman of the Japan Business Federation, or Keidanren, on Thursday, has expressed his commitment to reforming the country's social security system. "I will do my best to ensure (the system's) sustainability and improve fiscal credibility," Tsutsui, former chairman of Nippon Life Insurance Co., said in a recent interview. He also emphasized the importance of "cementing the momentum for wage hikes among companies" to create a positive economic cycle. Tsutsui said that he will spur work to draw up a timetable for comprehensive policy proposals drawn up by Keidanren last year. "I want to dispel people's concerns about the future of social security and stimulate stable consumption," he said. He also said that he will call on companies to consider appropriate wage hikes in light of their business environments and strengths amid U.S. President Donald Trump's tariffs. [Copyright The Jiji Press, Ltd.] Jiji Press
Japan Times
27-05-2025
- Business
- Japan Times
Japan private sector backs 1% real wage growth per year over next five years
The private sector has joined the government in pushing for 1% real wage growth annually over the next five years, as wages in Japan continue to fall on an inflation-adjusted basis. First mentioned by the government's "new capitalism" panel earlier this month, the goal was brought up again on Monday in a proposal by the private sector members of the government's advisory Council on Economic and Fiscal Policy. They urged the government to ensure achieving the target becomes 'a norm across the Japanese economy' over the next five years. The council also deliberated on the framework for the annual basic economic and fiscal policy, which is set to be approved by the Cabinet in June. Real wages — nominal wages adjusted for inflation — declined for three consecutive fiscal years through the end of fiscal 2024. In March, real wages fell by 2.1%, marking the third straight month of negative growth. 'We will work to establish an annual real wage increase of around 1% across the Japanese economy under conditions of sustained and stable inflation,' Prime Minister Shigeru Ishiba said at the council meeting, held at his office on Monday. The proposal submitted by the four private-sector council members of the council — including Masakazu Tokura, chairman of Keidanren, and Keizai Doyukai President Takeshi Niinami — also asked the government to exert maximum effort to ensure the nation's average minimum wage reaches ¥1,500 ($10.5) an hour by the end of this decade — a goal that's been mooted by Ishiba since assuming office last year. The current average is ¥1,055 an hour. 'We will aim to achieve the ambitious goal of raising the national average minimum wage to ¥1,500 during the 2020s, and carry out concentrated public-private initiatives over the next five years to that end,' the prime minister said. In April, consumer prices excluding fresh foods were up by 3.5% year-on-year, higher than March's 3.2% and above expectations. The Bank of Japan forecasts consumer prices excluding fresh foods to rise 2.2% in the fiscal year ending in March 2026, assuming that progress is made in tariff negotiations between various countries and the United States, and that global supply chains function smoothly, according to an outlook presented to the council by Gov. Kazuo Ueda. Private-sector council members cited the effects of U.S. President Donald Trump's tariff measures as the largest economic risk factor, and called for structural reform in the nation's economy, such as expanded government investment in labor-saving technologies and more private capital investment. They were negative on tax cuts. 'Rather than pursuing tax cuts without secured fiscal backing, it is important to solidify the momentum for wage increases by expanding the overall economic pie, while also striving to enhance productivity and strengthen growth potential,' they said in the proposal.
