Latest news with #Tsutsui
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.)
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
Yahoo
27-05-2025
- Business
- Yahoo
Japan Tobacco may consider US manufacturing of Ploom devices, executive says
By Emma Rumney LONDON (Reuters) -Japan Tobacco International is open to producing its Ploom heated tobacco device in the United States, an executive told Reuters on Tuesday, as the Trump administration's tariff policies prompt some companies to rethink their supply chains. JTI, a subsidiary of Japan Tobacco which makes Benson & Hedges and Winston cigarettes, plans to launch its Ploom X heated tobacco device in the United States under a joint venture with Marlboro maker Altria. Heated tobacco devices heat up sticks of ground tobacco without burning them in an attempt to avoid the harmful chemicals produced via combustion. Currently, the companies only plan to manufacture the Ploom X tobacco sticks in the United States. The devices themselves are mostly manufactured in Indonesia, with components coming from elsewhere, JTI's executive vice president for reduced-risk products, Takehiko Tsutsui, told Reuters in an online interview. "There might be a possibility to think about assembling in the U.S," he said, after announcing the Japanese launch of a new iteration of Ploom, dubbed Ploom Aura. However, such a shift could only be considered once Ploom had meaningful sales in the United States and until then, it may make more sense to look at other locations, he said. U.S. President Donald Trump's threatened 32% tariff on Indonesian imports is currently on pause. Washington hopes its sweeping tariff regime will see manufacturing facilities and jobs return to the United States. JTI and Altria need authorisation from the U.S. Food and Drug Administration in order to sell Ploom in the United States - a process that can take years. Tsutsui said the companies are set to submit their FDA application for Ploom X around the middle of this year. JTI also sells its Logic e-cigarette brand in the United States. The devices it sells are produced in China, Tsutsui said, currently subject to a 30% tariff. U.S. sales of Logic are relatively small, so the impact of tariffs affecting the brand is "very marginal", he continued. He declined to discuss mitigation actions the company might take for competitive reasons. Sign in to access your portfolio
Yahoo
27-05-2025
- Business
- Yahoo
Japan Tobacco may consider US manufacturing of Ploom devices, executive says
By Emma Rumney LONDON (Reuters) -Japan Tobacco International is open to producing its Ploom heated tobacco device in the United States, an executive told Reuters on Tuesday, as the Trump administration's tariff policies prompt some companies to rethink their supply chains. JTI, a subsidiary of Japan Tobacco which makes Benson & Hedges and Winston cigarettes, plans to launch its Ploom X heated tobacco device in the United States under a joint venture with Marlboro maker Altria. Heated tobacco devices heat up sticks of ground tobacco without burning them in an attempt to avoid the harmful chemicals produced via combustion. Currently, the companies only plan to manufacture the Ploom X tobacco sticks in the United States. The devices themselves are mostly manufactured in Indonesia, with components coming from elsewhere, JTI's executive vice president for reduced-risk products, Takehiko Tsutsui, told Reuters in an online interview. "There might be a possibility to think about assembling in the U.S," he said, after announcing the Japanese launch of a new iteration of Ploom, dubbed Ploom Aura. However, such a shift could only be considered once Ploom had meaningful sales in the United States and until then, it may make more sense to look at other locations, he said. U.S. President Donald Trump's threatened 32% tariff on Indonesian imports is currently on pause. Washington hopes its sweeping tariff regime will see manufacturing facilities and jobs return to the United States. JTI and Altria need authorisation from the U.S. Food and Drug Administration in order to sell Ploom in the United States - a process that can take years. Tsutsui said the companies are set to submit their FDA application for Ploom X around the middle of this year. JTI also sells its Logic e-cigarette brand in the United States. The devices it sells are produced in China, Tsutsui said, currently subject to a 30% tariff. U.S. sales of Logic are relatively small, so the impact of tariffs affecting the brand is "very marginal", he continued. He declined to discuss mitigation actions the company might take for competitive reasons. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
