Masaya Kato

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Articles

Kishida returns to scandal, election headwinds after U.S. trip high

Apr 15, 2024 | asia.nikkei.com | Masaya Kato

TOKYO -- Having basked in the spotlight afforded by a state visit to the U.S., Japanese Prime Minister Fumio Kishida has returned home to face sinking public support and a ruling party frustrated by his handling of a fundraising scandal. Kishida touted the diplomatic achievements of the trip in a meeting with senior officials of the ruling Liberal Democratic Party on Monday.
Japan's ruling party to punish 39 over political funds scandal

Apr 1, 2024 | asia.nikkei.com | Masaya Kato

TOKYO -- Japan's ruling Liberal Democratic Party is considering telling two veteran members ensnared in a fundraising scandal to leave the party and disciplining 37 others as embattled Prime Minister Fumio Kishida seeks to put the matter behind him. "We intend to make strict decisions based on their moral and political responsibility, including whether they fulfilled the role the public expects of them as senior faction members," Kishida, who is also the LDP president, said Monday.
Japan takes back $75m in unused foreign development aid

Jan 11, 2024 | asia.nikkei.com | Koya Jibiki |Masaya Kato

TOKYO -- Japan is rescinding some foreign aid funding because projects earmarked for the cash have become unfeasible, with 11 billion yen ($75.3 million) sent back to national coffers in recent years. Tokyo still has over 160 billion yen to be disbursed as official development assistance (ODA) even after the return, which was disclosed by Foreign Ministry officials.
Japan budget proposal set for first spending decline in 12 years

Dec 20, 2023 | asia.nikkei.com | Masaya Kato |Juntaro Arai

TOKYO -- Prime Minister Fumio Kishida's cabinet is poised to approve a draft budget for Japan's fiscal year starting in April that would reduce spending for the first time in 12 years, Nikkei has learned. A proposal seen by ruling-party lawmakers Wednesday calls for around 112.07 trillion yen ($780 billion) in general account spending for fiscal 2024, roughly 2.31 trillion yen less than in the current fiscal year, excluding supplementary budgets.
Japan fails to boost wages with tax break

Oct 21, 2023 | asia.nikkei.com | Masaya Kato

TOKYO -- Japan launched a tax incentive aimed at boosting wages a decade ago, but the measure has mostly failed as about 60% of smaller businesses are in the red and thus ineligible. Prime Minister Fumio Kishida seems eager to include a plan to expand the program in fiscal 2024 tax reforms to be worked out by the government and the ruling coalition by the end of the year.
Japan's tax cut proposal fuels concern over fiscal health

Oct 20, 2023 | asia.nikkei.com | Hiroyuki Akiyama |Shiko Ueda |Masaya Kato

TOKYO -- Japanese Prime Minister Fumio Kishida told his party's lawmakers Friday to consider temporarily reducing the income tax to help consumers struggling to keep up with rising prices. But the proposal, which comes in addition to gasoline subsidies and other inflation-related stimulus, is already raising concern for its potential impact on government coffers.
Largest policy rate gap in 22 years pins yen near last year's low

Sep 7, 2023 | asia.nikkei.com | Ryo Saeki |Yasuha Minami |Masaya Kato

TOKYO -- The long-suffering Japanese yen now sits at a year-to-date low and is threatening to tumble below last year's nadir of 151.94 to the dollar. The government has begun stepping up its verbal interventions, but experts say the yen's current weakness reflects interest rate gaps between Japan and other markets. As such, the depreciation will be difficult to arrest, the experts say.
Japan's renewed trade surplus to be tested by falling exports to China

Jul 20, 2023 | asia.nikkei.com | Masaya Kato

TOKYO -- Japan achieved its first trade surplus in almost two years during June, thanks mainly to a decline in imports, but a drop in exports to China raises questions about the durability of this recovery. Imports totaled 8.7 trillion yen ($62 billion) for June, down 12.9% on the year owing to lower energy prices, Japan's Finance Ministry reported Thursday.
Japan, South Korea set to revive currency swap pact

Jun 27, 2023 | asia.nikkei.com | Masaya Kato

TOKYO -- Japan and South Korea aim to resume a currency swap agreement after an eight-year hiatus, using their thaw in bilateral relations to further economic collaboration. Japanese Finance Minister Shunichi Suzuki meets with South Korean counterpart Choo Kyung-ho on Thursday in Tokyo. They seek to finalize a renewed currency swap deal during the first "finance dialogue" held by the Asian neighbors since 2016.
Japan's $500bn puzzle: Why are tax revenues surging amid slow growth?

Jun 3, 2023 | asia.nikkei.com | Masaya Kato

TOKYO -- While the Japanese economy continues to struggle with lingering fallout from the COVID-19 pandemic, the country is raking in record tax revenues -- a phenomenon that has left many observers scratching their heads. The nation's tax revenue topped 60 trillion yen ($430 billion) in fiscal 2020 despite an economic contraction and is expected to reach 70 trillion yen in the 2022 financial year.