Kyodo News Digest: Sept. 29, 2021
Written by tokyoclub on September 29, 2021
The following is the latest list of selected news summaries by Kyodo News.
TOKYO – Former Foreign Minister Fumio Kishida won the ruling Liberal Democratic Party’s presidential election Wednesday in a runoff against vaccination minister Taro Kono, putting him in position to become Japan’s next prime minister.
Kishida won 257 runoff votes, while Kono got 170. Since the LDP-led coalition holds a majority in both chambers of parliament, Kishida is set to be elected prime minister when an extraordinary Diet session starts Monday.
Toyota’s Aug. global output mark 1st fall in a year amid parts crunch
NAGOYA – Toyota Motor Corp. said Wednesday its global output dropped 16.2 percent in August from a year earlier to 531,448 units, the first fall in a year, due to parts shortages amid the spread of COVID-19 in Southeast Asia and a semiconductor crunch.
Toyota has already announced plans to curb production in September and October, clouding the outlook for an auto sector that has staged a strong recovery in sales in key markets including China and the United States.
BEIJING – North Korea test-fired a newly developed hypersonic missile on Tuesday as part of efforts to achieve its five-year weapons development plan, state-run media said, fanning worries that it has improved technology on the hard-to-intercept projectile.
The official Korean Central News Agency’s report came on Wednesday, a day after the Japanese government said North Korea fired what appeared to be a ballistic missile in the second such launch in two weeks, with the projectile believed to have splashed into waters outside of Japan’s exclusive economic zone in the Sea of Japan.
BEIJING – Debt-laden property developer China Evergrande Group said Wednesday it will sell 1.75 billion non-publicly traded domestic shares in Shengjing Bank, a regional bank, for 9.99 billion yuan ($1.5 billion).
Evergrande’s stock sale to a state-owned enterprise, Shenyang Shengjing Finance Investment Group Co., is aimed at meeting its debt obligations, analysts say, adding the transaction effectively constitutes financial aid by the Communist-led government.
TOKYO – Japan’s Kei Nishikori pulled out of the San Diego Open on Tuesday shortly before his first-round clash with fellow wildcard entrant Andy Murray of Britain due to a lower back injury.
The match at the ATP 250 event against the former world No. 1 would have been Nishikori’s first since he lost in four sets to current world No. 1 Novak Djokovic of Serbia in the third round of the U.S. Open on Sept. 4.
China outspending U.S., Japan in overseas development finance: study
WASHINGTON – China’s annual average spending on overseas development projects showed “a dramatic expansion” to $85 billion in the five-year period from 2013, far outpacing the outlays by the United States, Japan and other major powers, a study by U.S. research lab AidData showed Tuesday.
The year 2013 is when Chinese President Xi Jinping advocated the “Belt and Road Initiative” to increase Beijing’s influence abroad by financing and building infrastructure projects across Asia, Europe and Africa.
TOKYO – Nippon Telegraph and Telephone Corp. said Tuesday it is considering allowing all 320,000 employees of the telecom giant group to work remotely as the norm and abolishing job relocations, in a drastic shake-up of its management style for a post-coronavirus society.
The parent of NTT Docomo Inc., NTT Data Corp. and NTT Communications Corp. among other group companies at home and abroad plans to begin decentralizing its headquarters and management departments from the capital to core cities in regional areas in fiscal 2022.
TOKYO – At 3,116 days in office, Haruhiko Kuroda on Wednesday became the Bank of Japan’s longest-serving governor, tasked with navigating unprecedented challenges after years of unparalleled monetary easing, just as the country is set to have a new prime minister.
Under Kuroda, who took the post in March 2013, the BOJ has embarked on an asset-buying spree, gobbling up Japanese government bonds and exchange-traded funds to see its total assets more than quadruple in the eight years to March 2021 to around 715 trillion yen ($6.4 trillion), exceeding in size Japan’s nominal gross domestic product, which stood at some 537 trillion yen in fiscal 2020.