Tag: Japan

  • Japan’s central bank ends years-long negative interest rate policy

    Japan’s central bank ends years-long negative interest rate policy

    The Japanese central bank has on Tuesday decided to end its years-long negative interest rate policy.

    Following a two-day meeting, the Bank of Japan (BoJ) decided to slightly raise the range for short-term interest rates to between 0 per cent and 0.1 per cent.

    With the first rate rise in 17 years, the BoJ is the last of the world’s major central banks to abandon its policy of negative interest rates.

    It first introduced the policy course in 2016 in the fight against deflation.

    The bank’s goal of achieving stable inflation of 2 per cent is in sight.

    Read Also: Nigeria, Japan trade volume in region of $10b, says Japanese envoy

    According to economists, the change signals the start of a normalisation of monetary policy, although this is likely to be slow at best given the uncertain inflation outlook.

    The BoJ’s previous policy differed to other central banks’, which have raised interest rates sharply over the past two years in order to combat inflation triggered by the Coronavirus pandemic.

    The war in Ukraine has led to supply chain problems.

    The Japanese central bank’s ultra-loose monetary policy contributed to a rapid fall in the value of the yen.

    The consequences hit households hard, putting the central bank under increasing pressure to take measures to curb inflation.

    (dpa/NAN)

  • Nigeria, Japan trade volume in region of $10b, says Japanese envoy

    Nigeria, Japan trade volume in region of $10b, says Japanese envoy

    The Japanese Ambassador to Nigeria, Matsuyama Kazuyoshi, said his country’s trade relations with Nigeria are in the region of $10 billion.

    Kazuyoshi however said efforts would be geared towards improving the trade relations.

    He spoke at the 64th Birthday of the Emperor of Japan, Naruhito.

    He said: “Currently, in Japan and Nigeria today, the trade volume is $10 billion.”

    He however said it is not good data given the potential of both countries, adding that there is a need to expand trade relations between both countries.

    “So I really feel the potential of Nigeria, rich in mineral resources and also rich in the talented youth. We need to expand trade and investment to Nigeria.”

    The envoy said further that Japan is looking forward to deepening the existing cooperation between both countries.

    He said: “Japan looks forward to further deepening its cooperation with Nigeria, despite the various challenges we both face.

    “Japan is facing unprecedented population ageing and decline and Nigeria is facing an economic crisis.

    “But Japan has its advanced technology, and Nigeria has its rich human and natural resources, they complement each other.

    “So together, united as one, we can become a formidable force for a better future.

    Just as the Japanese people continue to “Build Back Better” after every natural disaster, each time we come together, we learn from each situation and each other.

    “In this way, we can overcome anything. Especially as 2024 is the Year of the Dragon in Japan—a symbol of courage, strength, and wisdom. With these qualities and our unwavering unity, we will triumph over any obstacle in our path.

    “So here’s to another year of deepening friendship, fruitful cooperation, and shared prosperity between Japan and Nigeria.”

    Read Also: Inflation hits 31.70% in February, says NBS

    He also revealed that there are scholarship opportunities for Nigerian students to school in Japan.

    He said there are also exchange of programmes in place.

    The Ambassador said currently no fewer than 51 Japanese companies operates in Nigeria.

    He said his country is working with the Nigerian government to address the challenges inhibiting Nigeria’s investment climate.

    According to him, “So there are many challenges but now we are working together with Nigerian government to overcome that kind of challenge to Japan and Nigeria companies.

     “In many ways, Japan is rich in technology, so that technology can help Nigeria to overcome those kinds of challenges. So I think that Japan and Nigeria should be united together to overcome challenges to promote more trade and investment between Japan and Nigeria.”

    On his part, the deputy speaker of Nigeria’s House of Representatives, Hon Benjamin Kalu also called for the deepening of Nigeria-Japan relations.

    Kalu also assured the Japanese Ambassador and investors that the National Assembly is ready to remove any impediment to the ease of doing business in Nigeria, through the legislative instrument.

    He said: “As you know, we are the home for primary products but it’s about time we use their technology (Japanese) to add more value to our primary product.

    “Lots of resources are here Japan is blessed with technology and they have been doing well with assistance, communication, equipment, and the rest of them we want them to do more.”

    “Every legislative impediment that will affect investors coming into our country will be removed.

    “We are willing to fine-tune the laws to ensure legislative interventions that will give more confidence to invest in us.”

  • Flight returns to Japan after ‘drunk’ man bites crew member

    Flight returns to Japan after ‘drunk’ man bites crew member

    A US-bound ANA flight was forced to return to Tokyo after an intoxicated passenger bit a crew member mid-flight.

    The man, reportedly a 55-year-old American, was “heavily drunk” when he bit a cabinet attendant’s arm, slightly injuring her, a spokesman for the airline told AFP.

    Japanese media said the man told police he had taken a sleeping pill and did not remember what happened.

    It is the latest in a series of recent incidents to affect Japanese aviation.

    The plane, which reportedly had 159 passengers on board, was over the Pacific Ocean when the incident happened, prompting its pilots to turn back to Tokyo’s Haneda Airport.

    There the man was handed over to police, the airline said.

    It is the second incident to impact ANA in recent days – and the fifth involving the Japanese aviation industry in a matter of weeks.

    On Saturday, a domestic ANA flight in Japan had to turn back after a crack was discovered in the window of the cockpit.

    The crack appeared in the outermost of the four layers of window surrounding the cockpit, and there were no injuries to anyone on board.

    “The crack was not something that affected the flight’s control or pressurisation,” an ANA spokesperson said.

    Read Also: Over 240 people still missing after Japan earthquake

    The most serious of the recent incidents occurred at Haneda on 2 January, when a Japanese Airlines aircraft collided with a smaller coastguard plane.

    All 379 people on board the passenger jet escaped before it burst into flames, but five of the six people on the smaller aircraft – which was supplying relief after a major earthquake hit central Japan – died.

    On Tuesday, aircraft belonging to Korean Air and Cathay Pacific clipped wings at an airport on Japan’s northern island of Hokkaido amid wintry conditions. There were no injuries.

    A similar incident occurred on Sunday when an ANA aircraft came into “contact” with a Delta Air Lines plane at Chicago airport in the United States, the Japanese airline told AFP, also causing no injuries.

    BBCNews

  • Nigeria-Japan yearly trade hits N7.6 trillion

    Nigeria-Japan yearly trade hits N7.6 trillion

    The yearly trade volume of Nigeria and Japan now stands at N7.6 trillion, about $10 billion.

    The Japanese Ambassador and Permanent Representative to ECOWAS, Mr. Matsunaga Kazuyoshi, stated this, when he hosted the Managing Director, Nigerian Ports Authority (NPA), Mr. Mohammed Bello-Koko, and his management team.

    Bello-Koko was at the Embassy of Japan in Nigeria to discuss new vistas of investment opportunity the Authority’s platforms can offer.

    Read Also: Ousted president pleads for help

    The visit is at the instance of the Japanese Ambassador and Permanent Representative to ECOWAS.

    The Ambassador commended the NPA for facilitating the growth in the value of Nigeria – Japan trade volume, which he said now stands at $10 billion yearly.

     Kazuyoshi also promised to broker greater partnership between the NPA and the Japan External Trade Office (JETRO).

    “The current trade volume between both countries has now risen to $10b annually” he added.

    IBello Koko said: “Given the national exigency of strengthening the value of the Naira, we are keen on growing the export value of the growth in trade figures between Nigeria and Japan.

    “We have new initiatives and offerings in place to support Nigerian exports and exporters, which we invite the global Japanese community to explore.”

  • Nigeria sets record in Japan

    Nigeria’s men team in the 4X200metre set a new national record at the just concluded IAAF World Relays Yokohama 2019 despite finishing last in the final of the event in Japan.

    Also, the women team failed to make it to the final of the 4X400m and 4X100m from the heat events held on Saturday.

    In the 4X400m, the female team finished fifth with their season best of 3.32.10secs, while in the 4X100m, they had their season-best of 45.07secs after finishing fourth in heat two.

    However, the men’s team put up a good show amidst an array of top teams particularly in the 4X200m when the team qualified for the final with 1.22.08secs in heat two to set a new national record. But the team finished last in the final dominated by France.

    Also, after wins in each of the three previous editions of the IAAF World Relays, the US was finally knocked off from its pedestal in the women’s 4x400m, where an inspired Polish squad took the first title after Justyna Swiety-Ersetic successfully fought off a three-pronged attack down the homestretch.

    Propelled by a 52.5 opening lap, Jaide Stepter gave the US quartet the early lead, heading Jamaica, Italy and Poland into the first exchange. Shakima Wimbley extended the lead for the Americans on the second leg, while behind her, Poland’s Patrycja Wyciszkiewicz moved Poland into second with Italy another half-second behind in third.

    But things began to unravel for the US squad over the final 40 metres of the third leg, where Anna Kielbasinska edged Poland into the lead, drafting Jamaican Tiffany James and Italy’s Giancarla Trevisan past Jessica Beard of the US.

    Swiety-Ersetic, the European 400m champion, then took command, padding her lead down the back straight, seemingly preparing for the pressure that lay ahead.

  • Royal change of batons in Japan and Thailand

    Two interesting history-making events took place in the kingdoms of Thailand and Japan last week. Thailand got a new king Vajiralongkorn with his coronation after the death of his father, King Bhumibol at the age of 88 two and a half years ago. The old king reigned for nearly 70 years as a divine king. The new 66-year-old king was a pilot and his new queen, who is his fourth wife, was courted and married from among the hostesses in his plane. The new king has travelled widely maintaining residence in Germany and by all standards he is a thoroughly modern king ruling over a medium power in Southeast Asia. Thailand is a country famous for its rice production and its tourism and hospitality business.  The world will be watching how this new king who is the most powerful king in the world almost wielding absolute power fares in a modern world of democracy and constitutionalism.

    As an aside, Thailand used to be called “Siam”. When I entered Christ School, Ado Ekiti in 1956, one of the rites of passage was that we were told that the king of Siam was called “Whatanass” and we were taught to sing its “national anthem” with the music of British ”God Save the Queen “in the presence of the whole school.  We then as greenhorns sang “Oh Whatanass Siam” three times, repeating it many times while our seniors laughed at us before we were told what we were singing was “Oh what an ass I am”! This was a secret initiation we all kept to ourselves and not even revealing to our junior brothers since none of our own brothers told us about this prankish rite of passage. Nobody can joke about Thailand today because it is a reasonably prosperous and contented country whose divine king provides a rallying point in its fractious political environment.

    On  a  more serious note, historically, the more important change of royal baton took place in Japan when Emperor Akihito after  being on the formidable Chrysanthemum imperial throne for 30 years abdicated and handed over to his son, Crown Prince Naruhito. Akihito saw the economic miracle of growth in Japan but his reign also witnessed several disasters, tsunamis, earthquakes and even an explosion of a nuclear reactor. He abdicated because of poor health and handed over to his well prepared and educated son, Naruhito whose highly educated wife and former diplomat, Masako had suffered some depression because of too much pressure as a result of being caged more or less in the palace because of imperial traditions. The abdication is significant because no Japanese emperor has abdicated in more than two centuries; certainly none after the Meiji restoration in the 19th century.

    After the surrender of Japan to Allied forces in 1945 following the dropping of nuclear bombs on Hiroshima and Nagasaki by Americans on the order of President Harry Truman which promptly incinerated close to half a million people and perhaps more by collateral damage, Emperor Hirohito, the 124th emperor of Japan  was to be tried for war crimes and deposed. The reason for possible trial of the emperor was that the armed forces of Japan fought and died for the emperor and it was considered a sacrilege for any Japanese soldier to surrender and rather than surrendering, it was considered honourable to commit hara-kiri. Wise counsel prevailed and the emperor was allowed to stay on the throne as a constitutional monarch. He had ascended the throne in 1926 and remained on the throne until 1989 when he died and was succeeded by his son, Akihito who has now abdicated.

    The Japanese had fought with fury during the Second World War under their war time Prime Minister Hideki Tojo, who, along his military generals were accused of holding the emperor hostage. The important thing is that Japanese people and soldiers were ready to pay any price and endure any hardship in the defence of their country and the Japanese throne. The Japanese before the outbreak of the war had carved out an area of China (Manchuria) and imposed colonial rule on the Korean Peninsula and during the war had occupied Taiwan and the Philippines and many other pacific islands. Even British rule in India was threatened by the militaristic state of Japan. Many war crimes and crimes against humanity were committed by the Japanese including forcing women in occupied territories in China and Korea to provide sexual service for Japanese soldiers as “comfort women” for which Japan has had to pay hundreds of millions of dollars to surviving comfort women and their families. So strong was the animus against Japan in 1945 that the imperial throne was earmarked for abolition just as was done to the Emperor of Germany in 1919 after the First World War. Japan as a result of its defeat lost its prestige and Russia has refused up till today to hand over Japanese northern territories it occupied in 1945.  Russia against all pleas by Japan has refused to return Japanese northern territory to Japan perhaps because of the humiliation of defeat Russia suffered in the hands of Japan by Czarist Russia in 1905.

    From the ashes and humiliation of defeat and without substantial natural resources but with the ingenuity of its people and commitment of the political leadership of the country, Japan for years became the second most powerful economic power in the world before being recently overtaken by the People’s Republic of China. If Japan wants to be a nuclear power, it has the resources and the knowhow. In fact, in recent times as a result of thereat from nuclear armed North Korea, its former colony, there is a strong movement within Japan and encouraged by President Trump that Japan should be able to defend itself against nuclear threats from North Korea and China. This is a departure from the pacific constitution imposed on Japan by America in 1945 limiting it to small armed forces with only defensive capabilities. This was before North Korea became a threatening nuclear power.

    What happens in Japan has global significance because of the economic power of the country and its potential military power. Japan for now does not need to worry too much about nuclear attacks from potential enemies in Beijing and Pyongyang. This is because it enjoys protective nuclear umbrella of the United States which stations troops on Japanese mainland but particularly on the island of Okinawa where it maintains hundreds of thousands of American troops and on nearby American territory in Guam. But questions are being asked in Japan whether America would sacrifice the interest of Japan in trying to accommodate China and North Korea in the age of Trump where politics has become transactional. In this kind of scenario, the influence of the new emperor may become decisive. He is the 126th in a dynasty that has existed for more than 2000 years, certainly before the birth of Jesus Christ and it is the oldest dynasty in the world today. The mystical love and respect for this dynasty is deeply embedded in the Japanese psyche. There are millions of modern Japanese to whom the emperor remains a god that they are willing to fight and to die for. Below the superficial modernity of Japan is a deep conservative culture which gives the country its solidity which many marvel at because they cannot understand its culture. The new emperor is 59 and a very modern man and unlike his predecessors, he is widely travelled. After a first degree in History from a prestigious university in Japan, he spent three years for a post graduate degree in Oxford University in England. He speaks English and has a smattering knowledge of other languages while his wife, a former diplomat is said to speak English and French fluently. This modernity did not save the new queen Masako from the vitriol of criticism for not having a male child because the throne is reserved for only males. This has led to the nephew of the new emperor being declared the heir apparent to the throne. It seems some kind of Sallic law of royal succession which had been abolished in Europe for quite a while remains in Japan.

    But it must be noted that until recently even in England, the male child takes precedence in order of succession to the throne. Recent attempt to change the law of succession in Japan was rebuffed by the aristocracy and the government. Kingship has its mystic and mystery and to remove these may seal the fate of the institution. This does not only apply to Japan but to all countries where the royal institutions continue to be revered, embraced, venerated and respected. When kings lose their aura and become ordinary people, the justification of the institution becomes tenuous and unsustainable.

  • Japan congratulates Buhari on reelection

    The Ambassador of Japan to Nigeria, Mr Yutaka Kikuta has congratulated President Muhammadu Buhari for his reelection on behalf of his country.

    Kikuta said that Japan intends to continue to work with and assist Nigeria anyway they can, to support the country in its growth.

    The Ambassador, who pointed out the area of science and technology as a great way if collaboration, said this on Thursday in Abuja when he paid a courtesy visit to the Minister of Science and Technology, Dr. Ogbonnaya Onu.

    He said: “The area of Science and Technology is the area Nigeria can explore further possibility of cooperation.

    “I will like to congratulate the reelection of President Buhari for second term of presidency and Japan is determined to continue to support the government anyway possible.”

    Onu stressed the need for Japan and Nigeria to boost their diplomatic relations, especially in Science and Technology.

    He said Japan could be of great help to Nigeria in her quest to be a developed nation.

    His words: “Nigeria needs to pay a lot of attention to the key role Science, Technology and Innovation plays in national development, since our population is growing at a rate of 3.2%, by the turn of the century our population will be reaching almost a billion people.”

  • Boko Haram: Japan donates $1.5 million relief to Northeast Nigeria

    The Government of Japan has released USD 1,500,000 to fund community stabilization activities in Nigeria’s North-East region.

    These funds will be utilized through an ongoing programme launched in 2016, implemented by the United Nations Development Programme (UNDP) in Nigeria.

    The UNDP announced this in a press statement in Abuja on Tuesday, April 02, 2019.

    The interventions being implemented in the region are aimed at supporting victims of Boko Haram insurgency in the three most affected States of Adamawa, Borno and Yobe.

    This builds on ongoing activities that the Government of Japan has been supporting which have facilitated the rehabilitation of 20 public infrastructures and provided emergency employment to more than 2,000 Internally Displaced People (IDPs) and returnees.

    In addition, more than 4,000 farmers and over 1,000 small businesses were supported with inputs and capital that helped improve and expand their sources of livelihood. The Government of Japan has already invested USD6.5 million in North-East Nigeria stabilization activities.

    The funding from the Government of Japan will be utilized within the framework of Integrated Community Stabilization Programme which UNDP has been implementing in the region intended to directly benefit 125,000 people in the three States. An additional one million people will indirectly benefit from interventions under the project.

    Implemented through an integrated approach, the project’s goal is to support over 2,200 farmers, 500 small businesses, 5 community public infrastructures and provide emergency employment to over 850 community members.

    “Stabilization efforts in North-East are helping families and communities begin to rely less on humanitarian aid and more on themselves,” said Khardiata Lo Ndiaye, acting UNDP Resident Representative.

    “This support from the Government of Japan will go a long way in laying a foundation for development to take place again in the region.”

    Ms. Khardiata added that meeting urgent early recovery needs of the crisis affected communities remained a huge challenge requiring more partners and investment.

    Mr. Shigeru Umetsu, Chargé d’affaires ad interim of Japan to Nigeria, reassured that the Government of Japan will continue to support Nigerian people’s efforts aimed at restoring stability and livelihoods for the communities in in the North-East region.

  • 2019 ITTF World Championship: Oshonaike eyes final appearance in Hungary

    Since making her debut as a teenager at the ITTF World Championship in Chiba, Japan, Olufunke Oshonaike may be making her last appearance at the global showpiece when the 2019 ITTF World Championship.

    The five-time Olympian told NationSport from her base in Hamburg, Germany yesterday that she would not give up on featuring in her seventh Olympic Games but said: “I think this might be last world championship in the singles because my aim is to play at the next Olympic Games where I will then call it quit. But I must admit it would not be easy leaving a sport that you have played for more than for decades. Table tennis has impacted my life positively and everything I had achieved in life majority of them has been through the sport,” he said.

    “My first outing was in Chiba, Japan in 1991 when I played alongside great African players like Atanda Musa. I was so small and I would forget every moment in Japan that year being a teenager then. But my cherished moment was at the 2015 edition in China where I played against the eventual champion- Ning Ding in the first round. That day was my birthday and I enjoyed playing against the best player in the moment. This was a rare experience that not every player will have but I played against Ning Ding which is one of the excitements of playing at the World Championship,” the former African champion said.

    Oshonaike who is regarded as the most successful female table tennis player in Africa said she hopes to advance to the main draw in Hungary as this would decide her outing in the competition. “I want to first of all qualify from the group and see what next I can do in the competition,” she added.

    Oshonaiek described the world championship as a unique competition that gives players the ample chance to play against some of the world’s best. “World Championship is a unique competition because it allows players to play against one another in same competition unlike the Olympic Games and World Cup where only the best compete. So every moment in the competition is cherished and that is why its the dream of every player to compete at the world championship,” Oshonaike said.

  • Nigeria, others to get ANOCA’s $1m support

    To ensure African teams win medals at the Tokyo 2020 Olympic Games in Japan, the Association of National Association of Olympic Committees (ANOCA) has launched a programme aimed at assisting Nigeria and other African countries to improve their medal haul.

    This was made known at the zone three workshop held last week in Ouagadougou, with officials from Nigeria, Benin Republic, Ivory Coast, Ghana, Liberia, Niger Republic, Togo and host – Burkina Faso.

    ANOCA President Mustapha Berraf, who was there, inaugurated the workshop titled “The Road to Tokyo 2020”.

    The workshop which is part of the initiative to support African teams excel at the Olympic Games, the ANOCA helmsman promised to provide countries with support to help them achieve medal success at next year’s Olympic Games.

    The support will include the backing of a $1m grant from ANOCA, with the organisation having voted to provide the funding.

    The Algerian also disclosed that the fund will support athletes from the continent to qualify for the Olympic Games.

    According to Berraf, the fund is also designed to help motivate athletes win medals. Aside from the motivation of the $1m, ANOCA has also promised to hold a training camp for athletes from Africa to assist in the qualification for the Games. The training camp is expected to take place over a three-month period.

    Also, ANOCA is also expected to establish a Tokyo 2020 Commission to lead African preparations for next year’s Games.