Kimberly Redmond | |

Japan issued its third state of emergency declaration for Tokyo and three other urban prefectures. due to the ongoing COVID-19 pandemic, just three months before the delayed 2020 Summer Olympics are scheduled to kick off.

On Friday, Japanese Prime Minister Yoshihide Suga announced the emergency declaration will be in effect from April 25 to May 11 and cover Tokyo, Osaka, Kyoto and Hyogo prefectures.

Reuters | |

Bain Capital is looking at formulating a bid to acquire Toshiba Corp, two people familiar with the matter said, making it one of several firms said to be interested in taking the Japanese conglomerate private.

The U.S. firm has entered into discussions with Japanese banks including the core units of Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc to secure funding, one of the people said.

Reuters | |

Japan Investment Corp (JIC) and Norinchukin Bank are considering buying Toshiba Corp, the Nikkan Kogyo Shimbun reported on Thursday, a Japan-led bid which may be more palatable to regulators and management than rival bids by foreign funds.

Private equity fund CVC Capital Partners, which has already made a preliminary bid for Toshiba, may join the government bid to take the conglomerate private, but the Japanese funds would lead the transaction, the newspaper said.

Kimberly Redmond | |

Hong Kong-based activist fund Oasis Management said CVC Capital’s $20 billion proposal to take Toshiba Corporation private was “far below fair value” and urged the Japanese industrial company to seek other bids.

On Tuesday, Reuters reported that Oasis, an investor in Toshiba since 2016, said a price of more than 6,200 yen ($56.54) per share would be more appropriate than the reported proposal of 5,000 yen ($45.60).

Kimberly Redmond | |

Renesas Electronics Corporation (OTC US: RNECY) said damage from a recent fire at one of its chipmaking plants in northeast Japan is more extensive than initially reported.

Following the March 19 fire at the Naka plant, the company said 11 machines – about 2% of its manufacturing equipment – were destroyed, but on Monday the Nikkei reported the number of inoperable machines is now believed to be around 17.

AP News | |

Japan’s postal system is investing 150 billion yen ($1.4 billion) in an 8% stake in the e-commerce venture Rakuten to strengthen a partnership in deliveries, fintech and other areas.

Rakuten’s shares shot up 8.6% in Tokyo trading Friday on news of the tie-up with Japan Post. Japan Post’s gained 4.9%.

Japan Post Holdings President Hiroya Masuda said Friday that the deal brought together “the digital and the real.”

Kimberly Redmond | |

On Friday the Japan Cabinet Office downgraded its key assessment of the country’s economy for the first time in 10 months, saying it is showing “weakness in some components” as consumer spending is slowing under renewed COVID-19 restrictions that went into effect last month.

In its forecast, the government slashed its projections for domestic spending for a third month in a row, saying that people are continuing to avoid dining out and traveling.

Reuters | |

The Russian subsidiary of Japan’s Honda Motor Co said on Wednesday it would stop supplying new cars to official dealers in Russia in 2022 as part of the company’s efforts to restructure its operations.

The company said it would keep its presence on the Russian market with motorcycle and power equipment sales, and retain its activities related to the after-sales service of its vehicles.

Reuters | |

TOKYO (Reuters) - Japan aims to eliminate gasoline-powered vehicles in the next 15 years, the government said on Friday in a plan to reach net zero carbon emissions and generate nearly $2 trillion a year in green growth by 2050.

The “green growth strategy,” targeting the hydrogen and auto industries, is meant as an action plan to achieve Prime Minister Yoshihide Suga’s October pledge to eliminate carbon emissions on a net basis by mid-century.


Reuters | |

Japan’s Toyota Motor Corp put its revamped Mirai hydrogen fuel cell car, with 30% greater range, on sale on Wednesday in a fresh push to promote zero-emission technology amid growing demand for electric vehicles, including its own.

Toyota has failed until now to win drivers over to fuel cell vehicles (FCV), which remain a niche technology despite Japanese government backing, amid concerns about lack of fuelling stations, resale values and the risk of hydrogen explosions.