TOKYO, Sept 7 — Policymakers in Tokyo believe China’s deepening economic woes could hit Japan’s fragile recovery, especially if Beijing fails to shore up demand with...
TOKYO, Sept 7 — Policymakers in Tokyo believe China’s deepening economic woes could hit Japan’s fragile recovery, especially if Beijing fails to shore up demand with meaningful stimulus, potentially delaying an exit from ultra-loose monetary policy.
“A downturn in China may diminish the chance of Japan achieving sustained wage growth,” which is a crucial condition for phasing out monetary stimulus, another source said. China is Japan’s largest trading partner, accounting for 20 per cent of its exports, having replaced the United States in 2020. Exports to China fell 8.6 per cent in the first half of this year as demand for cars, steel and electronics wilted.
Ogawa said going forward Komatsu will “cut down on production capacity in a way to match actual demand in China.”Suntory Holdings chief executive Takeshi Niinami warned China’s economy is in an “extremely difficult” situation, which may be contributing to a rising backlash against Japan over the release of treated Fukushima water into the ocean.
Japan’s core inflation hit 3.1 per cent in July, exceeding the BOJ’s 2 per cent target for the 16th straight month. Firms also promised wage hikes unseen in three decades this year, heightening the case for a retreat from decades of ultra-loose monetary policy.
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