9/9/21 Japan Galaxy News: Japanese PM To Attend Quartet Summit In Washington; Japan Govt To Raise Imported Wheat Prices By 19%

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1.Japanese Prime Minister to Attend Quartet Summit in Washington

Japanese Prime Minister Yoshihide Suga will travel to Washington later this month to attend the first face-to-face leaders’ summit of the Quadrilateral Security Dialogue, Nikkei Asian News reported on Sept. 9. Japan, the United States, Australia, and India aim to strengthen the quadripartite partnership in the Indo-Pacific region in response to the growing influence of the Chinese communist state. Kan will not run in the ruling Liberal Democratic Party presidential election in late September, meaning he will step down as prime minister in a few weeks. But he has decided to attend a meeting in Washington in response to Biden’s invitation. The two leaders are also expected to meet on the sidelines of a four-nation summit to confirm their cooperation to achieve peace and stability in the Taiwan Strait, echoing their bilateral meeting in April. The two leaders also agreed to establish expert working groups on coronavirus vaccines, critical and emerging technologies, and climate change.

2.Imported Wheat Prices Increase 19% from next Month

The Yomiuri Shimbun reported on Sept 8, the Ministry of Agriculture, Forestry, and Fisheries announced a 19.0% increase in the price of imported wheat sold by the government to flour mills and other entities starting in October. This was due to increased demand in Communist China and lower yields due to poor weather in the major wheat-producing regions of the US and Canada, which ultimately led to higher international wheat prices. This is the first price increase in 13 years since 2008, in line with rising demand in emerging markets and drought in producing regions. The price increase applies to five brands of wheat imported from the United States, Canada, and Australia for bread, pasta, and confectionery. It raises the weighted average price per ton to 61,820 yen from the current 51,930 yen.

3.Japanese PM Candidate Kishida to Target Income Disparity

Tweet247 reported Sep 5; the next prime minister, hopeful Fumio Kishida said Wednesday, Japan should try a new kind of capitalism to reduce the income gap that worsened during the epidemic. As part of the LDP leadership campaign, Kishida introduced his financial insurance policy. Kishida said that deregulation widened the gap between the rich and the poor during the reform process in the early 21st century and that former Prime Minister Shinzo Abe’s “Abenomics,” which tried to fix the broken pool of money by achieving an aggressive fiscal policy and raising taxes, did not lead to trickle-down advantages. In a speech in Tokyo on Wednesday, Kishida said, “Without wealth distribution, there will be no growth in consumption and demand,” There can be no sustained development if wealth distribution is out of whack… There is no doubt that Abe’s economics has made significant achievements in terms of progress, but when it comes to wealth distribution, the trickle-down effect hasn’t happened.”

4.PayPal’s $2.7 Billion Deal Heats up “Buy Now, Pay Later” in Japan

Reuters reported on Sept 7, U.S. payments giant PayPal Holdings Inc said it would acquire Japanese buy now, pay later (BNPL) company Paidy in a $2.7 billion blockbuster cash deal, taking another step toward taking the top spot in an industry experiencing a pandemic-led boom. PayPal said in an investor report that the Paidy acquisition will help PayPal expand in a country where online shopping has more than tripled to about $200 billion in the past 10 years, but where more than two-thirds of purchases are still paid for in cash. The payments company’s stock jumped 1 percent in pre-market trading, while its rival Square’s stock fell slightly.

5.The State of Emergency in Tokyo, Osaka and 19 Other Prefectures Will Be Extended Until the 30th of This Month

According to NHK on September 8, The government extended the emergency declaration due on the 12th of this month to the 30th of this month for 21 prefectures, 19 including Tokyo and Osaka, while Miyagi and Okayama prefectures decided to move from the declaration to priority measures to prevent the spread of the CCP virus, and informed the ruling party. Under these circumstances, Prime Minister Yoshihide Suga met with Mr Nishimura, Minister of Economic Promotion, Mr Tamura, Minister of Health, Labour and Welfare, and other relevant ministers at the Prime Minister’s residence for about an hour starting at about 5:30 p.m. As a result, of the 12 prefectures currently taking priority measures, six – Toyama, Yamanashi, Ehime, Kochi, Saga and Nagasaki – will be cancelled. In contrast, the deadline for the others will be extended until the 30th of this month.

6.Soybean Prices Soar, Tofu Prices Rise

NHK reported on September 8 that the prices of tofu, fried tofu and other products essential to everyday eating are rising. Some tofu makers have begun negotiating price increases with their supermarket customers due to soaring soybean prices and a shortage of containers for shipping. In addition, the normalization of economic activity has led to a shortage of shipping containers and a spike in freight rates. According to the Ministry of Agriculture, Forestry and Fisheries, retail prices of tofu have been trending downward for more than a decade. Still, in July of this year, the Japan Tofu Association, a group of tofu manufacturers, sent a letter to supermarkets and other retailers stating that “rapid cost increases are making it difficult to maintain commercial operations through corporate efforts alone.”

【Himalaya Japan Galaxy- Alpha Planet】
Translator: Curiosity
Proofreading: Totoro

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