11/25 Galaxy News: Major Toshiba Shareholder Objects To 3-Way Breakup; Kibun Foods To Raise Minced Fish Products Prices By 8% On Average

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1. Major Toshiba Shareholder Objects to 3-Way Breakup

NHK reported on Nov 24, the Singapore-based Major Toshiba shareholder will not support the industrial group’s plans to split into three independent companies, citing an inadequate review process leading up to the decision. It is the first-time major shareholder to oppose the plan. 3D Investment Partners holds a more than 7% stake in Toshiba. Toshiba announced its plan on Nov. 12, which would spinoff the infrastructure and electronic device businesses for enhancing its competitiveness. It will put the plan before investors at an extraordinary shareholders meeting by March next year, however, the fact that the asset management company, which is known as an “activist shareholder,” has announced that it will not support the project is expected to have a certain impact on the behavior of other shareholders.

2 Kibun Foods to Raise Minced Fish Products Prices by 8% on Average

Sports Chiho reported, food manufacturers “Ki-Bun Foods” and “Ki-Bun West Japan” announced on Nov 24 that they will raise the prices of minced fish products and some side dishes by 8% on average from February 28, 2022. “Since the beginning of this year, the price of raw materials, mainly fish surimi, has remained high due to instability in the supply-demand balance and a sharp rise in marine transportation costs, while the cost of packaging materials, logistics, and energy costs have risen simultaneously due to high crude oil prices. Under this situation, we have continued to implement cost reduction measures such as streamlining of production, rationalization of systems, and expenses reduction. However, the recent situation has exceeded the limits of what we can absorb through self-help efforts, and to maintain the current quality of our products and ensure stable delivery in the future, we have decided to revise our product prices (some products will be introduced specification change), we seek for consumers’ understanding”, said by Kibun.

3.Japan to Issue 22 Trillion yen in New Deficit-Covering Bonds

NNN reported on Nov 24, Japan has decided to issue new government bonds worth 22.1 trillion yen ($192 billion) to fund an extra budget for the current fiscal year, The financial situation will become even more difficult. The government’s new economic stimulus measures include the largest-ever fiscal spending of 56 trillion yen. On the 26th, the Cabinet will approve a supplementary budget plan for the current fiscal year. The envisaged supplementary budget of 36 trillion yen, of which 31.6 trillion yen will be for economic measures. Even as tax revenue for fiscal 2021 is expected to increase by 6.4 trillion yen from the previous projection and the government also plans to use 6.1 trillion yen that was carried over from the fiscal 2020 budget, the government will issue 22.1 trillion yen in deficit bonds to make up for the 60% shortfall in spending. The amount of government bonds to be issued for the current fiscal year will swell by about 1.5 times from the initial stage, adding a further blow to the country’s fiscal health.

4.Hayashi Invited to Visit China, Says Nothing Decided Yet

JIJI reported on Nov 24, “Nothing has been decided at this point,” Hayashi said about the invitation which asked him to visit CCP by Wang Yi in a conference. Chief Cabinet Secretary Hirokazu Matsuno also stressed at a press conference that “no coordination has taken place. There were concerns within the Liberal Democratic Party about the foreign minister’s visit to CCP China, and the government rushed to put out the fire. Hayashi said on the BS program on Nov. 21, “We have received an invitation (from Mr. Wang to visit China) and we are going to coordinate with him). Masahisa Sato, an LDP lawmaker who heads the party’s Foreign Affairs Division, said it is to send “the wrong message abroad”.

5 Reduction in Bonuses for Civil Servants to Be Postponed Until next June

NHK reported on Nov 24, the government has decided to postpone the reduction of bonuses for public servants until next June, without reflecting the reduction in this winter’s bonuses, as it is necessary to consider the impact on the economy and other factors, while lowering bonuses as recommended by the National Personnel Authority. In August this year, the National Personnel Authority (NPA) recommended that the annual bonus for national public servants be reduced by 0.15 months to 4.3 months to eliminate the disparity with the private sector. In response, the Ministry of Internal Affairs and Communications (MIC) issued a notice to local governments across the country asking them to handle bonuses for local public officers based on the treatment of national public officers. According to the Cabinet Personnel Bureau, this is the first time that the reduction in bonuses indicated in the National Personnel Authority recommendations is reflected beyond the fiscal year.

6Exhibition of the Latest Drones in Tokyo: Competition to Develop Drones for a Wide Range of Applications Is Intensifying

NHK reported on Nov 24, an exhibition introducing the latest technology of drones, which are expected to be used in various fields such as disaster sites and logistics, started in Tokyo on the 24th. About 20 companies and organizations from Japan are exhibiting started at Tokyo Big Sight. Among them, a drone developed by a venture company funded by a major electronics manufacturer and a trading company can send high quality images in real time for a long time. Also, on display by a Tokyo-based trading company is a French-made drone equipped with a high-performance camera that can zoom in up to 32 times. In the next fiscal year, a more advanced flight system called “Level 4” will be introduced for drones, which will allow them to fly in areas where people are present and the pilot cannot see them, and development competition is intensifying for wider applications such as disaster sites and logistics.

【Himalaya Japan Galaxy- Alpha Planet】
Translator: Tagomi 
Proofreading: π&π

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