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The value of assets held by Japan’s wealthy and uber wealthy has risen to a record ¥469 trillion ($3.1 trillion), while assets held by the majority of people in the country have grown at a much slower pace, according to the Nomura Research Institute. Between 2011 and 2023, the wealth of Japan’s rich and super rich more than doubled and tripled, respectively, while assets held by the masses, which account for roughly 80% of Japan’s households, only grew 42.2%, according to NRI’s report released Thursday. That growing disparity in wealth largely reflected gains by stocks, which generally benefit higher-net-worth households. In 2023, the weak yen also likely pushed up the value of foreign assets held by rich Japanese households, the report noted. Source link

Short of a majority in the Lower House, the ruling Liberal Democratic Party-Komeito coalition is concentrating its efforts on passing its budget by March 2 to give Prime Minister Shigeru Ishiba much-needed oxygen and help him navigate the latter half of the parliamentary session slated to last until June 22. The budget for a new fiscal year automatically becomes law 30 days after its approval in the Lower House, according to Japan’s Constitution, regardless of the outcome of debates in the upper chamber of parliament. Negotiations over the minority government’s proposed budget for fiscal 2025 reached a turning point Friday, with the ruling coalition expediting discussion to secure external approval and the opposition eager to leave its own mark in the debate. Source link

Under Japan’s public health care system, medical fees are capped at a certain threshold to make the service relatively affordable for all residents. However, as rising medical costs strain the system, the government is planning to raise the limit. These copayment caps — considered a key component of the nation’s social safety net — have helped keep health care in Japan accessible. But the emergence of costly treatment options and an aging population have led the health ministry to propose raising the ceiling starting in August. Patients’ groups have strongly protested the hike, saying that many people — especially those undergoing costly but effective cancer therapy — would be forced to abandon their treatments. Following the outcry, Prime Minister Shigeru Ishiba told parliament on Friday that the government will “respond by revising the ministry proposal,” though details remain up in the air. Source link

Amid high prices for rice resulting from supply bottlenecks, the government said Friday it will start releasing 210,000 metric tons of the staple grain from its emergency stockpile in March in the hopes of improving the situation in the Japanese market. This will be the first time for the government to tap its stockpile to reduce prices instead of due to emergencies such as rice shortages stemming from extremely poor harvests or natural disasters. “The rice has been well produced by farmers. There should definitely be enough rice in the country to meet the demand,” said agriculture minister Taku Eto in a news conference on Friday. “However, there is a bottleneck in the distribution system, and because of that, (rice) can only be offered to consumers at a high price.” Source link

Japanese people’s sentiment toward China and South Korea improved in 2024, according to results of a survey by the Cabinet Office released Friday. In the survey, 14.7% of all respondents said they had more or less friendly feelings toward China, up 2.0 percentage points from the 2023 survey, while 56.3% said they had such feelings toward South Korea, up 3.5 percentage points. Meanwhile, the proportion of respondents who did not have friendly feelings toward the Middle East jumped 12.9 points from the 2022 survey to 82.8%, the highest since the survey began asking this question in 1998, against the backdrop of the war in the Gaza Strip. A total of 94.3% said that they did not have friendly feelings toward Russia, which continues to wage war against Ukraine following its invasion in 2022. The 2024 survey, conducted between Oct. 17 and Nov. 24 via mail, covered 3,000 people age 18 and above across the nation. Of the total, 57.8% gave valid responses. Japanese sentiment toward China improved for the first time in five years, although direct comparisons cannot be made because the survey’s methodology changed in 2020. “Mutual understanding seems to be spreading as the number of inbound visitors (to Japan) increases,” a Japanese Foreign Ministry official said. Sentiment toward South Korea continued to improve, especially among younger generations. Among respondents in their 20s and younger, 72.6% said they had friendly feelings toward the neighboring country. The proportion of respondents who said Japan has more or less good relations with China rose 3.2 percentage points to 8.8% while the share of those who said Japan has good relations with South Korea climbed 5.1 percentage points to 51.2%. A total of 89.3% answered in the affirmative to a question about whether Japan should be one of the permanent members of the U.N. Security Council, while 8.5% disagreed. Source link

Beijing – China accused Australia on Friday of deliberately provoking it with a maritime patrol in the disputed South China Sea this week, saying the latter was spreading “false narratives,” though Australia maintained its action adhered to international law. The incident, in which Australia’s defense minister said a Chinese PLA J-16 jet released flares within 30 meters of an RAAF aircraft, comes amid ties strained by navy and air force interactions that Australia has called dangerous. Friday’s comments came a day after Australia flagged “unsafe and unprofessional” actions by the jet toward the patrol which it said was on routine surveillance in international waters on Tuesday, an account Beijing disputes. Source link

Taiwan President Lai Ching-te has pledged to boost military spending, a move aimed at showing U.S. President Donald Trump that the self-ruled island is committed to defending itself from China. Lai said at a news briefing in Taipei on Friday that Taiwan would boost expenditure to 3% of GDP, though he didn’t indicate when that would start. Taiwan said earlier it would spend a record amount on defense in 2025, though that would work out to 2.45% of estimated GDP, in line with recent years. “Taiwan is willing to cooperate with the U.S. in every aspect,” Lai said in his remarks, which followed a meeting with national security officials. He added that Taiwan would expand investment in the U.S. and buy more of its goods, and that his government was communicating with the Trump administration. Source link

Japan has begun talks with the United States to find out the details of U.S. President Donald Trump’s planned reciprocal tariff measures, as the Asian nation braces for potential fallout. Trade minister Yoji Muto and Chief Cabinet Secretary Yoshimasa Hayashi told reporters Friday that Tokyo began communicating with Washington over the matter, after Trump ordered his administration to consider imposing reciprocal tariffs on numerous trading partners. Trump has also singled out Japan and South Korea as nations that he believes are taking advantage of the U.S., according to a White House official. “We need to find out the specifics as soon as possible, and we have to start by listening to the U.S. government’s thinking on this,” Muto said. “We’ll respond appropriately so we can continue to develop the U.S.-Japan economic relationship while also being in line with our national interest.” The potential for Japan to be targeted by fresh tariffs comes not so long after Prime Minister Shigeru Ishiba met with Trump earlier this month, when he appeared to come away from the meeting with no concrete tariff threats. Any levies on Japan’s car sector would be a blow to the country. Source link

Ten-year-old Tangelo lost his home when his family was transferred overseas. When he first came to ARK, he was a bundle of nerves. But thankfully, he settled in quickly enough and his sweet, affectionate nature has come out in force. Tangelo really enjoys spending time with people. He’s not as keen on feline company, so the shelter life is a lonely environment for him. Longing for human touch, he will try his best to win you over by rubbing up against your legs and kneading with his paws. He gets rather frisky and has even been known to use people as a stepladder. The shelter life is a lonely one for Tangelo, who’s yearning to make his home with a warmhearted soul. | Moe Kojima At his age, Tangelo does have some trouble with his kidneys and needs a bit of care. But we hope this won’t deter a warmhearted soul from giving him the love and attention he craves. If you are interested in adopting, email ARK at [email protected] or call 050-1557-2763 (English or Japanese) Monday to Saturday (bilingual) for more information. Animal Refuge Kansai (with offices in Kansai and Tokyo) is an NPO founded by U.K. native Elizabeth Oliver. It is dedicated to rescuing and rehoming abandoned animals. All animals are vaccinated, neutered and microchipped. Prospective owners are required to undergo a screening process. Web: www.arkbark.net Source link

Foreign Minister Takeshi Iwaya will hold his first trilateral meeting with his counterparts from the U.S. and South Korea on Saturday, on the sidelines of a major multilateral security conference in Germany. “By holding the trilateral foreign ministers’ meeting on this occasion, we would like to take this opportunity to confirm that, with the inauguration of the new U.S. administration, Japan, the U.S. and South Korea will continue to unite and work together for regional peace and prosperity,” Iwaya told a news conference Friday. “As the security environment in the region becomes increasingly severe, I believe that the strategic partnership between Japan, the U.S., and South Korea is more important than ever,” he added. Source link