Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm&#39;s value more than double. 
 
The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a &quot;limited&quot; impact on its bottom line. 
 
Markets had cheered the app&#39;s global success as a great sign for Nintendo&#39;s nascent move into the mobile games market. 
 
That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony.&nbsp;But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo&#39;s finances would be moderate at best, a point it confirmed on Friday. 
 
Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm&#39;s affiliate, Pokemon Company, is on track to receive licensing fees for the game.&nbsp;Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. 
 
It also stands to make money from a device to be used with the application called &quot;Pokemon Go Plus&quot; but &quot;the income reflected on (Nintendo&#39;s) consolidated business results is limited&quot;, it said. 
 
&quot;Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now,&quot; the statement said. 
 
Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones.&nbsp;The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. 
 
Uneasy 
 
Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. 
 
&quot;I think Nintendo issued that statement because it was uneasy with how high the shares were rising,&quot; said Hideki Yasuda, analyst at Ace Research Institute. 
 
&quot;There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo&#39;s earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares.&quot; 
 
But Yasuda added the firm&#39;s shares may rally again after an &quot;adjustment period&quot;. 
 
The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. 
 
Pokemon, short for &quot;pocket monsters&quot;, has been a constant in Japan since being launched as software in 1996 for Nintendo&#39;s Game Boy console.&nbsp;Authorities in a number of countries have expressed safety and other concerns about the craze. 
 
Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border.&nbsp;Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. 
 
The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. 
 
(AFP)

Pokemon Go was briefly more valuable than Sony,?but analysts warned that this was unsustainable

Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm's value more than double. The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a "limited" impact on its bottom line. Markets had cheered the app's global success as a great sign for Nintendo's nascent move into the mobile games market. That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony. But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo's finances would be moderate at best, a point it confirmed on Friday. Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm's affiliate, Pokemon Company, is on track to receive licensing fees for the game. Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. It also stands to make money from a device to be used with the application called "Pokemon Go Plus" but "the income reflected on (Nintendo's) consolidated business results is limited", it said. "Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now," the statement said. Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones. The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. Uneasy Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. "I think Nintendo issued that statement because it was uneasy with how high the shares were rising," said Hideki Yasuda, analyst at Ace Research Institute. "There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo's earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares." But Yasuda added the firm's shares may rally again after an "adjustment period". The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. Pokemon, short for "pocket monsters", has been a constant in Japan since being launched as software in 1996 for Nintendo's Game Boy console. Authorities in a number of countries have expressed safety and other concerns about the craze. Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border. Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. (AFP)

Nintendo shares plunge on Pokemon Go warning

China said today it has started imposing anti-dumping tariffs on certain steel imports from the European Union (EU), Japan and South Korea, as Beijing itself comes under fire for similar trade practices 
 
Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 per cent, the commerce ministry said on its website. 
 
The measures are intended to prevent the sale of the product at below cost, a practice known as dumping, it added. 
 
The world&#39;s second largest economy, which makes more than half the world&#39;s steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium in violation of international trade agreements. 
 
On Friday, Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China &quot;will not engage in a trade war or currency war&quot;. 
 
Nevertheless, the EU sees itself under attack.&nbsp;Earlier this month in Beijing, EU Commission head Jean-Claude Juncker pledged to defend the group`s steel industry against China using &quot;all the means at our disposal&quot;. 
 
He also said there was a &quot;clear link&quot; between the steel issue and the EU&#39;s decision on whether to grant China &quot;market economy status&quot; -- a prize eagerly sought by Beijing. 
 
China has been pressing the EU to grant it the status -- which would make it harder for the bloc to levy anti-dumping tariffs -- before the year&#39;s end, citing World Trade Organisation rules. 
 
China&#39;s announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel. 
 
In May last year, the EU imposed similar duties on imports of Chinese oriented electric steel as well as products from other countries, in a move which Bloomberg News said was intended to curb competition for EU producers. 
 
The decision prompted China to launch an investigation into imports from the European manufacturers. 
 
China has imposed such duties before. In 2012 the World Trade Organisation ruled that Chinese duties on high-tech steel from the US violated trade rules. In 2015 the organisation censured Beijing for continuing the practice despite the judgement against it. 
 
(AFP)&nbsp; 
 
 
&nbsp;

China's announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel

China said today it has started imposing anti-dumping tariffs on certain steel imports from the European Union (EU), Japan and South Korea, as Beijing itself comes under fire for similar trade practices Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 per cent, the commerce ministry said on its website. The measures are intended to prevent the sale of the product at below cost, a practice known as dumping, it added. The world's second largest economy, which makes more than half the world's steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium in violation of international trade agreements. On Friday, Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China "will not engage in a trade war or currency war". Nevertheless, the EU sees itself under attack. Earlier this month in Beijing, EU Commission head Jean-Claude Juncker pledged to defend the group`s steel industry against China using "all the means at our disposal". He also said there was a "clear link" between the steel issue and the EU's decision on whether to grant China "market economy status" -- a prize eagerly sought by Beijing. China has been pressing the EU to grant it the status -- which would make it harder for the bloc to levy anti-dumping tariffs -- before the year's end, citing World Trade Organisation rules. China's announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel. In May last year, the EU imposed similar duties on imports of Chinese oriented electric steel as well as products from other countries, in a move which Bloomberg News said was intended to curb competition for EU producers. The decision prompted China to launch an investigation into imports from the European manufacturers. China has imposed such duties before. In 2012 the World Trade Organisation ruled that Chinese duties on high-tech steel from the US violated trade rules. In 2015 the organisation censured Beijing for continuing the practice despite the judgement against it. (AFP)

China slaps EU, Japan, South Korea with anti-dumping duties

The world&#39;s last videocassette recorder is set to roll off the factory line as a Japanese manufacturer ends production of the once booming home-theatre technology. 
 
Funai Electric, which says it is the world&#39;s last VCR manufacturer, pointed to a sharp decline in demand and trouble sourcing parts for its decision to stop production at a plant in China by the end of this month.&nbsp;In recent years, most of the consumer electronics firm&#39;s VCRs were sold in North America, including under the Sanyo brand. 
 
The clunky machines entered into mainstream popularity in the seventies and eighties, but have long been eclipsed by DVDs and other more advanced technologies. 
 
Panasonic withdrew from the business several years ago, making Funai the last VCR maker standing, a company spokesman said.&nbsp;Funai once had annual global sales of about 15 million VCRs, a number that shrunk to 750,000 globally last year, he added. 
 
&quot;A company that was making parts for us said it was too tough to keep making them with sales at this level, so they stopped, which led to our decision - we can&#39;t make them without that part,&quot; the spokesman said on Friday. 
 
Funai has been overwhelmed with calls from desperate VCR tape owners who had not copied weddings and other special occasions on to digital discs, he added. 
 
Last year, Sony announced it would stop selling Betamax video tapes, ending the storied history of a product that had been ousted years earlier by the more popular VHS tape format.&nbsp;VHS later gave way to digital formats, such as DVDs, that have largely been replaced by online streaming technology. 
 
Sony stopped making Betamax recorders in 2002, but it kept making tapes for die-hard fans. 
 
(AFP)

Funai Electric said a sharp decline in demand and trouble sourcing parts led to its decision

The world's last videocassette recorder is set to roll off the factory line as a Japanese manufacturer ends production of the once booming home-theatre technology. Funai Electric, which says it is the world's last VCR manufacturer, pointed to a sharp decline in demand and trouble sourcing parts for its decision to stop production at a plant in China by the end of this month. In recent years, most of the consumer electronics firm's VCRs were sold in North America, including under the Sanyo brand. The clunky machines entered into mainstream popularity in the seventies and eighties, but have long been eclipsed by DVDs and other more advanced technologies. Panasonic withdrew from the business several years ago, making Funai the last VCR maker standing, a company spokesman said. Funai once had annual global sales of about 15 million VCRs, a number that shrunk to 750,000 globally last year, he added. "A company that was making parts for us said it was too tough to keep making them with sales at this level, so they stopped, which led to our decision - we can't make them without that part," the spokesman said on Friday. Funai has been overwhelmed with calls from desperate VCR tape owners who had not copied weddings and other special occasions on to digital discs, he added. Last year, Sony announced it would stop selling Betamax video tapes, ending the storied history of a product that had been ousted years earlier by the more popular VHS tape format. VHS later gave way to digital formats, such as DVDs, that have largely been replaced by online streaming technology. Sony stopped making Betamax recorders in 2002, but it kept making tapes for die-hard fans. (AFP)

End of an era: World's last VCR manufacturer to end production

Nintendo Co Ltd&#39;s Pokemon GO mobile game launched in Japan, bringing the record-setting global hit to the home of the Pokemon characters. 
 
Japan, one of the world&#39;s biggest gaming markets, joins the United States, Canada, Australia and more than 30 countries in Europe to have the &quot;augmented-reality&quot; game, in which players interact with virtual characters in the real world. 
 
The game was created by Nintendo, Niantic, and Pokemon Co. Nintendo owns a third of Pokemon Co, and both have undisclosed stakes in Niantic. 
 
Nintendo shares climbed more than 4 per cent in Tokyo trading on Friday. 
 
Shares of Japan&#39;s McDonald&#39;s Holdings Co, which has turned its stores into spots where Pokemon can be battled or &quot;trained&quot; in the game, briefly surged 7 per cent. 
 
(Reuters)

Nintendo shares climbed more than 4 per cent in Tokyo trading on Friday

Nintendo Co Ltd's Pokemon GO mobile game launched in Japan, bringing the record-setting global hit to the home of the Pokemon characters. Japan, one of the world's biggest gaming markets, joins the United States, Canada, Australia and more than 30 countries in Europe to have the "augmented-reality" game, in which players interact with virtual characters in the real world. The game was created by Nintendo, Niantic, and Pokemon Co. Nintendo owns a third of Pokemon Co, and both have undisclosed stakes in Niantic. Nintendo shares climbed more than 4 per cent in Tokyo trading on Friday. Shares of Japan's McDonald's Holdings Co, which has turned its stores into spots where Pokemon can be battled or "trained" in the game, briefly surged 7 per cent. (Reuters)

Pokemon GO launches in Japan, bringing smash-hit mobile game home

Confidence in Japanese manufacturers is expected to worsen to zero in the next three months, a Reuters poll found, as Britain&#39;s vote to exit the European Union (EU) further clouded the outlook for Japan&#39;s export-reliant economy. 
 
The Reuters Tankan, which tracks the Bank of Japan&#39;s (BOJ) quarterly Tankan survey, also found the service sector&#39;s mood fell in July to levels last seen in April 2013 when the BOJ embarked on massive monetary stimulus to reflate the economy. 
 
The monthly poll of 534 big and mid-sized firms taken July 1-15, of which 266 responded, offered an early glimpse of Japanese business sentiment in the wake of the Brexit vote, which briefly prompted a sharp Yen gain to below 100 Yen versus the Dollar. 
 
The Reuters Tankan sentiment index for manufacturers was unchanged at 3 in July and was seen worsening to zero in October, dragged down by exporters of cars, electronics, steel and chemicals. 
 
The sentiment indexes subtract the percentage of companies saying conditions are poor from those saying conditions are good. A positive number means optimists outnumber pessimists. 
 
The service-sector index fell to 15 from 17 in June, and was seen unchanged in October, reflecting weak domestic demand. 
 
Bleak business sentiment should add to calls for policymakers to do more to revive a flagging economy, with the government eyeing a stimulus package of 10 trillion Yen ($94.62 billion) or more and the Bank of Japan under pressure to ease policy further. 
 
&quot;We cannot see the future, given the effects of a rapid Yen gain due to Britain&#39;s vote to leave EU,&quot; a manager at a chemicals firm said in the survey, which companies answer anonymously. 
 
&quot;Capital expenditures are being put off because of uncertainty over Europe caused by Britain&#39;s exit from the EU, as well as a slowdown in China&#39;s economy, and currency situations,&quot; a machinery-maker said. 
 
While the safe-haven Yen has fallen to about 105 since last week as global risk aversion abated, manufacturers reported concerns over another possible spike in the Yen because of uncertainty over the global economic outlook. 
 
Last week Prime Minister Shinzo Abe ordered compilation of an economic stimulus package by the end of this month to respond to weak private consumption and investment, and external risks. Speculation also lingers that the BOJ may ease again at its July 28-29 policy review. 
 
(Reuters)

Confidence in Japanese manufacturers, which was steady in July, was seen worsening to zero in October, says a Reuters poll

Confidence in Japanese manufacturers is expected to worsen to zero in the next three months, a Reuters poll found, as Britain's vote to exit the European Union (EU) further clouded the outlook for Japan's export-reliant economy. The Reuters Tankan, which tracks the Bank of Japan's (BOJ) quarterly Tankan survey, also found the service sector's mood fell in July to levels last seen in April 2013 when the BOJ embarked on massive monetary stimulus to reflate the economy. The monthly poll of 534 big and mid-sized firms taken July 1-15, of which 266 responded, offered an early glimpse of Japanese business sentiment in the wake of the Brexit vote, which briefly prompted a sharp Yen gain to below 100 Yen versus the Dollar. The Reuters Tankan sentiment index for manufacturers was unchanged at 3 in July and was seen worsening to zero in October, dragged down by exporters of cars, electronics, steel and chemicals. The sentiment indexes subtract the percentage of companies saying conditions are poor from those saying conditions are good. A positive number means optimists outnumber pessimists. The service-sector index fell to 15 from 17 in June, and was seen unchanged in October, reflecting weak domestic demand. Bleak business sentiment should add to calls for policymakers to do more to revive a flagging economy, with the government eyeing a stimulus package of 10 trillion Yen ($94.62 billion) or more and the Bank of Japan under pressure to ease policy further. "We cannot see the future, given the effects of a rapid Yen gain due to Britain's vote to leave EU," a manager at a chemicals firm said in the survey, which companies answer anonymously. "Capital expenditures are being put off because of uncertainty over Europe caused by Britain's exit from the EU, as well as a slowdown in China's economy, and currency situations," a machinery-maker said. While the safe-haven Yen has fallen to about 105 since last week as global risk aversion abated, manufacturers reported concerns over another possible spike in the Yen because of uncertainty over the global economic outlook. Last week Prime Minister Shinzo Abe ordered compilation of an economic stimulus package by the end of this month to respond to weak private consumption and investment, and external risks. Speculation also lingers that the BOJ may ease again at its July 28-29 policy review. (Reuters)

Japan's business mood falls as Brexit clouds economic outlook

Gamers in Japan, home of Nintendo Co&#39;s Pokemon, waited in vain today for the launch of its smash-hit mobile game amid reports that the developers behind it had hit the brakes, concerned that overwhelming demand would overload server capacity. 
 
Nintendo&#39;s shares suffered a rare bad day since Pokemon GO took the world by storm, tumbling 13 per cent on the disappointment. Even so, the stock has gained 86 per cent since its US launch earlier this month, adding $17 billion to its market capitalisation. 
 
&quot;Isn&#39;t Japan the home of Pokemon? I beg them to hurry up!&quot; said Toshihide Onchi, a 40-year-old system engineer who took part in the trial of the game&#39;s beta version. 
 
Late on Tuesday, technology news site TechCrunch and other media outlets reported the launch would take place the following day. TechCrunch later reported a postponement, but said the rollout for one of the world&#39;s most critical gaming markets was still imminent. 
 
A spokeswoman for Pokemon Company, which created the game along with Nintendo and Google-spinoff Niantic, declined to comment on the report, reiterating that nothing had been decided over the Japan launch date. Nintendo referred any queries regarding Pokemon GO to Pokemon Company. 
 
Investors and analysts are betting the success of game, available officially in 35 countries and played in many more, will be transformational for Nintendo. While Pokemon GO will not prove a major direct boost, it could prompt Nintendo to cash in more effectively on an extensive cupboard of characters. 
 
Until Pokemon GO, the company had focused on more profitable consoles and snubbed mobile games.&nbsp;Niantic CEO John Hanke told Reuters on Friday the developers were being extra-cautious in Japan, given the level of expectation and sheer number of players. 
 
&quot;The technical challenge for us is having enough server capacity on the back end to handle that number of users,&quot; he said. 
 
Pokemon GO, which marries a classic 20-year-old franchise with augmented reality, is on its way to becoming the first mobile game to break the $4 billion-per-year barrier, beating Candy Crush Saga, according to Macquarie Research. 
 
Others too have benefited from the craze. Shares of Japan&#39;s McDonald&#39;s Holdings Co ended up 9.8 per cent after the TechCrunch report said the fast-food chain operator would become the game&#39;s first sponsor. 
 
TechCrunch said the sponsorship would see McDonald&#39;s 3,000 plus fast food restaurants across Japan become &quot;gyms&quot;, or battlegrounds, for Pokemon collectors. The chain already gives away Pokemon-themed toys with its Happy Meals.&nbsp;McDonald&#39;s Japan declined to comment. 
 
(Reuters)

Niantic CEO said developers were being extra-cautious in Japan, fearing servers would overload given the level of expectation

Gamers in Japan, home of Nintendo Co's Pokemon, waited in vain today for the launch of its smash-hit mobile game amid reports that the developers behind it had hit the brakes, concerned that overwhelming demand would overload server capacity. Nintendo's shares suffered a rare bad day since Pokemon GO took the world by storm, tumbling 13 per cent on the disappointment. Even so, the stock has gained 86 per cent since its US launch earlier this month, adding $17 billion to its market capitalisation. "Isn't Japan the home of Pokemon? I beg them to hurry up!" said Toshihide Onchi, a 40-year-old system engineer who took part in the trial of the game's beta version. Late on Tuesday, technology news site TechCrunch and other media outlets reported the launch would take place the following day. TechCrunch later reported a postponement, but said the rollout for one of the world's most critical gaming markets was still imminent. A spokeswoman for Pokemon Company, which created the game along with Nintendo and Google-spinoff Niantic, declined to comment on the report, reiterating that nothing had been decided over the Japan launch date. Nintendo referred any queries regarding Pokemon GO to Pokemon Company. Investors and analysts are betting the success of game, available officially in 35 countries and played in many more, will be transformational for Nintendo. While Pokemon GO will not prove a major direct boost, it could prompt Nintendo to cash in more effectively on an extensive cupboard of characters. Until Pokemon GO, the company had focused on more profitable consoles and snubbed mobile games. Niantic CEO John Hanke told Reuters on Friday the developers were being extra-cautious in Japan, given the level of expectation and sheer number of players. "The technical challenge for us is having enough server capacity on the back end to handle that number of users," he said. Pokemon GO, which marries a classic 20-year-old franchise with augmented reality, is on its way to becoming the first mobile game to break the $4 billion-per-year barrier, beating Candy Crush Saga, according to Macquarie Research. Others too have benefited from the craze. Shares of Japan's McDonald's Holdings Co ended up 9.8 per cent after the TechCrunch report said the fast-food chain operator would become the game's first sponsor. TechCrunch said the sponsorship would see McDonald's 3,000 plus fast food restaurants across Japan become "gyms", or battlegrounds, for Pokemon collectors. The chain already gives away Pokemon-themed toys with its Happy Meals. McDonald's Japan declined to comment. (Reuters)

Delayed Pokemon Go launch upsets Japanese gamers

Game maker Niantic has delayed Wednesday&#39;s planned launch of Pokemon Go in Japan after a leak of a McDonald&#39;s Japan internal communication found its way to Internet forums, technology news site TechCrunch reported. 
 
TechCrunch, citing an unnamed source, said there were concerns among the companies that the hype generated would overload the game. It added that it wasn&#39;t immediately clear when the game would be released in Japan.&nbsp; 
 
(Reuters)

TechCrunch says that there were concerns among the companies that the hype generated would overload the game

Game maker Niantic has delayed Wednesday's planned launch of Pokemon Go in Japan after a leak of a McDonald's Japan internal communication found its way to Internet forums, technology news site TechCrunch reported. TechCrunch, citing an unnamed source, said there were concerns among the companies that the hype generated would overload the game. It added that it wasn't immediately clear when the game would be released in Japan. (Reuters)

Gamemaker Niantic delays launch of Pokemon Go in Japan: TechCrunch

Nintendo Co&#39;s shares on Wednesday gave up some of their meteoric gains made on the record-breaking success of its Pokemon GO mobile game, hurt in part by a reported delay for the game&#39;s introduction in Japan. 
 
Technology news site TechCrunch said that game developer Niantic Inc had planned to launch Pokemon GO in Japan on Wednesday but had cancelled it, citing a source as saying that the company was worried the hype generated by the game would overload its servers. 
 
TechCrunch said it believed that the launch in Japan, one of the world&#39;s biggest gaming markets, was imminent. 
 
Nintendo&#39;s stock was down 10 per cent in afternoon trade. Even so, it has gained 87 per cent since the July 6 launch of the game in the United States, Australia and New Zealand, adding $17 billion to its market capitalisation. It is now available in 35 countries. 
 
A spokeswoman for Pokemon Company, which created the game along with Nintendo and Google-spinoff Niantic, declined to comment on the report, reiterating that nothing had been decided over the Japan launch date. Nintendo referred any queries regarding Pokemon GO to Pokemon Company. 
 
Pokemon GO, which marries a classic 20-year-old franchise with augmented reality, is on its way to becoming the first mobile game to break the $4 billion-per-year wall, beating Candy Crush Saga and Supercell&#39;s Clash of Clans, according to Macquarie Research. 
 
Shares of Japan&#39;s McDonald&#39;s Holdings Co piggy-backed the Pokemon GO craze, rising 8 per cent after TechCrunch reported on Tuesday the fast-food chain operator would become the game&#39;s first sponsor. 
 
TechCrunch said the sponsorship will see McDonald&#39;s 3,000-plus fast food restaurants across Japan become &quot;gyms&quot;, or battlegrounds, for Pokemon collectors. 
 
McDonald&#39;s Japan shares soared as much as 23 per cent to their highest level since late 2001 on Tuesday, the first day of trade since its stores started giving away Pokemon-themed toys with its Happy Meals last Friday. 
 
McDonald&#39;s Japan declined to comment on the report. 
 
($1 = 106.0200 Yen) 
 
(Reuters)

Nintendo's stock falls 10 per cent in afternoon trade, even though, it has gained 87 per cent since the July 6 launch of Pokemon Go

Nintendo Co's shares on Wednesday gave up some of their meteoric gains made on the record-breaking success of its Pokemon GO mobile game, hurt in part by a reported delay for the game's introduction in Japan. Technology news site TechCrunch said that game developer Niantic Inc had planned to launch Pokemon GO in Japan on Wednesday but had cancelled it, citing a source as saying that the company was worried the hype generated by the game would overload its servers. TechCrunch said it believed that the launch in Japan, one of the world's biggest gaming markets, was imminent. Nintendo's stock was down 10 per cent in afternoon trade. Even so, it has gained 87 per cent since the July 6 launch of the game in the United States, Australia and New Zealand, adding $17 billion to its market capitalisation. It is now available in 35 countries. A spokeswoman for Pokemon Company, which created the game along with Nintendo and Google-spinoff Niantic, declined to comment on the report, reiterating that nothing had been decided over the Japan launch date. Nintendo referred any queries regarding Pokemon GO to Pokemon Company. Pokemon GO, which marries a classic 20-year-old franchise with augmented reality, is on its way to becoming the first mobile game to break the $4 billion-per-year wall, beating Candy Crush Saga and Supercell's Clash of Clans, according to Macquarie Research. Shares of Japan's McDonald's Holdings Co piggy-backed the Pokemon GO craze, rising 8 per cent after TechCrunch reported on Tuesday the fast-food chain operator would become the game's first sponsor. TechCrunch said the sponsorship will see McDonald's 3,000-plus fast food restaurants across Japan become "gyms", or battlegrounds, for Pokemon collectors. McDonald's Japan shares soared as much as 23 per cent to their highest level since late 2001 on Tuesday, the first day of trade since its stores started giving away Pokemon-themed toys with its Happy Meals last Friday. McDonald's Japan declined to comment on the report. ($1 = 106.0200 Yen) (Reuters)

Nintendo stock loses ground on report of delay of launch of Pokemon GO in Japan

Tokyo was struck by a third earthquake in four days on Wednesday, but there were no reports of damage or casualties. 
 
The 5.0 magnitude jolt was felt in Tokyo and areas of eastern Japan at 7:25 am (2225 GMT Tuesday), the US Geological Survey said. 
 
It was the third quake to shake the capital&#39;s high-rise buildings in recent days, following a 4.8 magnitude quake on Tuesday and one of 5.0 on Sunday, but an official with the Japan Meteorological Agency said they weren&#39;t a precursor of a major jolt. 
 
&quot;This is an area that sees frequent earthquakes&quot; of a moderate size, Nariaki Ohkawara told AFP, adding that the latest quakes were part of that trend.&nbsp; 
 
The epicentre of Wednesday&#39;s quake was east of the capital in Ibaraki prefecture at a depth of about 44 kilometres (27 miles), the USGS said. 
 
There was no threat of a tsunami, the Japan Meteorological Agency said. 
 
Japan sits at the junction of four tectonic plates and experiences a number of relatively violent quakes every year, but rigid building codes and strict enforcement mean even powerful tremors frequently do little damage. 
 
A massive undersea quake that hit in March 2011 sent a tsunami barrelling into Japan&#39;s northeast coast, leaving more than 18,000 people dead or missing, and sending three reactors into meltdown at the Fukushima nuclear plant. 
 
In April, two strong earthquakes hit southern Japan&#39;s Kumamoto prefecture followed by more than 1,700 aftershocks, and left 49 dead and caused widespread damage. 
 
The country routinely holds emergency drills to prepare for a major jolt, and the government stepped up its disaster response in the wake of the 2011 devastation.&nbsp; 
 
(AFP)

Japan's meteorological agency denied the possibility of a tsunami following the 5.0 magnitude earthquake

Tokyo was struck by a third earthquake in four days on Wednesday, but there were no reports of damage or casualties. The 5.0 magnitude jolt was felt in Tokyo and areas of eastern Japan at 7:25 am (2225 GMT Tuesday), the US Geological Survey said. It was the third quake to shake the capital's high-rise buildings in recent days, following a 4.8 magnitude quake on Tuesday and one of 5.0 on Sunday, but an official with the Japan Meteorological Agency said they weren't a precursor of a major jolt. "This is an area that sees frequent earthquakes" of a moderate size, Nariaki Ohkawara told AFP, adding that the latest quakes were part of that trend. The epicentre of Wednesday's quake was east of the capital in Ibaraki prefecture at a depth of about 44 kilometres (27 miles), the USGS said. There was no threat of a tsunami, the Japan Meteorological Agency said. Japan sits at the junction of four tectonic plates and experiences a number of relatively violent quakes every year, but rigid building codes and strict enforcement mean even powerful tremors frequently do little damage. A massive undersea quake that hit in March 2011 sent a tsunami barrelling into Japan's northeast coast, leaving more than 18,000 people dead or missing, and sending three reactors into meltdown at the Fukushima nuclear plant. In April, two strong earthquakes hit southern Japan's Kumamoto prefecture followed by more than 1,700 aftershocks, and left 49 dead and caused widespread damage. The country routinely holds emergency drills to prepare for a major jolt, and the government stepped up its disaster response in the wake of the 2011 devastation. (AFP)

Tokyo jolted by third quake in four days

An earthquake with a magnitude of 5.0 struck eastern Japan on Sunday and shook buildings in Tokyo, officials and witnesses said, but there was no danger of a tsunami and no immediate report of injuries or major damage. 
 
The US Geological Survey (USGS) put the epicentre of the quake 44 kilometres (27 miles) northeast of Tokyo at a depth of about 44 kilometres. There were no were immediate reports of damage. 
 
Broadcaster NHK reported that the Tokai No. 2 nuclear power station, which has been shut since 2011, was checked for damage after the quake but none was found. 
 
Earthquakes are common in Japan, one of the world&#39;s most seismically active areas, which accounts for a fifth of the world&#39;s earthquakes of magnitude 6 or larger. 
 
Japan&#39;s strongest quake on record was one of magnitude 9 that struck the northeast coast on March 11, 2011, unleashing a massive tsunami and killing nearly 20,000 people, besides setting off the world&#39;s worst nuclear crisis since Chernobyl. 
 
(Reuters)

The US Geological Survey put the epicentre of the quake 44 kms northwest of Tokyo. There are no immediate reports of damage

An earthquake with a magnitude of 5.0 struck eastern Japan on Sunday and shook buildings in Tokyo, officials and witnesses said, but there was no danger of a tsunami and no immediate report of injuries or major damage. The US Geological Survey (USGS) put the epicentre of the quake 44 kilometres (27 miles) northeast of Tokyo at a depth of about 44 kilometres. There were no were immediate reports of damage. Broadcaster NHK reported that the Tokai No. 2 nuclear power station, which has been shut since 2011, was checked for damage after the quake but none was found. Earthquakes are common in Japan, one of the world's most seismically active areas, which accounts for a fifth of the world's earthquakes of magnitude 6 or larger. Japan's strongest quake on record was one of magnitude 9 that struck the northeast coast on March 11, 2011, unleashing a massive tsunami and killing nearly 20,000 people, besides setting off the world's worst nuclear crisis since Chernobyl. (Reuters)

Earthquake measuring 5.0 rattles Tokyo and eastern Japan

Tokyo raised pressure on Beijing at an Asia-Europe summit today to respect an international tribunal&#39;s ruling that dismissed its claims to much of the South China Sea. 
 
At a retreat outside the Mongolian capital Ulan Bator, Prime Minister Shinzo Abe told the assembled leaders that the rule of law was &quot;a universal principle that the international community must firmly maintain&quot;, according to Japan&#39;s Jiji Press. 
 
&quot;I strongly hope the parties to the dispute comply with the award and lead to a peaceful solution of the dispute in South China Sea,&quot; he said. 
 
The Permanent Court of Arbitration in The Hague on Tuesday ruled that there was no legal basis for Beijing&#39;s claims to much of the South China Sea, which are embodied in a &quot;nine-dash line&quot; that dates from 1940s maps and stretches close to other countries coasts. 
 
The ruling has proved a boon to Tokyo, which is embroiled in a separate territorial dispute of its own with Beijing and vies with it for influence across Asia. 
 
China boycotted the PCA hearings, saying the court had no jurisdiction, and has reacted furiously, vowing to ignore the ruling and arguing that it misinterprets international law. 
 
It also said the subject should not be brought up at the Asia-Europe Meeting (ASEM) in the Mongolian capital. 
 
But despite Chinese objections, the EU also weighed in on the subject, with President Donald Tusk telling reporters that the grouping &quot;will continue to speak out in support of upholding international law&quot;, adding that it had &quot;full confidence&quot; in the PCA and its decisions. 
 
&quot;It`s not so easy to agree with our Chinese partners when it comes to this issue&quot; he said. &quot;Our talks were difficult, tough, but also promising.&quot; 
 
The comments by Abe and Tusk today followed a blitz of meetings between the Japanese leader and officials from around the region, including his Vietnamese counterpart Nguyen Xuan Phuc and Philippine Foreign Secretary Perfecto Yasay, on the summit sidelines as he sought to build consensus on the issue. 
 
Both countries have competing claims with Beijing in the strategically vital South China Sea, where tensions have mounted over the Asian giant&#39;s construction of artificial islands capable of supporting military operations and its claims on the region&#39;s marine resources. 
 
Manila, which brought the PCA case, has promised not to &quot;taunt or flaunt&quot; the verdict. 
 
But Japanese foreign ministry spokesman Yasuhisa Kawamura told AFP that in his meeting with Abe, Yasay agreed to &quot;closely cooperate&quot; at upcoming ASEAN-related conferences to ensure that the &quot;parties to the dispute comply with the final award of the tribunal&quot;. 
 
Leaders of the Southeast Asian grouping have so far failed to issue a statement on the ruling, reportedly due to objections from member states with close ties to China. 
 
In Abe&#39;s meeting with Phuc, the two leaders agreed that the tribunal&#39;s ruling should be observed, and Abe offered to increase cooperation on building Vietnam&#39;s maritime law enforcement capabilities, Kawamura said. 
 
Abe also brought his argument directly to Chinese Premier Li Keqiang during a heated 30-minute meeting Friday. 
 
Kawamura described the exchange as &quot;frank and candid&quot; and Chinese state media accounts described the Chinese leader telling Abe that Japan should &quot;stop hyping up and interfering&quot; in the dispute. 
 
Beijing had hoped to use the ASEM summit official theme &quot;Partnership for the Future through Connectivity&quot;, as an opportunity to showcase its global initiatives, such as the One Belt, One Road programme, an ambitious plan to build infrastructure projects across the Eurasian region. 
 
China has sought to assert its claims in the South China Sea by building a network of artificial islands capable of supporting military operations, and this week reiterated its right to declare an Air Defence Identification Zone in the area, which would demand civilian flights submit to the authority of its military. 
 
While the summit&#39;s final communique made no specific mention of the South China Sea, it said that leaders &quot;reaffirmed their commitment&quot; to maritime security and settling disputes according to the UN Convention on the Law of Sea. 
 
(AFP)

The Hague's verdict has benefitted Tokyo, which is embroiled in a separate territorial dispute of its own with China

Tokyo raised pressure on Beijing at an Asia-Europe summit today to respect an international tribunal's ruling that dismissed its claims to much of the South China Sea. At a retreat outside the Mongolian capital Ulan Bator, Prime Minister Shinzo Abe told the assembled leaders that the rule of law was "a universal principle that the international community must firmly maintain", according to Japan's Jiji Press. "I strongly hope the parties to the dispute comply with the award and lead to a peaceful solution of the dispute in South China Sea," he said. The Permanent Court of Arbitration in The Hague on Tuesday ruled that there was no legal basis for Beijing's claims to much of the South China Sea, which are embodied in a "nine-dash line" that dates from 1940s maps and stretches close to other countries coasts. The ruling has proved a boon to Tokyo, which is embroiled in a separate territorial dispute of its own with Beijing and vies with it for influence across Asia. China boycotted the PCA hearings, saying the court had no jurisdiction, and has reacted furiously, vowing to ignore the ruling and arguing that it misinterprets international law. It also said the subject should not be brought up at the Asia-Europe Meeting (ASEM) in the Mongolian capital. But despite Chinese objections, the EU also weighed in on the subject, with President Donald Tusk telling reporters that the grouping "will continue to speak out in support of upholding international law", adding that it had "full confidence" in the PCA and its decisions. "It`s not so easy to agree with our Chinese partners when it comes to this issue" he said. "Our talks were difficult, tough, but also promising." The comments by Abe and Tusk today followed a blitz of meetings between the Japanese leader and officials from around the region, including his Vietnamese counterpart Nguyen Xuan Phuc and Philippine Foreign Secretary Perfecto Yasay, on the summit sidelines as he sought to build consensus on the issue. Both countries have competing claims with Beijing in the strategically vital South China Sea, where tensions have mounted over the Asian giant's construction of artificial islands capable of supporting military operations and its claims on the region's marine resources. Manila, which brought the PCA case, has promised not to "taunt or flaunt" the verdict. But Japanese foreign ministry spokesman Yasuhisa Kawamura told AFP that in his meeting with Abe, Yasay agreed to "closely cooperate" at upcoming ASEAN-related conferences to ensure that the "parties to the dispute comply with the final award of the tribunal". Leaders of the Southeast Asian grouping have so far failed to issue a statement on the ruling, reportedly due to objections from member states with close ties to China. In Abe's meeting with Phuc, the two leaders agreed that the tribunal's ruling should be observed, and Abe offered to increase cooperation on building Vietnam's maritime law enforcement capabilities, Kawamura said. Abe also brought his argument directly to Chinese Premier Li Keqiang during a heated 30-minute meeting Friday. Kawamura described the exchange as "frank and candid" and Chinese state media accounts described the Chinese leader telling Abe that Japan should "stop hyping up and interfering" in the dispute. Beijing had hoped to use the ASEM summit official theme "Partnership for the Future through Connectivity", as an opportunity to showcase its global initiatives, such as the One Belt, One Road programme, an ambitious plan to build infrastructure projects across the Eurasian region. China has sought to assert its claims in the South China Sea by building a network of artificial islands capable of supporting military operations, and this week reiterated its right to declare an Air Defence Identification Zone in the area, which would demand civilian flights submit to the authority of its military. While the summit's final communique made no specific mention of the South China Sea, it said that leaders "reaffirmed their commitment" to maritime security and settling disputes according to the UN Convention on the Law of Sea. (AFP)

Tokyo pressures Beijing on South China Sea ruling

Shares of Japanese messaging app operator Line Corp surged almost 50 per cent in Tokyo on Friday after soaring as much as 36 per cent in their US market debut, valuing the startup at $9.3 billion in the biggest tech IPO this year. 
 
The shares first traded in the Tokyo Stock Exchange at 4,900 Yen, or 48.5 per cent above their IPO price of 3,300 Yen, helped by demand from investors hungry for a rare chance to invest in a tech startup. 
 
In New York, the offering of 22 million American Depository Shares (ADSs) from the world&#39;s seventh-most used messenger app company was well-accepted, with the shares closing at $41.58, well above the IPO price of $32.84. 
 
&quot;Considering that Line is little known in the United States, the IPO seems to be a success,&quot; said a fund manager at a Japanese asset management firm. 
 
The Tokyo-based company&#39;s decision to list first in New York is seen as a sign of its determination to challenge its global peers as it seeks to expand outside Japan and Southeast Asia. 
 
Line is controlled by South Korea&#39;s Naver Corp. 
 
After the offering, Naver&#39;s ownership dropped to 80.8 per cent. 
 
The app has a lot of ground to cover in major Western markets, where Facebook Inc&#39;s Messenger and WhatsApp are dominant, and in China, where Tencent Holdings Ltd&#39;s WeChat is popular. 
 
As of March, Line had 218 million monthly active users (MAUs). WhatsApp leads the pack with about 1 billion MAUs, while Facebook Messenger is No. 2 with 900 million. 
 
Line&#39;s messaging app was launched in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
The bulk of Line&#39;s revenue comes from games and sales of emojis and electronic stickers. The company&#39;s revenue and other operating income rose about 28.3 per cent to 120.88 billion Yen in 2015. 
 
Line reported a loss of 7.97 billion Yen in 2015, compared with a year-earlier profit of 2 billion Yen. 
 
Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are among the underwriters to the IPO. 
 
(Reuters)

Line's decision to list first in New York is a sign of its determination to challenge its global peers as it seeks to expand outside Asia

Shares of Japanese messaging app operator Line Corp surged almost 50 per cent in Tokyo on Friday after soaring as much as 36 per cent in their US market debut, valuing the startup at $9.3 billion in the biggest tech IPO this year. The shares first traded in the Tokyo Stock Exchange at 4,900 Yen, or 48.5 per cent above their IPO price of 3,300 Yen, helped by demand from investors hungry for a rare chance to invest in a tech startup. In New York, the offering of 22 million American Depository Shares (ADSs) from the world's seventh-most used messenger app company was well-accepted, with the shares closing at $41.58, well above the IPO price of $32.84. "Considering that Line is little known in the United States, the IPO seems to be a success," said a fund manager at a Japanese asset management firm. The Tokyo-based company's decision to list first in New York is seen as a sign of its determination to challenge its global peers as it seeks to expand outside Japan and Southeast Asia. Line is controlled by South Korea's Naver Corp. After the offering, Naver's ownership dropped to 80.8 per cent. The app has a lot of ground to cover in major Western markets, where Facebook Inc's Messenger and WhatsApp are dominant, and in China, where Tencent Holdings Ltd's WeChat is popular. As of March, Line had 218 million monthly active users (MAUs). WhatsApp leads the pack with about 1 billion MAUs, while Facebook Messenger is No. 2 with 900 million. Line's messaging app was launched in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. The bulk of Line's revenue comes from games and sales of emojis and electronic stickers. The company's revenue and other operating income rose about 28.3 per cent to 120.88 billion Yen in 2015. Line reported a loss of 7.97 billion Yen in 2015, compared with a year-earlier profit of 2 billion Yen. Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are among the underwriters to the IPO. (Reuters)

Japanese chat app Line soars in New York-Tokyo dual listings

Japanese Emperor Akihito intends to abdicate eventually, public broadcaster NHK said on Wednesday, a step unprecedented in modern Japan. 
 
The 82-year-old monarch has spent much of his 27-year reign working to heal the wounds of a war waged across Asia in his father&#39;s name and helped bring the monarchy closer to ordinary citizens. 
 
Akihito, who has had health problems in recent years, expressed his intention to the Imperial Household Agency, NHK said, adding he wanted to step down &quot;in a few years&quot;. It did not cite a reason. 
 
Officials at the agency could not immediately be reached for comment. 
 
Born in 1933, he was heir to Emperor Hirohito, in whose name Japan fought World War Two. His heir is Crown Prince Naruhito, 56. 
 
Akihito marked the 70th anniversary of World War Two&#39;s end with an expression of &quot;deep remorse&quot;, a departure from his previous remarks seen by some as an effort to cement a legacy of pacifism under threat from conservative Japanese nationalists. 
 
&quot;Looking back at the past, together with deep remorse over the war, I pray that this tragedy of war will not be repeated and together with the people express my deep condolences for those who fell in battle and in the ravages of war,&quot; he said on August 15, 2015, the 70th anniversary of the war&#39;s end. 
 
A scientist by avocation, Akihito is the first royal heir to have married a commoner. Under the postwar constitution, the emperor is &quot;the symbol of the State and of the unity of the People,&quot; with little formal power. 
 
His efforts to draw the imperial family closer to the people in image, if not in fact, have played into a carefully crafted picture of a &quot;middle-class monarchy&quot; that has helped shield it from the harsh criticism suffered by flashier royals abroad. 
 
(Reuters)

The public broadcaster did not cite a reason. Akihito has had health problems in recent years

Japanese Emperor Akihito intends to abdicate eventually, public broadcaster NHK said on Wednesday, a step unprecedented in modern Japan. The 82-year-old monarch has spent much of his 27-year reign working to heal the wounds of a war waged across Asia in his father's name and helped bring the monarchy closer to ordinary citizens. Akihito, who has had health problems in recent years, expressed his intention to the Imperial Household Agency, NHK said, adding he wanted to step down "in a few years". It did not cite a reason. Officials at the agency could not immediately be reached for comment. Born in 1933, he was heir to Emperor Hirohito, in whose name Japan fought World War Two. His heir is Crown Prince Naruhito, 56. Akihito marked the 70th anniversary of World War Two's end with an expression of "deep remorse", a departure from his previous remarks seen by some as an effort to cement a legacy of pacifism under threat from conservative Japanese nationalists. "Looking back at the past, together with deep remorse over the war, I pray that this tragedy of war will not be repeated and together with the people express my deep condolences for those who fell in battle and in the ravages of war," he said on August 15, 2015, the 70th anniversary of the war's end. A scientist by avocation, Akihito is the first royal heir to have married a commoner. Under the postwar constitution, the emperor is "the symbol of the State and of the unity of the People," with little formal power. His efforts to draw the imperial family closer to the people in image, if not in fact, have played into a carefully crafted picture of a "middle-class monarchy" that has helped shield it from the harsh criticism suffered by flashier royals abroad. (Reuters)

Japan emperor intends to abdicate 'in a few years': NHK

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world&#39;s biggest tech listing this year. 
 
Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan&#39;s finance ministry showed on Monday. 
 
It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. 
 
Line, owned by South Korea&#39;s Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. 
 
&quot;This is seen as an event by many domestic retail investors. I think the price will rise in the short term,&quot; said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. 
 
But he added that investors will also need to look at whether the company increases profits in the long term. 
 
Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). 
 
Line&#39;s messaging app was launched in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
The bulk of its revenue comes from games and sales of emojis and electronic stickers. 
 
Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. 
 
Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. 
 
($1 = 100.8100 Yen) 
 
(Reuters)

Line is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world's biggest tech listing this year. Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan's finance ministry showed on Monday. It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. Line, owned by South Korea's Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. "This is seen as an event by many domestic retail investors. I think the price will rise in the short term," said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. But he added that investors will also need to look at whether the company increases profits in the long term. Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). Line's messaging app was launched in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. The bulk of its revenue comes from games and sales of emojis and electronic stickers. Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. ($1 = 100.8100 Yen) (Reuters)

Japan's messaging app Line prices IPO at top of the range, may raise up to $1.3 billion

Japanese voters headed to the polls today to cast their ballot in a parliamentary election with Prime Minister Shinzo Abe&#39;s ruling party expected to cruise to victory despite lukewarm support. 
 
Abe, in power since late 2012, has yet to achieve a strong recovery in the world&#39;s third-largest economy nor his cherished goal of removing a war-renouncing clause from Japan&#39;s US-imposed constitution. 
 
But voters, despite misgivings, appear willing to boost his party and its conservative allies, due mostly to a lack of faith in the opposition. 
 
Today&#39;s vote is for half the seats in the House of Councillors -- the less powerful upper house of parliament -- and polling stations across the country opened at 7:00 am (2200 GMT Saturday). 
 
The vote outcome is expected to become clear shortly after the polls close at 8:00 pm. 
 
Having been largely written off after a failed 2006-2007 stint as prime minister, Abe got a rare second chance when a left-leaning government collapsed in late 2012. 
 
He promised to end debilitating deflation through massive easy money and other steps -- so-called Abenomics -- while beefing up Japan&#39;s defence, promoting conservative values and vowing to revise the constitution. 
 
Initial results were favourable with stocks soaring and businesses reaping record profits as the yen fell, making Japanese companies more competitive. 
 
But the world&#39;s third-largest economy has since lurched from growth to contraction, with weak consumer inflation still weighing on sentiment. 
 
Voters backing Abe due to lack of alternatives&nbsp; 
 
In a poll last week, 41 per cent said they disapproved of Abe&#39;s economic policies, but support his Liberal Democratic Party (LDP), a less-than-resounding 37 per cent, far outpaced 11 per cent for the main opposition Democratic Party. 
 
&quot;As in past elections, voters are likely to passively endorse the Abe administration due to a lack of alternatives,&quot; said Koji Nakakita, professor of politics at Hitotsubashi University in Tokyo. 
 
A wildcard this time is that Japan&#39;s voting age has been lowered from 20 to 18 to encourage young people to take part in politics but how they will vote, and in what numbers, remains to be seen. 
 
Abe is hoping that the coalition and a loose group of hawkish conservatives from smaller parties can grab a two-thirds majority in the upper house, giving him the strength to start amending the constitution. 
 
The document, which renounces Japan&#39;s right to wage war, is deplored by nationalists as a relic from Japan&#39;s World War II defeat. 
 
Still, many Japanese staunchly embrace its pacifist ideal. 
 
But any legislation that mustered the two-thirds majorities needed to pass both houses would face another hurdle in the form of a national referendum. 
 
 
Things to know: Japan&#39;s upper house election

<ul>
	<li>What is the upper house?</li>
</ul>
The House of Councillors, as it is formally known, is the smaller and less powerful side of Japan&#39;s bicameral legislature, or Diet. 
 
Its 242 members serve six-year terms, with elections every three years for half the seats.
<ul>
	<li>What does it do?</li>
</ul>
The body is designed for careful deliberation, somewhat similar to the US Senate, but lacks the power and prestige. 
 
Most legislation must pass it to become law, however its decisions can be overturned by the House of Representatives, the lower chamber, though that rarely happens.
<ul>
	<li>Who can run and vote?</li>
</ul>
Japanese citizens over the age of 30 can run. Upper house elections tend to attract candidates with national fame, such as television personalities and athletes, regardless of their political experience and policy chops. 
 
For the first time, anyone over the age of 18 can vote. Previously the voting age was 20.
<ul>
	<li>What are the key issues?</li>
</ul>
Prime Minister Shinzo Abe, a member of the lower house, is not up for election. But voters will consider his steerage of the economy, which has yet to result in as robust a recovery as promised. 
 
His ruling Liberal Democratic Party (LDP) and other conservatives are aiming to gain enough seats to control two-thirds of the upper house, part of their controversial goal to amend Japan&#39;s war-renouncing constitution.
<ul>
	<li>What is the likely result?</li>
</ul>
The jury remains out on the prime minister&#39;s unconventional &quot;Abenomics&quot; economic policies in place for over 3 1/2 years, while many voters appear wary of revising the pacifist constitution. 
 
But burned by an unpopular 2009-2012 left-leaning government, voters are likely to stick to the status quo, with surveys pointing to Abe and his allies cruising to victory. 
 
Voters have in the past, however, used upper house elections to punish the ruling party. In 1998, then prime minister Ryutaro Hashimoto resigned when the LDP fared poorly after a consumption tax increase delivered a body blow to the economy. 
 
Abe is highly likely to avoid such a fate as he recently announced a delay in a planned tax increase. 
 
 
(AFP)

Voters, despite misgivings, appear willing to boost Abe's party and its conservative allies, mostly due to a lack of faith in the opposition

Japanese voters headed to the polls today to cast their ballot in a parliamentary election with Prime Minister Shinzo Abe's ruling party expected to cruise to victory despite lukewarm support. Abe, in power since late 2012, has yet to achieve a strong recovery in the world's third-largest economy nor his cherished goal of removing a war-renouncing clause from Japan's US-imposed constitution. But voters, despite misgivings, appear willing to boost his party and its conservative allies, due mostly to a lack of faith in the opposition. Today's vote is for half the seats in the House of Councillors -- the less powerful upper house of parliament -- and polling stations across the country opened at 7:00 am (2200 GMT Saturday). The vote outcome is expected to become clear shortly after the polls close at 8:00 pm. Having been largely written off after a failed 2006-2007 stint as prime minister, Abe got a rare second chance when a left-leaning government collapsed in late 2012. He promised to end debilitating deflation through massive easy money and other steps -- so-called Abenomics -- while beefing up Japan's defence, promoting conservative values and vowing to revise the constitution. Initial results were favourable with stocks soaring and businesses reaping record profits as the yen fell, making Japanese companies more competitive. But the world's third-largest economy has since lurched from growth to contraction, with weak consumer inflation still weighing on sentiment. Voters backing Abe due to lack of alternatives In a poll last week, 41 per cent said they disapproved of Abe's economic policies, but support his Liberal Democratic Party (LDP), a less-than-resounding 37 per cent, far outpaced 11 per cent for the main opposition Democratic Party. "As in past elections, voters are likely to passively endorse the Abe administration due to a lack of alternatives," said Koji Nakakita, professor of politics at Hitotsubashi University in Tokyo. A wildcard this time is that Japan's voting age has been lowered from 20 to 18 to encourage young people to take part in politics but how they will vote, and in what numbers, remains to be seen. Abe is hoping that the coalition and a loose group of hawkish conservatives from smaller parties can grab a two-thirds majority in the upper house, giving him the strength to start amending the constitution. The document, which renounces Japan's right to wage war, is deplored by nationalists as a relic from Japan's World War II defeat. Still, many Japanese staunchly embrace its pacifist ideal. But any legislation that mustered the two-thirds majorities needed to pass both houses would face another hurdle in the form of a national referendum. Things to know: Japan's upper house election What is the upper house? The House of Councillors, as it is formally known, is the smaller and less powerful side of Japan's bicameral legislature, or Diet. Its 242 members serve six-year terms, with elections every three years for half the seats. What does it do? The body is designed for careful deliberation, somewhat similar to the US Senate, but lacks the power and prestige. Most legislation must pass it to become law, however its decisions can be overturned by the House of Representatives, the lower chamber, though that rarely happens. Who can run and vote? Japanese citizens over the age of 30 can run. Upper house elections tend to attract candidates with national fame, such as television personalities and athletes, regardless of their political experience and policy chops. For the first time, anyone over the age of 18 can vote. Previously the voting age was 20. What are the key issues? Prime Minister Shinzo Abe, a member of the lower house, is not up for election. But voters will consider his steerage of the economy, which has yet to result in as robust a recovery as promised. His ruling Liberal Democratic Party (LDP) and other conservatives are aiming to gain enough seats to control two-thirds of the upper house, part of their controversial goal to amend Japan's war-renouncing constitution. What is the likely result? The jury remains out on the prime minister's unconventional "Abenomics" economic policies in place for over 3 1/2 years, while many voters appear wary of revising the pacifist constitution. But burned by an unpopular 2009-2012 left-leaning government, voters are likely to stick to the status quo, with surveys pointing to Abe and his allies cruising to victory. Voters have in the past, however, used upper house elections to punish the ruling party. In 1998, then prime minister Ryutaro Hashimoto resigned when the LDP fared poorly after a consumption tax increase delivered a body blow to the economy. Abe is highly likely to avoid such a fate as he recently announced a delay in a planned tax increase. (AFP)

Japan votes in upper house election

When openly gay independent candidate Wataru Ishizaka campaigned for a 2007 Tokyo local election, people snickered at his speeches, but now even Japan&#39;s conservative ruling party mentions gay rights in its platform for this year&#39;s upper house election. 
 
Though the paragraph is deep in the manifesto of Prime Minister Shinzo Abe&#39;s Liberal Democratic Party (LDP) and refers only to promoting understanding of sexual diversity, even this was unthinkable a decade ago. 
 
By Asian standards, Japanese laws are relatively liberal - homosexual sex has been legal since 1880 - but social attitudes keep the lesbian, gay, bisexual and transgender (LGBT) community largely invisible. 
 
LGBT rights are not covered in Japan&#39;s Equal Opportunity Act and there are no anti-discrimination laws. 
 
But things are changing. 
 
Several municipalities, including two Tokyo districts, now give same-sex partners rights similar to spouses, as do a growing number of companies.&nbsp;On his second attempt in 2011, Ishizawa won the Tokyo district assembly seat, and this time he said there were tears, not titters, when he spoke. 
 
Gaku Hashimoto, an LDP lawmaker in the lower house of Parliament who sits on a committee working for a law on LGBT rights, said winning the hosting rights for the 2020 Summer Olympics had helped bring change, since the Olympic charter mandates equality, including on matters of sexual orientation. 
 
&quot;The LDP has some very conservative aspects, and I believe there weren&#39;t a lot of people aware of this issue, so without this outside pressure, things might not have come this far,&quot; said Hashimoto, son of a former prime minister. 
 
&quot;But at the same time, society has developed ... There&#39;s a lot of debate on the issue, and local governments are taking their own steps.&quot; 
 
Helping society understand LGBT issues and obtaining a social consensus should nevertheless come before anti-discrimination laws, he added. 
 
Critics say the LDP mostly wants to burnish its image overseas before the Olympics, with an eye to luring tourists. 
 
&quot;The LDP and people in the core of government ... if they could get by without dealing with LGBT issues, they would. But there&#39;s the calculation that doing nothing looks bad overseas,&quot; said Akiko Shimizu, associate professor of gender and sexuality studies at Tokyo University. 
 
&quot;In reality they oppose same-sex marriage and don&#39;t clearly talk about laws to forbid discrimination.&quot; 
 
Same-sex marriage remains a distant dream in Japan, where some gays still enter heterosexual marriages of convenience or sport wedding rings as straight camouflage. 
 
&quot;There&#39;s the whole family system ... a father, a mother, children, and the inheriting of assets. Conservatives don&#39;t want to break this system down,&quot; Ishizaka said. 
 
The main opposition party, the centrist Democratic Party, hasn&#39;t weighed in on same-sex marriage either, he added. Its manifesto does mention anti-discrimination measures. 
 
&#39;Spirit of diversity&#39; 
 
Public views remain mixed. A 2015 survey by a research group led by Kazuya Kawaguchi at Hiroshima Shudo University found that while 51 per cent of respondents supported the idea of same-sex marriage, they were less willing to countenance an LGBT relative, friend or colleague. 
 
As many as 53.2 per cent said they were repelled by the idea of a gay male friend. 
 
But even this is an improvement, said Takahiko Morinaga, CEO of the new Japan LGBT Research institute, noting the influence of social media and news events such as the US same-sex marriage ruling and Japan&#39;s winning the Olympics. 
 
&quot;Those of us in the gay community had pretty much given up, feeling strongly that Japan was not a place where you could expect to come out. These events gave us a bit of hope,&quot; he added. 
 
&quot;These things have really brought the global spirit of diversity to the attention of Japanese corporate executives, as well as media and ordinary citizens.&quot; 
 
Panasonic Corp this spring joined a handful of firms that give same-sex partnerships some of the rights of married couples, while others allow same-sex partners family rights for phone bargain schemes and airline mileage. 
 
With LGBT spending estimated at 5.9 trillion yen ($58 billion), others are eyeing the potential of the &quot;pink yen&quot; in Japan&#39;s stagnant economy. 
 
&quot;There are a lot of services that LGBT people want - insurance that includes a same-sex partner, housing, and services connected to ageing,&quot; said Morinaga. 
 
Human resources personnel at Nomura Securities, a pioneer in Japanese LGBT inclusion since it bought US investment bank Lehman Brothers in 2008 and adopted its equality policies, say they are getting more inquiries from companies looking to implement diversity policies, including domestic firms eager to recruit and retain talent. 
 
&quot;It&#39;s starting to become a situation where if somebody does it, the others have to fall in line, especially in the same industry,&quot; said Yuki Higashi, Japan head of talent management, diversity and inclusion at Nomura. 
 
Politics might take a little longer to fall in line. 
 
&quot;We&#39;re aware that people say it&#39;s not enough, and that we aren&#39;t going as far as to ban things - but just to get this far, we&#39;ve really had to balance the opinions of many people,&quot; said lawmaker Hashimoto. 
 
(Reuters)&nbsp;

Homosexual sex has been legal in Japan since 1880, but stigma persists and LGBT rights are not covered under the Equal Opportunity Act

When openly gay independent candidate Wataru Ishizaka campaigned for a 2007 Tokyo local election, people snickered at his speeches, but now even Japan's conservative ruling party mentions gay rights in its platform for this year's upper house election. Though the paragraph is deep in the manifesto of Prime Minister Shinzo Abe's Liberal Democratic Party (LDP) and refers only to promoting understanding of sexual diversity, even this was unthinkable a decade ago. By Asian standards, Japanese laws are relatively liberal - homosexual sex has been legal since 1880 - but social attitudes keep the lesbian, gay, bisexual and transgender (LGBT) community largely invisible. LGBT rights are not covered in Japan's Equal Opportunity Act and there are no anti-discrimination laws. But things are changing. Several municipalities, including two Tokyo districts, now give same-sex partners rights similar to spouses, as do a growing number of companies. On his second attempt in 2011, Ishizawa won the Tokyo district assembly seat, and this time he said there were tears, not titters, when he spoke. Gaku Hashimoto, an LDP lawmaker in the lower house of Parliament who sits on a committee working for a law on LGBT rights, said winning the hosting rights for the 2020 Summer Olympics had helped bring change, since the Olympic charter mandates equality, including on matters of sexual orientation. "The LDP has some very conservative aspects, and I believe there weren't a lot of people aware of this issue, so without this outside pressure, things might not have come this far," said Hashimoto, son of a former prime minister. "But at the same time, society has developed ... There's a lot of debate on the issue, and local governments are taking their own steps." Helping society understand LGBT issues and obtaining a social consensus should nevertheless come before anti-discrimination laws, he added. Critics say the LDP mostly wants to burnish its image overseas before the Olympics, with an eye to luring tourists. "The LDP and people in the core of government ... if they could get by without dealing with LGBT issues, they would. But there's the calculation that doing nothing looks bad overseas," said Akiko Shimizu, associate professor of gender and sexuality studies at Tokyo University. "In reality they oppose same-sex marriage and don't clearly talk about laws to forbid discrimination." Same-sex marriage remains a distant dream in Japan, where some gays still enter heterosexual marriages of convenience or sport wedding rings as straight camouflage. "There's the whole family system ... a father, a mother, children, and the inheriting of assets. Conservatives don't want to break this system down," Ishizaka said. The main opposition party, the centrist Democratic Party, hasn't weighed in on same-sex marriage either, he added. Its manifesto does mention anti-discrimination measures. 'Spirit of diversity' Public views remain mixed. A 2015 survey by a research group led by Kazuya Kawaguchi at Hiroshima Shudo University found that while 51 per cent of respondents supported the idea of same-sex marriage, they were less willing to countenance an LGBT relative, friend or colleague. As many as 53.2 per cent said they were repelled by the idea of a gay male friend. But even this is an improvement, said Takahiko Morinaga, CEO of the new Japan LGBT Research institute, noting the influence of social media and news events such as the US same-sex marriage ruling and Japan's winning the Olympics. "Those of us in the gay community had pretty much given up, feeling strongly that Japan was not a place where you could expect to come out. These events gave us a bit of hope," he added. "These things have really brought the global spirit of diversity to the attention of Japanese corporate executives, as well as media and ordinary citizens." Panasonic Corp this spring joined a handful of firms that give same-sex partnerships some of the rights of married couples, while others allow same-sex partners family rights for phone bargain schemes and airline mileage. With LGBT spending estimated at 5.9 trillion yen ($58 billion), others are eyeing the potential of the "pink yen" in Japan's stagnant economy. "There are a lot of services that LGBT people want - insurance that includes a same-sex partner, housing, and services connected to ageing," said Morinaga. Human resources personnel at Nomura Securities, a pioneer in Japanese LGBT inclusion since it bought US investment bank Lehman Brothers in 2008 and adopted its equality policies, say they are getting more inquiries from companies looking to implement diversity policies, including domestic firms eager to recruit and retain talent. "It's starting to become a situation where if somebody does it, the others have to fall in line, especially in the same industry," said Yuki Higashi, Japan head of talent management, diversity and inclusion at Nomura. Politics might take a little longer to fall in line. "We're aware that people say it's not enough, and that we aren't going as far as to ban things - but just to get this far, we've really had to balance the opinions of many people," said lawmaker Hashimoto. (Reuters)

Japan woos LGBT community to revamp global image before hosting Olympics

Japanese fifth seed Kei Nishikori pulled out of Wimbledon mid-way through his last 16 match against Marin Cilic on Monday, suffering from a rib injury. 
 
An off-colour Nishikori consulted the trainer and doctor during the fourth round contest on Court Two and finally retired from the match at 6-1, 5-1 down. 
 
He confirmed it was the same injury which forced him out of the Halle tourament in the run-up to Wimbledon. 
 
&quot;It got worse after the second round. I couldn&#39;t compete today,&quot; said Nishikori. 
 
Croatian ninth seed Cilic now faces either seven-time champion Roger Federer or Steve Johnson of the United States in Wednesday&#39;s quarter-finals. 
 
Nishikori&#39;s troubles were evident during the first set, when he found himself 5-0 down within 10 minutes, having won just two points as Cilic hit 10 aces. 
 
The Japanese did win one service game but by the end of the 16-minute set, he had hit just two winners to 18 from his opponent. 
 
He did manage to break Cilic early in the second set but could not stop the slump. 
 
In the breaks of play, 26-year-old Nishikori looked forlorn, with his head down, staring at the ground. 
 
He had his head in his hands after serving a double fault to go 4-1 down in the second set, after which his coaching staff -- including former French Open champion Michael Chang -- pleaded with him to call it quits. 
 
Nishikori called for the trainer and the doctor and was given some pills. 
 
After one more game he shook hands with his opponent. 
 
Nishikori hit just five winners in the match to 28 from Cilic, and his fastest serve was at only 103 miles per hour. He had managed to get just 35 per cent of his returns in play. 
 
Nishikori also withdrew from last year&#39;s Wimbledon in the second round with a left calf injury. 
 
He was bidding to reach the Wimbledon quarter-finals for the first time in seven attempts -- the only one of the four majors where he has yet to make the last eight. 
 
Nishikori was bidding to become only the second Japanese man to reach the Wimbledon quarter-finals, after Shuzo Matsuoka in 1995. 
 
He was the last Asian player left in the tournament after compatriot Misaki Doi was beaten in the women&#39;s last 16 by Australian Open champion Angelique Kerber in the preceding match on the 4,000-seater Court Two show court. 
 
Cilic, who beat Nishikori in the 2014 US Open final, has now reached the Wimbledon quarter-finals three times in a row, while Monday was the second time Nishikori had made it to the last 16. 
 
(AFP)

Nishikori also withdrew from last year's Wimbledon in the second round with a left calf injury

Japanese fifth seed Kei Nishikori pulled out of Wimbledon mid-way through his last 16 match against Marin Cilic on Monday, suffering from a rib injury. An off-colour Nishikori consulted the trainer and doctor during the fourth round contest on Court Two and finally retired from the match at 6-1, 5-1 down. He confirmed it was the same injury which forced him out of the Halle tourament in the run-up to Wimbledon. "It got worse after the second round. I couldn't compete today," said Nishikori. Croatian ninth seed Cilic now faces either seven-time champion Roger Federer or Steve Johnson of the United States in Wednesday's quarter-finals. Nishikori's troubles were evident during the first set, when he found himself 5-0 down within 10 minutes, having won just two points as Cilic hit 10 aces. The Japanese did win one service game but by the end of the 16-minute set, he had hit just two winners to 18 from his opponent. He did manage to break Cilic early in the second set but could not stop the slump. In the breaks of play, 26-year-old Nishikori looked forlorn, with his head down, staring at the ground. He had his head in his hands after serving a double fault to go 4-1 down in the second set, after which his coaching staff -- including former French Open champion Michael Chang -- pleaded with him to call it quits. Nishikori called for the trainer and the doctor and was given some pills. After one more game he shook hands with his opponent. Nishikori hit just five winners in the match to 28 from Cilic, and his fastest serve was at only 103 miles per hour. He had managed to get just 35 per cent of his returns in play. Nishikori also withdrew from last year's Wimbledon in the second round with a left calf injury. He was bidding to reach the Wimbledon quarter-finals for the first time in seven attempts -- the only one of the four majors where he has yet to make the last eight. Nishikori was bidding to become only the second Japanese man to reach the Wimbledon quarter-finals, after Shuzo Matsuoka in 1995. He was the last Asian player left in the tournament after compatriot Misaki Doi was beaten in the women's last 16 by Australian Open champion Angelique Kerber in the preceding match on the 4,000-seater Court Two show court. Cilic, who beat Nishikori in the 2014 US Open final, has now reached the Wimbledon quarter-finals three times in a row, while Monday was the second time Nishikori had made it to the last 16. (AFP)

Japanese 5th seed Kei Nishikori pulls out of Wimbledon

Japan has signed its 37th Japanese Yen Loan Package with Bangladesh amounting to 173.538 billion Japanese Yen, which is $1.5 billion or Tk11,600, reported&nbsp;Bangladesh-based news portal bdnews24.com. 
 
Japan says that this package is expected to provide &lsquo;fresh momentum&rsquo; for Bangladesh towards becoming a middle income country by 2021. The interest rate is only 0.01 per cent with a repayment period of 40 years, including a grace period of 10 years. 
&nbsp; 
The funds will be utilised on the Dhaka Mass Rapid Transit project, Jamuna Rail Bridge, Cross-Border Road Network, Matarbarhi Coal Fired Power Plant, Energy Efficiency and Conservation Promotion Financing and Disaster Risk Management Enhancement project. 
 
The Japanese embassy says with the latest loan package, Japan&rsquo;s total commitments through 2014, 2015 and 2016 amounted to 427.8 billion Yen. This would&nbsp;further strengthen the bilateral relations under the &lsquo;Japan-Bangladesh Comprehensive Partnership&rsquo;. 
 
How the funds will be used 
 
The Jamuna Railway Bridge Construction Project, including engineering services will get 2.464 billion Japanese Yen from the package. The fund will be allocated to the&nbsp;consulting services, which include detailed design, tender assistance, and so on. The Bangladesh Railways will execute the project. 
 
The purpose of the project is to improve capacity and safety of railway transportation by constructing a railway bridge over the River Jamuna parallel to the existing Jamuna Multipurpose Bridge, thus improving the logistic network of Bangladesh with its neighbouring countries. 
 
The Cross-Border Road Network Improvement Project (Bangladesh) will get 28.698 billion Yen from the loan.&nbsp; 
 
The project is aimed at improving intercity transportation and logistics network, by developing major international road networks in Bangladesh, thus facilitating international trade with neighbouring countries.&nbsp;The Roads and Highways department will execute this. 
 
About 75.571 billion Japanese Yen loan will be pumped into the Dhaka Mass Rapid Transit (MRT) Development Project (?) which is to alleviate traffic congestion and improve air pollution in the Dhaka City by constructing the 20.1 kilometers long MRT. This would enhance economic activities in Dhaka Metropolitan Area. 
 
The Dhaka Mass Transit Company Limited will execute the project under the Ministry of Road Transport and Bridge. 
 
Of the total loan, 37.821 billion Japanese Yen will be used for the Matabari Ultra Super Critical Coal-Fired Power Project (?).&nbsp;The project is aimed at&nbsp;constructing 600MW x 2 units of Ultra Super Critical Coal-Fired Power Plant in Matarbari area in Maheshkhali upazila under Cox&rsquo;s Bazar district.&nbsp;This would suffice the rising demand of power while mitigating greenhouse gas emission in Bangladesh.&nbsp; 
 
The Coal Power Generation Company Bangladesh Limited, Power Grid Company of Bangladesh Limited, Roads and Highways Department will execute the project under the Ministry of Power, Energy and Mineral Resources, and Ministry of Road Transport and Bridge. 
 
The Energy Efficiency and Conservation Promotion Financing Project will get 11.988 billion Japanese Yen while the Disaster Risk Management Enhancement Project will get the remaining 16.996 billion Japanese Yen under the signed package. 
 
(WION)

The loan agreement is expected to provide ?fresh momentum? for Bangladesh towards becoming a middle income country by 2021

Japan has signed its 37th Japanese Yen Loan Package with Bangladesh amounting to 173.538 billion Japanese Yen, which is $1.5 billion or Tk11,600, reported Bangladesh-based news portal bdnews24.com. Japan says that this package is expected to provide ‘fresh momentum’ for Bangladesh towards becoming a middle income country by 2021. The interest rate is only 0.01 per cent with a repayment period of 40 years, including a grace period of 10 years. The funds will be utilised on the Dhaka Mass Rapid Transit project, Jamuna Rail Bridge, Cross-Border Road Network, Matarbarhi Coal Fired Power Plant, Energy Efficiency and Conservation Promotion Financing and Disaster Risk Management Enhancement project. The Japanese embassy says with the latest loan package, Japan’s total commitments through 2014, 2015 and 2016 amounted to 427.8 billion Yen. This would further strengthen the bilateral relations under the ‘Japan-Bangladesh Comprehensive Partnership’. How the funds will be used The Jamuna Railway Bridge Construction Project, including engineering services will get 2.464 billion Japanese Yen from the package. The fund will be allocated to the consulting services, which include detailed design, tender assistance, and so on. The Bangladesh Railways will execute the project. The purpose of the project is to improve capacity and safety of railway transportation by constructing a railway bridge over the River Jamuna parallel to the existing Jamuna Multipurpose Bridge, thus improving the logistic network of Bangladesh with its neighbouring countries. The Cross-Border Road Network Improvement Project (Bangladesh) will get 28.698 billion Yen from the loan. The project is aimed at improving intercity transportation and logistics network, by developing major international road networks in Bangladesh, thus facilitating international trade with neighbouring countries. The Roads and Highways department will execute this. About 75.571 billion Japanese Yen loan will be pumped into the Dhaka Mass Rapid Transit (MRT) Development Project (?) which is to alleviate traffic congestion and improve air pollution in the Dhaka City by constructing the 20.1 kilometers long MRT. This would enhance economic activities in Dhaka Metropolitan Area. The Dhaka Mass Transit Company Limited will execute the project under the Ministry of Road Transport and Bridge. Of the total loan, 37.821 billion Japanese Yen will be used for the Matabari Ultra Super Critical Coal-Fired Power Project (?). The project is aimed at constructing 600MW x 2 units of Ultra Super Critical Coal-Fired Power Plant in Matarbari area in Maheshkhali upazila under Cox’s Bazar district. This would suffice the rising demand of power while mitigating greenhouse gas emission in Bangladesh. The Coal Power Generation Company Bangladesh Limited, Power Grid Company of Bangladesh Limited, Roads and Highways Department will execute the project under the Ministry of Power, Energy and Mineral Resources, and Ministry of Road Transport and Bridge. The Energy Efficiency and Conservation Promotion Financing Project will get 11.988 billion Japanese Yen while the Disaster Risk Management Enhancement Project will get the remaining 16.996 billion Japanese Yen under the signed package. (WION)

Japan and Bangladesh sign largest-ever loan agreement

North Korea&#39;s parliament awarded Kim Jong Un a new post today, adding to a long list of titles for the young leader. 
 
The North&#39;s state television said Kim was made chairman of the state affairs committee, a body that appears to be newly formed and whose function was not immediately clear. 
 
He also has the titles of the Dear Respected Comrade Kim Jong Un, Chairman of the Workers&#39; Party of Korea, First Chairman of the National Defence Commission of the Democratic People&#39;s Republic of Korea and Supreme Commander of the Korean People&#39;s Army. 
 
Kim, believed to be in his early 30s, attended the assembly meeting today. He also holds the rank of marshal in the North Korean military, and is more usually referred to &quot;our marshal&quot; in propaganda and common parlance. 
 
The parliament meets once or twice a year to formally approve budgets or policies set out by the ruling Workers&#39; Party. It also has the authority to grant Kim new titles or positions within North Korea&#39;s opaque leadership structure. 
 
The meeting was called to implement policy aims stated in a rare Workers&#39; Party congress in May, during which Kim Jong Un announced a five-year economic plan. 
 
On June 22, North Korea launched two Musudan intermediate-range missiles, drawing strong condemnation from South Korea, Japan and the United States for infringing UN sanctions designed to stop Pyongyang&#39;s nuclear and missile development programmes. 
 
North Korea referred to the missile as a &quot;Hwasong-10&quot; and said the test did not put the security of neighbouring countries at risk. 
 
(Reuters)

Kim was made chairman of the state affairs committee, a body that appears to be newly formed and whose function was not immediately clear

North Korea's parliament awarded Kim Jong Un a new post today, adding to a long list of titles for the young leader. The North's state television said Kim was made chairman of the state affairs committee, a body that appears to be newly formed and whose function was not immediately clear. He also has the titles of the Dear Respected Comrade Kim Jong Un, Chairman of the Workers' Party of Korea, First Chairman of the National Defence Commission of the Democratic People's Republic of Korea and Supreme Commander of the Korean People's Army. Kim, believed to be in his early 30s, attended the assembly meeting today. He also holds the rank of marshal in the North Korean military, and is more usually referred to "our marshal" in propaganda and common parlance. The parliament meets once or twice a year to formally approve budgets or policies set out by the ruling Workers' Party. It also has the authority to grant Kim new titles or positions within North Korea's opaque leadership structure. The meeting was called to implement policy aims stated in a rare Workers' Party congress in May, during which Kim Jong Un announced a five-year economic plan. On June 22, North Korea launched two Musudan intermediate-range missiles, drawing strong condemnation from South Korea, Japan and the United States for infringing UN sanctions designed to stop Pyongyang's nuclear and missile development programmes. North Korea referred to the missile as a "Hwasong-10" and said the test did not put the security of neighbouring countries at risk. (Reuters)

North Korean assembly awards leader Kim Jong Un fresh title

The pound was sitting at three-decade lows Monday morning as currency markets were left reeling from Britain`s shock decision to leave the European Union. 
 
Sterling collapsed to its lowest level since 1985 on Friday ahead of official referendum results as early numbers suggested that the vote would surprise markets, which had widely expected voters to opt for the status quo. 
 
On Monday morning in Tokyo, the pound was at $1.3379, off $1.3670 in New York but still above $1.3229, its lowest point earlier Friday. 
 
&quot;People are finding it difficult to comprehend what Brexit implies for the future -- we don`t know yet what the magnitude of the shock will be,&quot; Steven Barrow, head of Group-of-10 strategy at Standard Bank Group in London, told Bloomberg News. 
 
The euro bought 82.07 pence against 81.31 pence, while the dollar ticked up to 102.34 Yen, from 102.21 yen on Friday. 
 
Japan`s currency surged Friday as traders scooped up the safe-haven unit, seen as a safe bet in times of turmoil. 
 
But the rally in the Yen, which had already been on the upswing before the vote, poses a threat to profits at major Japanese exporters. 
 
And Britain`s vote to leave the EU could have significant consequences for more than 1,000 Japanese firms that operate in Britain -- many of which see it as a staging point for dealing in Europe. 
 
&quot;It was very regrettable,&quot; Sadayuki Sakakibara, chairman of Keidanren, Japan`s biggest business lobby, said of the result on Friday. 
 
Japanese Prime Minister Shinzo Abe held an emergency meeting with top officials Monday morning to discuss Brexit and how to deal with the market fallout. 
 
Ahead of the meeting, Abe pointed to unspecified measures to smooth out any impact on the world`s number three economy.&nbsp; 
 
&quot;We will make thorough efforts so that (Brexit) will not negatively affect Japan`s economy and the business of small to medium-sized firms,&quot; he said, without elaborating. 
 
On Friday, Finance Minister Taro Aso pledged that Tokyo was ready to adopt strong measures to address wild volatility on financial markets. 
 
His remarks hinted at a possible market intervention to cool the surging yen. 
 
Recently, Japanese officials, including Aso, have been warning over the Yen&#39;s rise and said an intervention was possible. However, such a move could put Japan on a collision course with its G20 counterparts, who have agreed to hold off stepping into forex markets to manipulate their currencies. 
 
Officials from the Bank of Japan (BoJ) were at the meeting on Monday. The BoJ has said it was ready to lean on a currency swap agreement it has with other major central banks to supply liquidity for markets in an effort to counter the wild volatility. 
 
(AFP)

Japanese Prime Minister Shinzo Abe held an emergency meeting with top officials Monday morning to review Brexit and the market fallout

The pound was sitting at three-decade lows Monday morning as currency markets were left reeling from Britain`s shock decision to leave the European Union. Sterling collapsed to its lowest level since 1985 on Friday ahead of official referendum results as early numbers suggested that the vote would surprise markets, which had widely expected voters to opt for the status quo. On Monday morning in Tokyo, the pound was at $1.3379, off $1.3670 in New York but still above $1.3229, its lowest point earlier Friday. "People are finding it difficult to comprehend what Brexit implies for the future -- we don`t know yet what the magnitude of the shock will be," Steven Barrow, head of Group-of-10 strategy at Standard Bank Group in London, told Bloomberg News. The euro bought 82.07 pence against 81.31 pence, while the dollar ticked up to 102.34 Yen, from 102.21 yen on Friday. Japan`s currency surged Friday as traders scooped up the safe-haven unit, seen as a safe bet in times of turmoil. But the rally in the Yen, which had already been on the upswing before the vote, poses a threat to profits at major Japanese exporters. And Britain`s vote to leave the EU could have significant consequences for more than 1,000 Japanese firms that operate in Britain -- many of which see it as a staging point for dealing in Europe. "It was very regrettable," Sadayuki Sakakibara, chairman of Keidanren, Japan`s biggest business lobby, said of the result on Friday. Japanese Prime Minister Shinzo Abe held an emergency meeting with top officials Monday morning to discuss Brexit and how to deal with the market fallout. Ahead of the meeting, Abe pointed to unspecified measures to smooth out any impact on the world`s number three economy. "We will make thorough efforts so that (Brexit) will not negatively affect Japan`s economy and the business of small to medium-sized firms," he said, without elaborating. On Friday, Finance Minister Taro Aso pledged that Tokyo was ready to adopt strong measures to address wild volatility on financial markets. His remarks hinted at a possible market intervention to cool the surging yen. Recently, Japanese officials, including Aso, have been warning over the Yen's rise and said an intervention was possible. However, such a move could put Japan on a collision course with its G20 counterparts, who have agreed to hold off stepping into forex markets to manipulate their currencies. Officials from the Bank of Japan (BoJ) were at the meeting on Monday. The BoJ has said it was ready to lean on a currency swap agreement it has with other major central banks to supply liquidity for markets in an effort to counter the wild volatility. (AFP)

Pound weak on post-Brexit fallout

In delaying its IPO by two years, Japanese messaging app company Line Corp bought time to correct weak financial reporting controls, work on its business plan, bolster staffing - and left billions of dollars on the table as its valuation shrivelled. 
 
Line&#39;s initial public offering in the next three weeks is set to raise about $1 billion, which given a global drought of such deals could make it the biggest tech listing this year, but sceptical fund managers point to tepid growth in Line&#39;s home market and doubts about its prospects for regional expansion. They also question whether its advertising revenue strategy will work. 
 
In seeking to earn more from its major Asian markets of Japan, Thailand, Indonesia and Taiwan, Line will try to generate more revenue from services such as advertising and offer more localized products, its IPO filing said. 
 
The bulk of Line&#39;s revenue comes from games and sales of emojis and electronic stickers, including Brown the bear and Cony, his flatulent rabbit girlfriend. 
 
&quot;Localisation of the service, of the marketing, of the stickers that we provide - this is very important,&quot; CEO Takeshi Idezawa told Reuters in April. 
 
Fund managers who have watched Line&#39;s growth slow in a crowded global messaging app market assess the plan with caution. 
 
&quot;I&#39;m not interested,&quot; said Yasuo Sakuma, portfolio manager at Bayview Asset Management, which manages 270 billion yen ($2.64 billion). &quot;Its growth outlook is very poor.&quot; 
 
&quot;Among the four countries that it&#39;s focusing on, only Indonesia has big room for growth in use,&quot; he added. &quot;Even there, the business outlook is not that easy.&quot; 
 
Growth in Line&#39;s monthly active users has tailed off after tripling across the world over the past three years. Last year, user numbers rose just 13 million to 218 million at the end of March, the IPO filing showed. The company isn&#39;t providing much visibility about the future either - it says in its filing that limited operating history makes it &quot;difficult&quot; to forecast future results. 
 
Globally, Line is the seventh-most used messenger app, data from researcher Statista shows, behind the likes of Facebook&#39;s WhatsApp and Tencent&#39;s WeChat. 
 
Earthquake Aftermath 
 
The company will fix its IPO price range on Monday. There is no change to the listing&#39;s schedule following Britain&#39;s vote to leave the European Union, a Line spokeswoman said on Friday. 
 
The dual New York and Tokyo listing, set for July 14-15, would value Line at about 588 billion yen ($5.75 billion) and make it the country&#39;s largest listing since Japan Post&#39;s $12 billion offering last year. 
 
Line&#39;s likely valuation is far less than the $10 billion-$20 billion that was expected by investors when South Korean parent Naver Corp previously talked of a Line listing in 2013-2014, although Line may not have had much choice but to wait. 
 
Line declined to comment, citing a media blackout period ahead of the IPO. 
 
Line&#39;s messaging app was launched as NHN Japan in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
However, in that period, it identified what it described in its IPO filing as &quot;material weaknesses&quot; in controls over financial reporting. 
 
Line has now tightened board and management approval for major transactions, it said in its prospectus, and crafted a strategy focusing on Japan, Thailand, Indonesia and Taiwan, which account for more than half its users. 
 
Line has also bolstered staff numbers by recruiting over 750 workers between December 2014 and March, its IPO filing shows, with designers and engineers among the recruits. It has around 2,540 full-time employees. 
 
Pushed as value pay 
 
Idezawa, who became Line&#39;s chief executive in March last year, has been key to tightened procedures, a person familiar with the matter said. Idezawa is known for his strictness on compliance-related matters, the person added. 
 
Idezawa was previously chief executive of, internet company Livedoor, joining that company a year after it was hit by a high-profile 2006 accounting scandal. 
 
&quot;When Line was first seriously considering an IPO around 2013, the overall company was pretty disorganised,&quot; said a person involved in the IPO. &quot;It was very much still a venture in terms of mindset. So a lot of people were hired to strengthen the company.&quot; 
 
Line has pitched its IPO to investors in terms of value and steady returns instead of explosive growth potential. 
 
While that story has been met favourably by Japan&#39;s risk-averse retail investors - Tokyo brokerages including Daiwa Securities say retail investors have shown strong interest in Line shares - fund managers are wary of Line&#39;s ad-driven growth push. 
 
&quot;I went to the company&#39;s meeting with investors... but nothing moved me,&quot; said a fund manager at a major Japanese asset management firm who declined to be named because of company rules against discussing individual shares. &quot;It&#39;s not clear how it can make money out of its advertisement business.&quot; 
 
(Reuters)

Line's likely valuation is far less than the $10 billion-$20 billion that was expected by investors

In delaying its IPO by two years, Japanese messaging app company Line Corp bought time to correct weak financial reporting controls, work on its business plan, bolster staffing - and left billions of dollars on the table as its valuation shrivelled. Line's initial public offering in the next three weeks is set to raise about $1 billion, which given a global drought of such deals could make it the biggest tech listing this year, but sceptical fund managers point to tepid growth in Line's home market and doubts about its prospects for regional expansion. They also question whether its advertising revenue strategy will work. In seeking to earn more from its major Asian markets of Japan, Thailand, Indonesia and Taiwan, Line will try to generate more revenue from services such as advertising and offer more localized products, its IPO filing said. The bulk of Line's revenue comes from games and sales of emojis and electronic stickers, including Brown the bear and Cony, his flatulent rabbit girlfriend. "Localisation of the service, of the marketing, of the stickers that we provide - this is very important," CEO Takeshi Idezawa told Reuters in April. Fund managers who have watched Line's growth slow in a crowded global messaging app market assess the plan with caution. "I'm not interested," said Yasuo Sakuma, portfolio manager at Bayview Asset Management, which manages 270 billion yen ($2.64 billion). "Its growth outlook is very poor." "Among the four countries that it's focusing on, only Indonesia has big room for growth in use," he added. "Even there, the business outlook is not that easy." Growth in Line's monthly active users has tailed off after tripling across the world over the past three years. Last year, user numbers rose just 13 million to 218 million at the end of March, the IPO filing showed. The company isn't providing much visibility about the future either - it says in its filing that limited operating history makes it "difficult" to forecast future results. Globally, Line is the seventh-most used messenger app, data from researcher Statista shows, behind the likes of Facebook's WhatsApp and Tencent's WeChat. Earthquake Aftermath The company will fix its IPO price range on Monday. There is no change to the listing's schedule following Britain's vote to leave the European Union, a Line spokeswoman said on Friday. The dual New York and Tokyo listing, set for July 14-15, would value Line at about 588 billion yen ($5.75 billion) and make it the country's largest listing since Japan Post's $12 billion offering last year. Line's likely valuation is far less than the $10 billion-$20 billion that was expected by investors when South Korean parent Naver Corp previously talked of a Line listing in 2013-2014, although Line may not have had much choice but to wait. Line declined to comment, citing a media blackout period ahead of the IPO. Line's messaging app was launched as NHN Japan in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. However, in that period, it identified what it described in its IPO filing as "material weaknesses" in controls over financial reporting. Line has now tightened board and management approval for major transactions, it said in its prospectus, and crafted a strategy focusing on Japan, Thailand, Indonesia and Taiwan, which account for more than half its users. Line has also bolstered staff numbers by recruiting over 750 workers between December 2014 and March, its IPO filing shows, with designers and engineers among the recruits. It has around 2,540 full-time employees. Pushed as value pay Idezawa, who became Line's chief executive in March last year, has been key to tightened procedures, a person familiar with the matter said. Idezawa is known for his strictness on compliance-related matters, the person added. Idezawa was previously chief executive of, internet company Livedoor, joining that company a year after it was hit by a high-profile 2006 accounting scandal. "When Line was first seriously considering an IPO around 2013, the overall company was pretty disorganised," said a person involved in the IPO. "It was very much still a venture in terms of mindset. So a lot of people were hired to strengthen the company." Line has pitched its IPO to investors in terms of value and steady returns instead of explosive growth potential. While that story has been met favourably by Japan's risk-averse retail investors - Tokyo brokerages including Daiwa Securities say retail investors have shown strong interest in Line shares - fund managers are wary of Line's ad-driven growth push. "I went to the company's meeting with investors... but nothing moved me," said a fund manager at a major Japanese asset management firm who declined to be named because of company rules against discussing individual shares. "It's not clear how it can make money out of its advertisement business." (Reuters)

Line struggles to demonstrate its growth plan

Turmoil unleashed by Britain&#39;s vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. 
 
In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday&#39;s referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. 
 
Labour&#39;s left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. 
 
His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn&#39;s failure to win over traditional Labour voters had played a major role in the referendum result. 
 
Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. &quot;He is a good and decent man but he is not a leader,&quot; Benn told BBC television. 
 
The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. 
 
Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. 
 
Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain&#39;s exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. 
 
Chinese Finance Minister Lou Jiwei said the vote &quot;will cast a shadow over the global economy&quot;. 
 
&quot;It&#39;s difficult to predict now,&quot; he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. &quot;The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view.&quot; 
 
Japan likewise fretted over the effect on the global currency market and contemplated official action. &quot;Speculative, violent moves have extremely negative effects,&quot; said Tomomi Inada, policy chief of the ruling LDP party. &quot;If necessary, the government should not hesitate to respond, including currency intervention,&quot; Nikkei daily quoted him as saying. 
 
Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. 
 
No respite 
 
South Korea&#39;s finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. 
 
The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. 
 
Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. 
 
The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain&#39;s lead and further weakening the EU. 
 
Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. 
 
Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU&#39;s Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. 
 
Only after the new leader has invoked can work on thrashing out Britain&#39;s new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. 
 
No lying down 
 
Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. 
 
The petition, posted on Parliament&#39;s website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday&#39;s figure. 
 
It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted &quot;leave&quot;. 
 
The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. 
 
An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. 
 
Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible 
 
&quot;My challenge now as first minister is to work out how I best protect Scotland&#39;s interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail,&quot; she told the BBC&#39;s Andrew Marr show.&nbsp; 
 
(Reuters)

The 52-48% referendum vote marked the biggest blow since World War II to the European project forging unity across the continent

Turmoil unleashed by Britain's vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday's referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. Labour's left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn's failure to win over traditional Labour voters had played a major role in the referendum result. Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. "He is a good and decent man but he is not a leader," Benn told BBC television. The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain's exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. Chinese Finance Minister Lou Jiwei said the vote "will cast a shadow over the global economy". "It's difficult to predict now," he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Japan likewise fretted over the effect on the global currency market and contemplated official action. "Speculative, violent moves have extremely negative effects," said Tomomi Inada, policy chief of the ruling LDP party. "If necessary, the government should not hesitate to respond, including currency intervention," Nikkei daily quoted him as saying. Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. No respite South Korea's finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain's lead and further weakening the EU. Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU's Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. Only after the new leader has invoked can work on thrashing out Britain's new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. No lying down Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. The petition, posted on Parliament's website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday's figure. It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted "leave". The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible "My challenge now as first minister is to work out how I best protect Scotland's interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail," she told the BBC's Andrew Marr show. (Reuters)

British EU exit turmoil alarms Asia, rocks Labour opposition

Panama is preparing to officially open its canal this weekend to far bigger cargo ships after nearly a decade of expansion work aimed at boosting transit revenues and global trade. 
 
On Sunday, a VIP ceremony will be held on the banks of the canal to inaugurate the completion of the works. 
 
President Juan Carlos Varela will unveil the new locks and third shipping lane built into the 102-year-old canal. Foreign dignitaries, including the presidents of Taiwan, Chile and other Central American nations, will be present at the ceremony. 
 
A Chinese-owned Neopanamax-class cargo ship will be the first vessel to officially test the new infrastructure, entering from the Atlantic and exiting into the Pacific a few hours later. 
 
The Neopanamax vessels are much bigger than the Panamax-class ships that previously were the largest able to pass through the 80-kilometer (50-mile) long canal. Each is able to haul three times as much cargo as the smaller predecessors. 
 
The expansion work began in 2007 and was meant to have been completed in 2014, but it ran well past deadline, and over budget. 
 
The expansion is estimated to have cost $5.5 billion. However, outstanding disputes between the Spanish- and Italian-led consortium that carried out the work and the Panamanian government could yet hike that figure by hundreds of millions more.For Panama, the unveiling of the broader canal is a moment of pride and of opportunity. 
 
Now, ships as long as the Eiffel Tower is tall, and as broad as Olympic-sized swimming pools, will be able to use the canal. 
 
Annual cargo volumes should double over the next decade, leading Panama to hope to triple the $1 billion in shipping fees it receives each year. 
 
Also, with the country these days linked to the &quot;Panama Papers&quot; scandal of offshore businesses owned by the world`s wealthy and influential, the expanded canal is seen as a chance to burnish the country`s tarnished image. 
 
This will show the &quot;real face of Panama,&quot; Panama Canal Authority (ACP) chief Jorge Quijano told AFP in an interview this week. 
 
World trade should also benefit from what will essentially be an inter-oceanic highway for goods between the United States and Asia. More cargo on bigger ships should mean lower transport costs.Panama is also avidly eyeing the lucrative market of transporting liquefied natural gas between the United States and Asia, principally to Japan. 
 
The ships carrying the gas were too big to use the old canal. With the expansion, they now can. 
 
&quot;When we started this expansion, we did not have on our radar that the United States was going to be a net exporter of gas and oil,&quot; ACP deputy administrator Manuel Benitez Hawkins told journalists Saturday. 
 
Now, with the US producing gas and oil from shale, American interest in using the canal has grown. 
 
&quot;That will add to the revenue and help us recoup&quot; the massive investment, Benitez said. 
 
Currently, some five per cent of global maritime commercial traffic uses the canal, which provides a valuable shortcut between North America and Asia. 
 
(AFP)

The $5.5-million expansion is expected to benefit world trade as it will serve as an inter-oceanic highway between the US and Asia

Panama is preparing to officially open its canal this weekend to far bigger cargo ships after nearly a decade of expansion work aimed at boosting transit revenues and global trade. On Sunday, a VIP ceremony will be held on the banks of the canal to inaugurate the completion of the works. President Juan Carlos Varela will unveil the new locks and third shipping lane built into the 102-year-old canal. Foreign dignitaries, including the presidents of Taiwan, Chile and other Central American nations, will be present at the ceremony. A Chinese-owned Neopanamax-class cargo ship will be the first vessel to officially test the new infrastructure, entering from the Atlantic and exiting into the Pacific a few hours later. The Neopanamax vessels are much bigger than the Panamax-class ships that previously were the largest able to pass through the 80-kilometer (50-mile) long canal. Each is able to haul three times as much cargo as the smaller predecessors. The expansion work began in 2007 and was meant to have been completed in 2014, but it ran well past deadline, and over budget. The expansion is estimated to have cost $5.5 billion. However, outstanding disputes between the Spanish- and Italian-led consortium that carried out the work and the Panamanian government could yet hike that figure by hundreds of millions more.For Panama, the unveiling of the broader canal is a moment of pride and of opportunity. Now, ships as long as the Eiffel Tower is tall, and as broad as Olympic-sized swimming pools, will be able to use the canal. Annual cargo volumes should double over the next decade, leading Panama to hope to triple the $1 billion in shipping fees it receives each year. Also, with the country these days linked to the "Panama Papers" scandal of offshore businesses owned by the world`s wealthy and influential, the expanded canal is seen as a chance to burnish the country`s tarnished image. This will show the "real face of Panama," Panama Canal Authority (ACP) chief Jorge Quijano told AFP in an interview this week. World trade should also benefit from what will essentially be an inter-oceanic highway for goods between the United States and Asia. More cargo on bigger ships should mean lower transport costs.Panama is also avidly eyeing the lucrative market of transporting liquefied natural gas between the United States and Asia, principally to Japan. The ships carrying the gas were too big to use the old canal. With the expansion, they now can. "When we started this expansion, we did not have on our radar that the United States was going to be a net exporter of gas and oil," ACP deputy administrator Manuel Benitez Hawkins told journalists Saturday. Now, with the US producing gas and oil from shale, American interest in using the canal has grown. "That will add to the revenue and help us recoup" the massive investment, Benitez said. Currently, some five per cent of global maritime commercial traffic uses the canal, which provides a valuable shortcut between North America and Asia. (AFP)

Newly expanded Panama Canal opens for bigger business

Traders said central banks of India and Korea sold dollars to curb fall of their currencies

At least two Asian central banks were suspected of intervening in their currency markets on Friday, according to traders, as global financial markets went into a tailspin after Britain voted to leave the European Union in a historic vote. Multiple traders said the Bank of Korea was thought to have sold dollars to curb the won's fall as the local currency dropped, while the Reserve Bank of India likely sold dollars through state-owned banks to prevent the rupee from falling further. An official at the Bank of Korea declined to comment, but South Korea's Vice Finance Minister Choi Sang-Mok said the government will make all efforts to minimize the impact from Brexit. "Regarding foreign exchange trade, we will use all usable options to stabilize markets, including launching smoothing operations,” he said. A senior policymaker aware of the Reserve Bank of India's plans for Brexit-related market management said that the central bank is "prepared to deal with any volatility." Separately, Japan's finance minister Taro Aso said he is carefully monitoring market developments and will respond as and when needed in the currency markets. A statement from the G7 group of leading industrial economies was expected on Friday. The question will be whether there is any coordinated intervention to ease monetary policy by global central banks, though room for maneuver is modest. "The ECB has few additional options left, yet it could announce more targeted purchases of peripheral sovereign bonds in the case investors start betting against the euro again,” said Markus Schomer, chief economist at Pinebridge Investments. The yen surging to its strongest levels against the dollar in two-and-a-half years, briefly breaking through the 100-yen-to-the-dollar level. Sterling suffered its biggest one-day fall of more than 9 percent against the dollar, hitting its lowest level in three decades. Japanese stocks sank, pushing the Nikkei 225 index down more than 8 percent to its lowest since October 2014, and a similar decline in the Nikkei futures triggered circuit breakers. Money markets were volatile. Fed fund futures effectively moved to pricing in a tiny U.S. rate cut from a rate increase in July. Japan's Deputy Chief Cabinet Secretary Hiroshige Seko told reporters the government was worried about market moves, saying sudden shifts because of the British vote were undesirable. The yen's strength due to its safe-haven status has been a frustration for Japanese authorities, who want a weaker currency to support exports and the economy. But they have been unable to garner support for intervention to weaken it from other major economies, most notably the United States. The 100-yen-per-dollar level has been seen as a pivotal point to test the patience of Japan's monetary officials on intervention. Morgan Stanley expects the dollar to fall to 90 yen as investors seek the Japanese currency out as a relative safe haven, and a further 15-20 percent downside for European equities from current levels. The Australian dollar, often sold off in times of heightened market stress, fell heavily against the dollar and the yen. Traditional stress markers such as interbank dollar funding rates in Singapore and Hong Kong were broadly steady, but treasury bill and front end government bond yields fell. "Because of this matter, we have made preparation in many aspects. We have reserved sufficient liquidity and we are able to handle in different situations," Hong Kong Financial Secretary John Tsang told reporters in the airport on Friday morning before he flew out to Beijing. The Hong Kong Monetary Authority has asked banks to maintain ample cash conditions with them. No unscheduled monetary liquidity injection operations have been taken so far, according to an HKMA spokeswoman. The Singapore stock exchange played its part in trying to reduce volatility by raising margins on Nikkei futures traded on its exchange. The People's Bank of China injected 170 billion yuan ($25.9 billion) on Friday, taking the net injection for the week to 340 billion yuan, the biggest in two months. But that was seen more about averting a cash squeeze at the end of the half year next week, as has happened previously, rather than responding to the Brexit vote. Still, the yuan fell to its weakest level against the U.S. dollar since January 2011 while its offshore counterpart slipped to its weakest level in more than four months. The Philippines' central bank said on Friday it was closely monitoring the foreign exchange market and remains prepared to act to ensure orderly transactions and smooth volatility. (Reuters)

Asian central banks, policymakers wade in to calm markets after Brexit vote

Along with the like-minded allies, Japan&rsquo;s ruling bloc might be able to claim a hefty win in a July 10 upper house election, surveys claimed Friday. This may also allow it to open the path to revising the postwar, pacifist constitution for the first time.&nbsp; 
 
Prime Minister Shinzo Abe`s Liberal Democratic Party (LDP) also has a shot at the 57 seats needed to obtain a majority on its own for the first time since losing control of the chamber in 1989, the Nikkei business daily and other newspapers said. 
 
In the 242-member chamber, Abe is casting the election for half the seats as a referendum on his decision to delay a planned hike in an unpopular sales tax and his &quot;Abenomics&quot; recipe of hyper-easy monetary policy, spending and reform, amid growing doubts whether the strategy is working. 
 
Abe&rsquo;s coalition might be in no danger of losing power in the election but it needs a solid victory to keep his party`s lawmakers in line and perhaps stay on another three years after his tenure as LDP president ends in 2018. 
 
While the premier has played down his goal of revising the constitution, conservatives see it as a humiliating symbol of Japan&rsquo;s World War Two defeat. Admirers, however, consider it the source of the country`s peace and democracy. 
 
The opposition Democratic Party and three small parties, backed by grassroots groups, are trying to keep the ruling camp and its allies from winning the two-thirds needed to begin the process of revising the constitution. Revision requires a two-thirds majority in the upper house and the lower chamber, where the ruling bloc already has such a &quot;super majority&quot;, and a majority in a public referendum. 
 
Meanwhile, the Nikkei has said that the LDP and its junior partner, the Komeito party, were on track to exceed their target of 61 seats, or a majority of those up for grabs. The Democrats, who have struggled to regain trust after a rocky 2009-2012 rule, looked likely to win around 30 seats, the surveys have further suggested. 
 
A Mainichi newspaper poll showed 45 percent opposed revision versus 36 percent in favour.&nbsp;Other newspapers` polls showed similar results, although up to 35 percent of voters were undecided. &quot;If the opposition is going to do well, it will have to depend on those voters whom the polls cannot count - the undecided, the unaffiliated, etc.,&quot; said Chuo University political scientist Steven Reed. 
 
(Reuters)&nbsp;

Abe?s coalition might be in no danger of losing power in the election but it needs a solid victory to keep his party's lawmakers in line

Along with the like-minded allies, Japan’s ruling bloc might be able to claim a hefty win in a July 10 upper house election, surveys claimed Friday. This may also allow it to open the path to revising the postwar, pacifist constitution for the first time. Prime Minister Shinzo Abe`s Liberal Democratic Party (LDP) also has a shot at the 57 seats needed to obtain a majority on its own for the first time since losing control of the chamber in 1989, the Nikkei business daily and other newspapers said. In the 242-member chamber, Abe is casting the election for half the seats as a referendum on his decision to delay a planned hike in an unpopular sales tax and his "Abenomics" recipe of hyper-easy monetary policy, spending and reform, amid growing doubts whether the strategy is working. Abe’s coalition might be in no danger of losing power in the election but it needs a solid victory to keep his party`s lawmakers in line and perhaps stay on another three years after his tenure as LDP president ends in 2018. While the premier has played down his goal of revising the constitution, conservatives see it as a humiliating symbol of Japan’s World War Two defeat. Admirers, however, consider it the source of the country`s peace and democracy. The opposition Democratic Party and three small parties, backed by grassroots groups, are trying to keep the ruling camp and its allies from winning the two-thirds needed to begin the process of revising the constitution. Revision requires a two-thirds majority in the upper house and the lower chamber, where the ruling bloc already has such a "super majority", and a majority in a public referendum. Meanwhile, the Nikkei has said that the LDP and its junior partner, the Komeito party, were on track to exceed their target of 61 seats, or a majority of those up for grabs. The Democrats, who have struggled to regain trust after a rocky 2009-2012 rule, looked likely to win around 30 seats, the surveys have further suggested. A Mainichi newspaper poll showed 45 percent opposed revision versus 36 percent in favour. Other newspapers` polls showed similar results, although up to 35 percent of voters were undecided. "If the opposition is going to do well, it will have to depend on those voters whom the polls cannot count - the undecided, the unaffiliated, etc.," said Chuo University political scientist Steven Reed. (Reuters)

Japan's ruling bloc to claim hefty win in upper house elections: Surveys

China&nbsp;led opposition to India&#39;s membership of NSG at a three-hour post-dinner meeting of the Nuclear Suppliers Group here on Thursday night which ended in a deadlock.&nbsp;

Preceding the two-day plenary of the 48-member NSG, which began today, China had repeatedly said that India&#39;s membership was not on the agenda and is said to have made every effort to prevent any discussion on India&#39;s bid.&nbsp;&nbsp;

However, Japan is believed to have raised India&#39;s case in the morning session after which it was agreed that the matter would be taken up at the special post-dinner meeting.&nbsp;

Indian official sources said that China was joined by Austria, Ireland and Brazil among other countries which questioned as to how a country like India which had not signed the nuclear non-proliferation treaty(NPT) can be admitted to the grouping.&nbsp;&nbsp;

Essentially their opposition was couched in principles and processes.&nbsp;

Brazil&#39;s objections are said to have surprised the Indian diplomats who pointed out that it is a member of the five-nation BRICS grouping. Besides India and Russia, the grouping includes&nbsp;China and South Africa.&nbsp;

Indian foreign secretary S&nbsp;Jaishankar, who is camping in Seoul, had earlier met the Brazilian delegation.&nbsp;

Officials said that discussions were inconclusive and that it would only be clear before the end of the plenary on Friday.&nbsp;&nbsp;

(PTI)&nbsp;

It was joined by others like Austria, Ireland and Brazil. However, Japan supported India in the morning session

China led opposition to India's membership of NSG at a three-hour post-dinner meeting of the Nuclear Suppliers Group here on Thursday night which ended in a deadlock. Preceding the two-day plenary of the 48-member NSG, which began today, China had repeatedly said that India's membership was not on the agenda and is said to have made every effort to prevent any discussion on India's bid. However, Japan is believed to have raised India's case in the morning session after which it was agreed that the matter would be taken up at the special post-dinner meeting. Indian official sources said that China was joined by Austria, Ireland and Brazil among other countries which questioned as to how a country like India which had not signed the nuclear non-proliferation treaty(NPT) can be admitted to the grouping. Essentially their opposition was couched in principles and processes. Brazil's objections are said to have surprised the Indian diplomats who pointed out that it is a member of the five-nation BRICS grouping. Besides India and Russia, the grouping includes China and South Africa. Indian foreign secretary S Jaishankar, who is camping in Seoul, had earlier met the Brazilian delegation. Officials said that discussions were inconclusive and that it would only be clear before the end of the plenary on Friday. (PTI)

China leads opposition to India's NSG bid at post-dinner meet

Campaigning for an election to Japan&#39;s upper house of parliament begins today, as surveys give Prime Minister Shinzo Abe&#39;s ruling bloc the lead, despite doubts about his growth policies and desire to revise the post-war pacifist constitution. 
 
Abe&#39;s coalition is in no danger of losing power in the election, but he needs a solid win to keep his Liberal Democratic Party (LDP) lawmakers in line and perhaps stay on another three years after his tenure as LDP president expires in 2018. 
 
Abe is casting the July 10 election for half the seats in the 242-member chamber as a referendum on his decision to delay a planned hike in an unpopular sales tax and his &quot;Abenomics&quot; recipe of hyper-easy monetary policy, spending and reform. 
 
&quot;Our policies have had some success, but we are still only halfway to where we want to be,&quot; Abe said in a televised debate on Tuesday. &quot;I want to accelerate Abenomics, shift up two or three gears and make sure the economy is growing.&quot; 
 
Media surveys show about twice as many voters plan to vote for Abe&#39;s Liberal Democratic Party (LDP) as for the main opposition Democratic Party, but also show support for Abe and his party slipping amid growing doubt that his efforts to revive the economy are working. 
 
Turnout is expected to be weak after hitting a record low of 52.6 per cent in a 2013 upper house vote. 
 
About 2.4 million Japanese aged 18 and 19 will be able to vote for the first time, but surveys suggest the turnout of this group will be lower than among their parents and grandparents. 
 
The expected victory for the ruling bloc is thus more likely to be a vote of no-confidence in the opposition than a groundswell of support for Abe and his policies. 
 
&quot;Abenomics is not working out well and Abe&#39;s security policies are not popular. You&#39;d think he&#39;d be vulnerable,&quot; said Jeffrey Kingston, director of Asia studies at Temple University&#39;s Japan campus. 
 
&quot;But the opposition is weak and discredited, and even though they will be cooperating, I don&#39;t think it will make a big difference.&quot; 
 
Some analysts, however, said the LDP could lose some of the 51 seats it held among those up for grabs, thanks to a historic move by opposition parties to join hands. 
 
The Democratic Party and three smaller parties, including the Japanese Communist Party, are backing unified candidates in 32 single-seat districts, and have support from grassroots civic groups opposed to Abe&#39;s hawkish security policies and drive to revise the constitution. 
 
But regaining public trust is a tough task for the Democrats after a 2009 to 2012 tenure many remember for infighting and unkept promises. 
 
&quot;The Democratic Party is the only opposition party that has experience governing and can learn from its mistakes and change,&quot; its policy chief, Shiori Yamao, told Reuters, adding that it was also drawing on the energy of women and the youth. 
 
&quot;We are becoming a party that cannot only take power but govern properly, so please believe in us again.&quot; 
 
Abe has set a target for his coalition of winning a majority of the 121 seats being contested. 
 
The premier has said the ruling bloc hopes to win a two-thirds majority with like-minded opposition parties to open the path to revising the postwar pacifist constitution, but has recently played down that target. 
 
Surveys show a majority of voters see no need to change the charter, which conservatives see as an obstacle to beefing up defence and a humiliating symbol of defeat in World War Two. 
 
(Reuters)

Abe's Party leads despite doubts on his economic growth policies, revision of post World War two pacifist constitution and hawkish security

Campaigning for an election to Japan's upper house of parliament begins today, as surveys give Prime Minister Shinzo Abe's ruling bloc the lead, despite doubts about his growth policies and desire to revise the post-war pacifist constitution. Abe's coalition is in no danger of losing power in the election, but he needs a solid win to keep his Liberal Democratic Party (LDP) lawmakers in line and perhaps stay on another three years after his tenure as LDP president expires in 2018. Abe is casting the July 10 election for half the seats in the 242-member chamber as a referendum on his decision to delay a planned hike in an unpopular sales tax and his "Abenomics" recipe of hyper-easy monetary policy, spending and reform. "Our policies have had some success, but we are still only halfway to where we want to be," Abe said in a televised debate on Tuesday. "I want to accelerate Abenomics, shift up two or three gears and make sure the economy is growing." Media surveys show about twice as many voters plan to vote for Abe's Liberal Democratic Party (LDP) as for the main opposition Democratic Party, but also show support for Abe and his party slipping amid growing doubt that his efforts to revive the economy are working. Turnout is expected to be weak after hitting a record low of 52.6 per cent in a 2013 upper house vote. About 2.4 million Japanese aged 18 and 19 will be able to vote for the first time, but surveys suggest the turnout of this group will be lower than among their parents and grandparents. The expected victory for the ruling bloc is thus more likely to be a vote of no-confidence in the opposition than a groundswell of support for Abe and his policies. "Abenomics is not working out well and Abe's security policies are not popular. You'd think he'd be vulnerable," said Jeffrey Kingston, director of Asia studies at Temple University's Japan campus. "But the opposition is weak and discredited, and even though they will be cooperating, I don't think it will make a big difference." Some analysts, however, said the LDP could lose some of the 51 seats it held among those up for grabs, thanks to a historic move by opposition parties to join hands. The Democratic Party and three smaller parties, including the Japanese Communist Party, are backing unified candidates in 32 single-seat districts, and have support from grassroots civic groups opposed to Abe's hawkish security policies and drive to revise the constitution. But regaining public trust is a tough task for the Democrats after a 2009 to 2012 tenure many remember for infighting and unkept promises. "The Democratic Party is the only opposition party that has experience governing and can learn from its mistakes and change," its policy chief, Shiori Yamao, told Reuters, adding that it was also drawing on the energy of women and the youth. "We are becoming a party that cannot only take power but govern properly, so please believe in us again." Abe has set a target for his coalition of winning a majority of the 121 seats being contested. The premier has said the ruling bloc hopes to win a two-thirds majority with like-minded opposition parties to open the path to revising the postwar pacifist constitution, but has recently played down that target. Surveys show a majority of voters see no need to change the charter, which conservatives see as an obstacle to beefing up defence and a humiliating symbol of defeat in World War Two. (Reuters)

The election race for Japan's upper house of parliament begins today

Japan striker Takashi Usami, one of the country&#39;s most coveted players, is set to join German Bundesliga side Augsburg, his J-League club, Gamba Osaka said today. 
 
The 24-year-old, who helped Gamba achieve a domestic treble in 2014 and has previously had spells at Bayern Munich and Hoffenheim, will play his final J-League game at home to Nagoya Grampus this weekend. 
 
Usami joined German giants Bayern on loan as a teenager in 2011 amid much fanfare in Japan, scoring six goals in 18 appearances but ultimately failing to force his way into the side for Bundesliga games. 
 
The former J-League young player of the year subsequently moved on to Hoffenheim, where he endured a season of frustration before returning to Osaka, helping them return to the top flight after a season in division two. 
 
Augsburg, who finished 12th in the Bundesliga last season, currently have three South Korean internationals on their books, including former skipper Koo Ja-Cheol and former Sunderland striker Ji Dong-Won. 
 
(AFP)

Takashi Usami joined Bayern Munich on loan as a teenager in 2011 amid much fanfare in Japan, scoring six goals in 18 appearances

Japan striker Takashi Usami, one of the country's most coveted players, is set to join German Bundesliga side Augsburg, his J-League club, Gamba Osaka said today. The 24-year-old, who helped Gamba achieve a domestic treble in 2014 and has previously had spells at Bayern Munich and Hoffenheim, will play his final J-League game at home to Nagoya Grampus this weekend. Usami joined German giants Bayern on loan as a teenager in 2011 amid much fanfare in Japan, scoring six goals in 18 appearances but ultimately failing to force his way into the side for Bundesliga games. The former J-League young player of the year subsequently moved on to Hoffenheim, where he endured a season of frustration before returning to Osaka, helping them return to the top flight after a season in division two. Augsburg, who finished 12th in the Bundesliga last season, currently have three South Korean internationals on their books, including former skipper Koo Ja-Cheol and former Sunderland striker Ji Dong-Won. (AFP)

Japan striker Usami set for Augsburg switch

Canadian Prime Minister Justin Trudeau says he is so committed to &quot;work-life balance&quot; that he took a whole day off during a work trip to Japan last month to celebrate his wedding anniversary. It&#39;s an example he wants his cabinet to follow. 
 
If only it were so easy, his ministers say. 
 
Trudeau&#39;s forthright move while abroad for an important foreign visit followed a 2015 election campaign where he stressed the need for more flexible work hours and parent-leave options for Canadians. 
 
While such luxuries are admirable goals, some of his young Liberal ministers struggle to find a balance between their portfolios and their families. 
 
&quot;Who do you love more? Me or Justin Trudeau?&quot; Trade Minister Chrystia Freeland said her six-year-old son asked her as she prepared to fly to Japan with the prime minister. 
 
&quot;That was quite heartbreaking,&quot; the 47-year-old mother of three told a recent panel discussion in Winnipeg, saying she felt inadequate both at home and at the office. 
 
&quot;I worry about my kids and also my husband. And I worry at work - I worry my officials will think, &#39;Oh God, we&#39;re the department that has the mom as a minister.&#39;&quot; 
 
Such angst was absent when Trudeau, 44, came to power last November, promising to boost the role of women in society. He&#39;s already become the first Canadian leader to name a gender-balanced cabinet. 
 
Still, there is a chasm between his words and a political system tilted toward labor in a country in which the average Canadian works 1,704 hours annually, more than in Germany and Australia, but less than in the United States, according to Organisation for Economic Co-operation and Development. 
 
&quot;We need to be serious about a family-friendly House of Commons,&quot; Freeland said in an interview. 
 
Freeland is not alone. Environment Minister Catherine McKenna tries to turn off her mobile phone for two hours a night to spend time with her husband and three children. 
 
Indian Affairs Minister Carolyn Bennett tries to make time for family on Sunday evenings and long weekends. The pace of work is such that some exhausted aides need to be sent home. 
 
Trudeau has been clear about the need to &quot;recharge our batteries,&quot; Bennett said. &quot;When you&#39;re over-tired, you get grumpy and then you&#39;re not able to do a good job.&quot; 
 
The problem is not limited to the women in cabinet either. 
 
Innovation Minister Navdeep Bains, who says he must fight for time with his two young daughters, on Wednesday told a business audience that he has not gotten work-life balance right. 
 
Trudeau, pressed by Reuters about his ministers&#39; experiences, said quality of work was directly related to peoples&#39; home lives and how much they were sleeping. 
 
&quot;We recognize that being a minister, being a prime minister, is a very demanding job and getting that balance right continues to be a challenge,&quot; he told reporters on June 10. 
 
The Canadian prime minister is not the only world leader to see value in balance. 
 
U.S. President Barack Obama sometimes takes time for tourism during trips abroad, such as a recent round of golf with British Prime Minister David Cameron at a course outside London. 
 
Trudeau&#39;s efforts suffered a setback on Wednesday when a committee probing ways of making Parliament more family-friendly decided against recommending the institution shut down on Fridays to allow legislators to return home earlier. 
 
The measure met resistance from opposition legislators who said they needed to hold the government to account five days a week. 
 
Trudeau is sensitive to ministers&#39; personal lives and tries to schedule meetings so they can make family or constituency commitments, said House leader Dominic LeBlanc. 
 
&quot;On an evening or a weekend, if you get a phone call from the Prime Minister, he begins by, &#39;Sorry to bother you on a Saturday, but...&#39;&quot; he said. 
 
Skeptics wonder how much Trudeau can achieve. 
 
Chris Higgins, a professor at the University of Western Ontario&#39;s Ivey Business School and co-author of three national studies on working life, is not convinced by the prime minister&#39;s reason for downtime in Japan. 
 
&quot;What he&#39;s doing has nothing to do with work-life balance. He&#39;s just taking a day off,&quot; he said in an interview. &quot;People talk about (balance) a lot, but a lot of people don&#39;t really want it. They really want to focus on their careers.&quot; 
 
Adding to the challenge is the enormity of Canada, the world&#39;s second-largest country by area. It can take Liberal legislator Larry Bagnell 14 hours to fly home to the Yukon territory in the far northwest. 
 
&quot;It&#39;s brutal. Two days of your life are gone, flying, per week,&quot; said Bagnell, the father of children ages 4 and 7. &quot;It&#39;s very hard to do justice to time with your children.&quot;

Trudeau took a full day off during a work trip to celebrate his wedding anniversary

Canadian Prime Minister Justin Trudeau says he is so committed to "work-life balance" that he took a whole day off during a work trip to Japan last month to celebrate his wedding anniversary. It's an example he wants his cabinet to follow. If only it were so easy, his ministers say. Trudeau's forthright move while abroad for an important foreign visit followed a 2015 election campaign where he stressed the need for more flexible work hours and parent-leave options for Canadians. While such luxuries are admirable goals, some of his young Liberal ministers struggle to find a balance between their portfolios and their families. "Who do you love more? Me or Justin Trudeau?" Trade Minister Chrystia Freeland said her six-year-old son asked her as she prepared to fly to Japan with the prime minister. "That was quite heartbreaking," the 47-year-old mother of three told a recent panel discussion in Winnipeg, saying she felt inadequate both at home and at the office. "I worry about my kids and also my husband. And I worry at work - I worry my officials will think, 'Oh God, we're the department that has the mom as a minister.'" Such angst was absent when Trudeau, 44, came to power last November, promising to boost the role of women in society. He's already become the first Canadian leader to name a gender-balanced cabinet. Still, there is a chasm between his words and a political system tilted toward labor in a country in which the average Canadian works 1,704 hours annually, more than in Germany and Australia, but less than in the United States, according to Organisation for Economic Co-operation and Development. "We need to be serious about a family-friendly House of Commons," Freeland said in an interview. Freeland is not alone. Environment Minister Catherine McKenna tries to turn off her mobile phone for two hours a night to spend time with her husband and three children. Indian Affairs Minister Carolyn Bennett tries to make time for family on Sunday evenings and long weekends. The pace of work is such that some exhausted aides need to be sent home. Trudeau has been clear about the need to "recharge our batteries," Bennett said. "When you're over-tired, you get grumpy and then you're not able to do a good job." The problem is not limited to the women in cabinet either. Innovation Minister Navdeep Bains, who says he must fight for time with his two young daughters, on Wednesday told a business audience that he has not gotten work-life balance right. Trudeau, pressed by Reuters about his ministers' experiences, said quality of work was directly related to peoples' home lives and how much they were sleeping. "We recognize that being a minister, being a prime minister, is a very demanding job and getting that balance right continues to be a challenge," he told reporters on June 10. The Canadian prime minister is not the only world leader to see value in balance. U.S. President Barack Obama sometimes takes time for tourism during trips abroad, such as a recent round of golf with British Prime Minister David Cameron at a course outside London. Trudeau's efforts suffered a setback on Wednesday when a committee probing ways of making Parliament more family-friendly decided against recommending the institution shut down on Fridays to allow legislators to return home earlier. The measure met resistance from opposition legislators who said they needed to hold the government to account five days a week. Trudeau is sensitive to ministers' personal lives and tries to schedule meetings so they can make family or constituency commitments, said House leader Dominic LeBlanc. "On an evening or a weekend, if you get a phone call from the Prime Minister, he begins by, 'Sorry to bother you on a Saturday, but...'" he said. Skeptics wonder how much Trudeau can achieve. Chris Higgins, a professor at the University of Western Ontario's Ivey Business School and co-author of three national studies on working life, is not convinced by the prime minister's reason for downtime in Japan. "What he's doing has nothing to do with work-life balance. He's just taking a day off," he said in an interview. "People talk about (balance) a lot, but a lot of people don't really want it. They really want to focus on their careers." Adding to the challenge is the enormity of Canada, the world's second-largest country by area. It can take Liberal legislator Larry Bagnell 14 hours to fly home to the Yukon territory in the far northwest. "It's brutal. Two days of your life are gone, flying, per week," said Bagnell, the father of children ages 4 and 7. "It's very hard to do justice to time with your children."

Canada PM pushes work-life balance, cabinet too busy to listen

Tokyo&#39;s governor submitted his resignation today,an official said, after being criticised over lavish personal spending and faced with a no-confidence vote in the local assembly. 
 
Yoichi Masuzoe, 67, informed the speaker of the Tokyo legislature of his intention to quit, a spokesman for the Tokyo metropolitan government told AFP, ahead of a scheduled no-confidence motion vote by lawmakers later in the day. 
 
&quot;We`ve been told by the governor that the resignation is dated June 21,&quot; he said, requesting customary anonymity. An election for a new governor is expected as early as next month. 
 
News of the resignation comes as Tokyo is set to host the 2020 Olympics, and while Masuzoe&#39;s departure is unlikely to impact the city`s ability to manage the event, his travails have proven a fresh embarrassment for the scandal-plagued Games. 
 
Organisers were forced to scrap their original main stadium design due to high costs, had to weather plagiarism accusations over the Games` logo and are now battling the fallout from an investigation by French prosecutors into $2 million in alleged bribes, which they deny. 
 
Masuzoe had faced relentless media and legislative grilling over hefty spending on official overseas trips, online purchases of art and accommodation at high-end hotels and spas, some of which was paid for using official funds. 
 
He has denied breaking any laws but has admitted ethical lapses and repeatedly apologised in an ultimately futile effort to weather the storm. 
 
All major parties in the Tokyo legislature including Prime Minister Shinzo Abe`s Liberal Democratic Party (LDP) -- the biggest force in the capital`s politics and the main supporter of Masuzoe -- agreed to submit a no-confidence motion against him over the scandal. 
 
The LDP joined calls for Masuzoe, a former party member, to resign amid concerns that its support for him could embarrass the party in July 10 elections for the upper house of parliament, local media said.The motion would have been voted today, but reports said that plan has now been cancelled given the resignation. 
 
Major global city Tokyo, with some 13.5 million people, is Japan`s most populous local government entity. 
 
His term as governor was originally set to run to 2018, but with his resignation, a new governor will be elected to a fresh four-year term, requiring the mega city to hold another gubernatorial election around the time Tokyo hosts the 2020 Olympics. 
 
Masuzoe`s problems began in April when reports emerged that he was using his official car to be driven at the weekends to a cottage south of Tokyo. 
 
Further allegations emerged of lavish spending on overseas business trips, including first-class air travel, as well as family outings and accommodation in Japan. 
 
The brouhaha has not gone down well with the general public in Japan amid stagnant economic growth and increasing hardship among low-wage earners. A perception of arrogance and entitlement on the part of the governor has also been criticised. 
 
Masuzoe took office in February 2014 following an election to replace Naoki Inose, who abruptly resigned over a personal financial scandal after leading Tokyo`s campaign to win the 2020 Games. 
 
On assuming office as governor,Masuzoe -- a former health and labour minister -- pledged an administration free of money scandals. 
He had reportedly begged a delay in voting on the motions so that he could attend the Rio Olympics in August as chief executive of the next host city. 
 
Local lawmakers, however, have criticised that, saying Masuzoe had &quot;no right to talk about the Olympics&quot;. 
(AFP)

The lavish spending has not gone down well with the general public amid stagnant economic growth and hardship among low-wage earners

Tokyo's governor submitted his resignation today,an official said, after being criticised over lavish personal spending and faced with a no-confidence vote in the local assembly. Yoichi Masuzoe, 67, informed the speaker of the Tokyo legislature of his intention to quit, a spokesman for the Tokyo metropolitan government told AFP, ahead of a scheduled no-confidence motion vote by lawmakers later in the day. "We`ve been told by the governor that the resignation is dated June 21," he said, requesting customary anonymity. An election for a new governor is expected as early as next month. News of the resignation comes as Tokyo is set to host the 2020 Olympics, and while Masuzoe's departure is unlikely to impact the city`s ability to manage the event, his travails have proven a fresh embarrassment for the scandal-plagued Games. Organisers were forced to scrap their original main stadium design due to high costs, had to weather plagiarism accusations over the Games` logo and are now battling the fallout from an investigation by French prosecutors into $2 million in alleged bribes, which they deny. Masuzoe had faced relentless media and legislative grilling over hefty spending on official overseas trips, online purchases of art and accommodation at high-end hotels and spas, some of which was paid for using official funds. He has denied breaking any laws but has admitted ethical lapses and repeatedly apologised in an ultimately futile effort to weather the storm. All major parties in the Tokyo legislature including Prime Minister Shinzo Abe`s Liberal Democratic Party (LDP) -- the biggest force in the capital`s politics and the main supporter of Masuzoe -- agreed to submit a no-confidence motion against him over the scandal. The LDP joined calls for Masuzoe, a former party member, to resign amid concerns that its support for him could embarrass the party in July 10 elections for the upper house of parliament, local media said.The motion would have been voted today, but reports said that plan has now been cancelled given the resignation. Major global city Tokyo, with some 13.5 million people, is Japan`s most populous local government entity. His term as governor was originally set to run to 2018, but with his resignation, a new governor will be elected to a fresh four-year term, requiring the mega city to hold another gubernatorial election around the time Tokyo hosts the 2020 Olympics. Masuzoe`s problems began in April when reports emerged that he was using his official car to be driven at the weekends to a cottage south of Tokyo. Further allegations emerged of lavish spending on overseas business trips, including first-class air travel, as well as family outings and accommodation in Japan. The brouhaha has not gone down well with the general public in Japan amid stagnant economic growth and increasing hardship among low-wage earners. A perception of arrogance and entitlement on the part of the governor has also been criticised. Masuzoe took office in February 2014 following an election to replace Naoki Inose, who abruptly resigned over a personal financial scandal after leading Tokyo`s campaign to win the 2020 Games. On assuming office as governor,Masuzoe -- a former health and labour minister -- pledged an administration free of money scandals. He had reportedly begged a delay in voting on the motions so that he could attend the Rio Olympics in August as chief executive of the next host city. Local lawmakers, however, have criticised that, saying Masuzoe had "no right to talk about the Olympics". (AFP)

Tokyo governor submits resignation over money spending scandal

A Chinese naval vessel reported to have entered Japanese waters on Wednesday was acting according to international law and the principle of freedom of navigation, the Chinese defence ministry said. 
 
The ministry made the remarks in a statement on its website after a Japanese government spokesman said a Chinese navy reconnaissance vessel briefly entered Japan&#39;s territorial waters. 
(Reuters)

Chinese defence ministy denies Chinese wrongdoing

A Chinese naval vessel reported to have entered Japanese waters on Wednesday was acting according to international law and the principle of freedom of navigation, the Chinese defence ministry said. The ministry made the remarks in a statement on its website after a Japanese government spokesman said a Chinese navy reconnaissance vessel briefly entered Japan's territorial waters. (Reuters)

China says naval vessel that entered Japanese waters acted legally

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