Japan's economy has rebounded with a 0.4% expansion in the January to March quarter on the back of strong consumer spending; however, some have warned about the sustainability of it due to a rise in prices and sluggish overseas demand. Gross domestic product expanded 1.6% on an annualised basis, a growth rate much higher than the 0.7% median forecast. The recovery could be severe as the country braces for the Tokyo Olympics 2020 sporting event and an associated boost to the economy.
The UK's Prime Minister, Rishi Sunak, will sign the "Hiroshima Accord" with Japan when he visits Tokyo ahead of the G7 meeting. This accord involves the UK extending its defence cooperation with Japan to uphold stability in the Indo-Pacific, as concerns grow over alleged warmongering from China. In addition, the two countries will launch a partnership on semiconductors, working together on research and development to help the West keep ahead of the game. Arriving in Tokyo on Thursday, the Prime Minister will visit a naval base, confirm new UK-Japan defence cooperation and launch a set of science and technology programmes to support UK-Japan collaboration. As part of the defence agreements under the Hiroshima Accord, the Prime Minister is expected to agree a new Cyber Partnership with Japan. This will deepen UK-Japan cooperation on cyber and set a high level of ambition for the future relationship. The UK will also unveil a new Renewable Energy Partnership, aimed at accelerating the deployment of clean energy in the UK, Japan and third countries.
UK Chancellor Rishi Sunak has said that he wants to reduce legal migration as figures are expected to balloon to around 700,000 next week. However, Prime Minister Boris Johnson has refused to promise that he will meet his manifesto pledge of getting migration below 2019 levels. Cabinet splits are reportedly emerging, with Home Secretary Suella Braverman calling for more British workers to be trained in industries with shortages instead of relying on foreign workers. Chancellor Jeremy Hunt has said the UK needs to be “pragmatic” about filling shortages with foreign workers. An official report, expected to be released next month, is predicted to show that annual net migration has tripled since the Brexit promise was made in 2019. Sunak was repeatedly asked whether he was committed to reducing net migration to the quarter of a million figure promised in the Conservative manifesto, but declined to say it would be met.
UK Prime Minister Rishi Sunak will sign the "Hiroshima Accord" with Japan's Prime Minister Fumio Kishida to increase defence cooperation between the two nations to maintain stability in the Indo-Pacific, ahead of a G7 meeting.
Leaders from the Group of 7 (G7) countries are to meet and discuss the global economy this week at the annual G7 summit in Japan. However, the US’ nearing debt default of two weeks may be cause for concern. President Joe Biden hopes to promote an optimistic tone after the White House sent two special aids to negotiate with Republicans to raise the debt. Upcoming discussions are also set to focus on Ukraine and China. European allies are pressing the US administration to give American-made F-16 jets to Ukraine after gaining territory around the city of Bakhmut. Nevertheless, the Biden administration is worried about escalating the situation and the potential costs and time issues that would arise. Discussions on China will focus on handling the threat of its economic, technological and military rise. The summit will also include talks on how to stabilise the global economy and limit devaluations of currencies.
Asian investors are eyeing several significant economic indicators from Japan and Australia on Thursday, as well as an interest rate decision from the Philippines. However, the main hope for a rebound in Chinese markets could be the prospect of a US deal on the federal debt ceiling, which has boosted stocks and the dollar. The mettle of that claim may be tested, however, after the poorest set of Chinese economic indicators in over six months caused a 1% decline on Wednesday. Nonetheless, Japan is on a high after Q1 GDP growth outperformed expectations and the Nikkei rose over 30,000 points for the first time in 20 months.
The UK and Japan are set to deepen their security ties and sign a new accord called the "Hiroshima Accord," covering areas such as defence, trade and investment, science and technology, and joint initiatives to tackle global issues such as climate change. As part of the deal, the UK, which is looking to deepen relationships with countries outside Europe after leaving the EU, has committed to deploying an aircraft carrier strike group to the Indo-Pacific in 2025. The two countries will also agree on a formal "Consult Clause," while trade and investment as well as science and technology programmes will be supported under the agreement.
The Japanese Prime Minister, Fumio Kishida, has met with top executives, including senior representatives from Intel and Taiwan Semiconductor Manufacturing, amongst others, ahead of the Group of Seven leaders’ summit in Hiroshima to discuss additional investment from global chipmakers into Japan and the G7 leaders’ discussion on stabilising supply chains.
Myanmar's military, which has been accused of committing war crimes and crimes against humanity since toppling the country's democratic government, has imported more than $1bn of arms and other materials, according to a UN expert. In a report, Tom Andrews, the UN Special Rapporteur on the human rights situation in Myanmar, called for a global ban on arms transfers to the military, saying of the $1bn, arms transfers worth $406m had come from Russia and $267m from China.
US President Joe Biden is set to meet with South Korean and Japanese leaders during the upcoming G7 leaders summit in Japan, according to White House National Security Advisor Jake Sullivan. A trilateral meeting will be attempted between the leaders.
Japan's export growth in April hit its weakest pace in over two years, rising 2.6% from the previous year, due to a slump in shipments to China. Meanwhile, imports fell by 2.3%, much larger than the predicted 0.3% drop, signifying the first annual decline in 27 months, on the back of falling crude oil and other commodities prices. Japan's economy benefited from an increase in consumer spending and tourism as COVID-19 restrictions ended in Q1, but the weakening export activity could slow down the economy's recovery.
Explosions were reported in central and southern Ukraine, including the capital, Kyiv, on Thursday after air raid sirens sounded across the country. Missile attacks in central Vinnytsia and the death of one person in a strike on an industrial facility in Odesa were among other incidents reported. China's special envoy for Eurasian affairs, Li Hui, has confirmed there is no remedy to the conflict and called for Kyiv and Moscow to engage in talks to end the war. Meanwhile, Joseph Borrell, the European Union's foreign policy chief, called for the amount allocated for military aid for Ukraine to be raised by $3.85bn.
China and ASEAN negotiators have agreed to hasten a review of the code of conduct to maintain peace in the South China Sea, the Chinese foreign ministry announced on 28 July. The agreement comes a year after the legally binding code was supposed to be enacted. There are multiple claims and disputes over the area, with China enhancing its presence considerably in recent years. The US considers the South China Sea to be critical to its Indo-Pacific policy and has sent navy vessels to carry out exercises and maintain freedom of navigation close to Chinese-controlled islands and reefs in the area.
The G7 will meet in Japan and there are increasing expectations that the group will tighten economic sanctions against Russia. Despite the reality that sanctions have affected Russia with a heavy toll, it is widely believed they have not succeeded in their geopolitical aims. The sanctions have instead driven Russia deeper into the embrace of emerging-market nations such as China, India and Turkey, providing leverage for Russian foreign policy and making a nonsense of western compliance efforts. There is even wider concern related to the potential that sanctions could collapse an already weak global economy. The EU has also recently announced that it was considering penalties for EU firms that help Russia evade western sanctions, such as providing financing, investing in sanctioned sectors, or sharing technologies that could aid the energy sector.
Competing in the Mare Nostrum Swim Tour in Barcelona, Hong Kong's Siobhan Haughey broke the fastest 100 metres freestyle time in the world this year, finishing in 52.50 seconds. The performance was faster than everywhere but her silver-medal victories over the same distance at the Tokyo Olympics in 2021. This result, paired with her win in Canet en Roussillon earlier this month, means Haughey is already preparing to qualify for the 2024 Paris Olympics in the 50m freestyle. The Mare Nostrum Tour occurs across three legs and is part of the worldwide qualifying process for both the World Championships and the next Olympics.
Japan military hospital to treat injured Ukrainian soldiers - lawmaker
Reuters
23-05-18 05:26
Japan is preparing to treat Ukrainian soldiers injured in the recent conflict with Russia at a Tokyo hospital run by the military. The Self-Defence Force Central Hospital has never treated foreign soldiers before, but the move is being seen as Japan's latest support measure following Russia's invasion. Details including costs will be decided at a meeting between Japanese Defence Minister Yasukazu Hamada and Ukrainian ambassador to Japan Sergiy Korsunsky.
Taiwan is still hoping to receive an invitation to the World Health Organisation’s annual assembly, which commences on 21 May in Geneva, despite China still opposing the invitation of the democratically governed island. Despite opposition, several of Taiwan’s diplomatic allies have issued statements offering support for their participation, allowing for several bilateral meetings with the country. In response to China blocking Taiwan’s World Health Assembly participation in 2017, Taiwan pursued a diplomatic campaign to attend the global health forum as an observer. Researchers have suggested that Taiwan’s exclusion from the WHO could have hindered efforts to fight the COVID-19 pandemic.
Italian investment bank Mediobanca is set to acquire London-based M&A advisory firm Arma Partners, enhancing its expertise in European software buyouts and expanding its international reach. The deal is expected to add 30% to Mediobanca's corporate investment banking fee pool and boost earnings per share, the bank said, although it didn't disclose the cost of the transaction. The deal comes as CEO Alberto Nagel prepares to unveil a new three-year strategy on 24 May.
Leaders from seven of the world's wealthiest democracies and the EU are meeting at this year's Group of Seven (G7) summit, which kicked off on Friday in the Japanese city of Hiroshima. The talks are expected to cover tensions in the Asia-Pacific following the exclusion of China from the summit, with much of the early attention focused on growing fears over North Korea's nuclear programme. The situation in Ukraine and Britain's EU referendum will also feature on the summit’s agenda.
President Joe Biden met with Japanese Prime Minister Fumio Kishida in Hiroshima and delivered a speech emphasizing the importance of allies standing together to make the world a safer place. The two leaders also discussed US support for Japan's plans to hold a delayed Tokyo Olympics next year, as well as US investment in Japan and Hiroshima, including from US chipmaker Micron Technology.
