financializer news A weblog highlighting financial topics making news in the international media.

american troops: It's tempting to view the development with a sense of relief, according to The Japan Times. A full withdrawal from Afghanistan, or for that matter Iraq, would have been a humiliation for the U.S. on the world stage and a likely prelude to the collapse of two elected governments for which America has invested significant blood and treasure. ; That said, avoiding calamity is not the same as wise statecraft. Instead of withdrawing all American troops from Afghanistan by Christmas, as he boasted in a tweet in October, he will be leaving behind a small counterterrorism force. Trump's final military act is reckless, particularly in Afghanistan. Some 500 of the 3,000 Americans in Iraq will also come home. Officially, the U.S. will be reducing from around 4,500 U.S. troops to 2,500. (news.financializer.com). As reported in the news.

stock exchanges: That's undermining hopes that a change of U.S. president might lead to an easing in the technology cold war. ; The Securities and Exchange Commission's decision to push ahead with a plan that could lead to the delisting of Chinese companies from U.S. stock exchanges is just the latest salvo, according to The Japan Times. Last week, Trump issued an executive order barring investments in Chinese companies that are owned or controlled by the military. Giants from Huawei Technologies Co. to Tik Tok owner Byte Dance Ltd. can have no doubt left There will be no let-up in the Trump administration's efforts to entrench its China policy before leaving office. Since the Nov. 3 election, the State Department also slapped sanctions on more people accused of undermining Hong Kong's autonomy. Shifting the goalposts will make it harder for Joe Biden to move them back, assuming the president-elect even wants to. U.S. officials have made no secret of their strategy Future U.S. presidents will find it politically suicidal to reverse President Trump's historic actions, John Ullyot, a spokesman for the National Security Council, said this week. (news.financializer.com). As reported in the news.

year plan: Fuel cells fool sells, the boss of the world's top electric-carmaker tweeted in June, according to The Japan Times. China, the world's biggest market for electric vehicles, isn't so quick to dismiss the alternative to batteries. Chief Executive Officer Elon Musk has spent years mocking the idea of using hydrogen fuel cells rather than electric batteries to power next-generation green vehicles. Officials are promoting the development of hydrogen-powered cars, trucks and buses, with Beijing offering to reward cities that achieve adoption targets. ; In a 15-year plan for new-energy vehicles released on Nov. 2, China's State Council said the country will focus on building the fuel-cell supply chain and developing hydrogen-powered trucks and buses. Hydrogen is expected to play a much more important role to drastically decrease the country's greenhouse gas emissions, Kevin Jianjun Tu, a nonresident fellow at the French think tank Ifri, wrote in a report published in October. President Xi Jinping in September set a 2030 deadline for China to begin reducing carbon emissions. (news.financializer.com). As reported in the news.

eiji yatagawa: Walmart will retain a 15% minority interest. ; Rakuten and KKR will seek to shore up Seiyu's digital operations as demand for online retail grows in Japan amid the pandemic, according to The Japan Times. The new owners are retaining a previously announced plan to relist Seiyu in the future. Under the agreement, private equity fund KKR will become the majority owner with a 65% stake, while Japanese e-commerce giant Rakuten takes 20%, the companies said in a statement Monday. An IPO is certainly a common goal for us, said Eiji Yatagawa, a partner at KKR. What's important is to build a business that can go public. In June last year, Walmart said it would seek to relist Seiyu, following years of speculation that it was seeking to sell the chain after years of poor performance. For a company to go public, you need to demonstrate a very attractive story to the market. (news.financializer.com). As reported in the news.

recovery path: Economists had forecast an 18.9% expansion. ; The nation's biggest growth spurt in more than a half century shows the economy is back on a recovery path after three straight quarters of contraction that started with a sales tax hike last year before the collapse that came with COVID-19's first wave, according to The Japan Times. Still, the rapid expansion only managed to claw back about half of the growth lost since last year, less than some other major economies. Gross domestic product grew an annualized 21.4% in the three months through September from the previous quarter, expanding at the fastest clip since 1968, helped by government stimulus that fueled a sharp jump in consumer spending and a strong pickup in trade. With the virus's resurgence likely to keep a lid on further export and consumption gains, the government is already making plans to add to stimulus. Virus cases are rising at home and abroad and that will weigh on global demand and household sentiment. There is no way we can be optimistic about the outlook, said Yoshiki Shinke, chief economist at Dai-Ichi Life Research Institute. (news.financializer.com). As reported in the news.

zealand rcep: Under the deal, Japan will see tariffs eliminated on 86% of items exported to China, 81% to South Korea and 88% to the countries of the Association of Southeast Asian Nations, Australia and New Zealand, according to The Japan Times. RCEP also sets common rules on e-commerce, intellectual property, customs and rules of origins. The signing is extremely significant toward realizing a free and open international economic order at a time when some countries are becoming inward-looking due to the novel coronavirus pandemic, said Hiroaki Nakanishi, chairman of Keidanren, Japan's largest business lobby. ; The Regional Comprehensive Economic Partnership, covering some 46% of Japan's total trade, will be the country's first trade deal with both China, its largest trading partner, and South Korea, its third largest. Due to the rules and lowering of tariffs, supply chains established by Japanese companies in Asia will become more broad, effective and resilient, Akio Mimura, chairman of Japan Chamber of Commerce and Industry, said in a statement. We hope RCEP members will tenaciously encourage India's return to the pact, which will contribute to strengthening supply chains encompassing the region, said Ken Kobayashi, chairman of the Japan Foreign Trade Council. The 15 signatories to the deal said Sunday the pact remains open for India, which has skipped all negotiations since late last year due to concerns about opening up its market to China, and included provisions that would facilitate the Southern Asian country's smooth participation should it decide to return to the pact. (news.financializer.com). As reported in the news.

companies estimate: However, mass distribution, which needs regulatory approval, will not happen this year and several vaccines are seen as necessary to meet massive global needs. ; Pfizer and German partner BioNTech SE said they had found no serious safety concerns yet and expected to seek U.S. emergency use authorization this month, raising the chance of a regulatory decision as soon as December, according to The Japan Times. If granted, the companies estimate they can roll out up to 50 million doses this year, enough to protect 25 million people, and then produce up to 1.3 billion doses in 2021. Scientists, public health officials and investors welcomed the first successful interim data from a large-scale clinical test as a watershed moment that could help turn the tide of the pandemic if the full trial results pan out. Today is a great day for science and humanity, said Pfizer Chief Executive Albert Bourla, noting the data milestone comes with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. This news made me smile from ear to ear. Experts said they wanted to see the full trial data, but the preliminary results looked encouraging. (news.financializer.com). As reported in the news.

one-third stake: Soft Bank has poured about 20 billion into tech stocks and derivatives through a unit in which the billionaire personally holds a one-third stake. ; Several people on the call pointed to the structure as a corporate governance concern, the people said, asking to remain unnamed because the details of the discussion aren't public, according to The Japan Times. Son denied there is a conflict of interest and described it as remuneration for his investment expertise. Son faced a barrage of questions about the transactions on a late-evening call with analysts and fund managers after an earnings announcement Monday, according to people who took part in the briefing. Other fund managers charge fees, he said, according to one of the people. A representative for Soft Bank declined to comment. Son added that Soft Bank's board cleared the structure in a vote from which he recused himself, the person said. (news.financializer.com). As reported in the news.

trade experts: This comes as a relief to Japan, which salvaged the original Trans-Pacific Partnership free trade pact from collapse after the United States left on Trump's initiative, hoping that Washington would eventually come back. ; Still, trade experts see no immediate return of the U.S. to what is now the 11-member TPP while Biden focuses on domestic issues such as containing the spread of COVID-19 and boosting the world's largest economy, although the 77-year-old Democrat backed the TPP as vice president under former President Barack Obama, according to The Japan Times. The chances of the United States piling pressure on trading partners like Japan to make bilateral deals a tactic pursued by Trump may decrease, though a Biden administration could still make strong demands of Japan over trade and environmental issues. Biden is seen as preferring a more multilateral approach to trade. Biden would emphasize partnerships to contain unilateral Chinese policymaking and he would seek a more active Asian policy than the benign neglect of the Obama era, said Martin Schulz, chief policy economist at Fujitsu Ltd. It needs to maintain its partnerships with the United States and China but show its partners in Southeast Asia an effective way to navigate trade, investment and, most importantly, digital policies, Schulz said. Japan, as a 'middle power,' would gain a more important role. (news.financializer.com). As reported in the news.

questions answers: Here are some questions and answers about the venture ; Why hydrogen Japan has few fossil fuel resources and relies heavily on imported liquefied natural gas LNG coal and nuclear power, which has been curtailed since the Fukushima meltdown in 2011, according to The Japan Times. The mountainous, natural disaster-prone country is struggling to ramp up its renewable energy production, and is therefore investigating a variety of fuel alternatives. The Hydrogen Energy Supply Chain HESC is a joint Japanese-Australian project intended to produce plentiful, affordable fuel for Japan. It has invested heavily in hydrogen, which produces only steam and no carbon dioxide when burnt, making it the focus of some interest. It uses it in microfuel cells for residential buildings, experimental power plants and fuel cell vehicles, but production domestically is limited and expensive. Japan currently produces hydrogen domestically, in liquid and compressed gas forms, mostly from natural gas and oil. (news.financializer.com). As reported in the news.

small-dollar donations: It was a jarring outcome for Democrats who had devised an expanded political map, eager to provide a backstop against President Donald Trump and his party's grip on the Senate, according to The Japan Times. The races attracted an unprecedented outpouring of small-dollar donations from Americans apparently voting with their pocketbooks to propel long-shot campaigns. ; The voters' choices will force a rethinking of Democratic Party strategy, messaging and approach from the Trump era. Several races remained undecided into Wednesday and at least one headed to a runoff in January. While Democrats picked up must-win seats in Colorado and Arizona, they suffered a setback in Alabama, and Republicans held their own in one race after another in South Carolina, Iowa, Texas, Kansas and Montana, dramatically limiting the places where Democrats hoped to make inroads. Lindsey Graham in Columbia, South Carolina, after defeating Jamie Harrison, despite the Democrat's stunning 100 million haul for his upstart campaign. You wasted a lot of money, said White House ally Sen. (news.financializer.com). As reported in the news.

wasn t: So we'll be going to the U.S. Supreme Court, according to The Japan Times. We want all voting to stop. This is a fraud on the American public, Trump said after noting that he holds leads in several states that have not been called in his favor, including Pennsylvania and Michigan. ; Frankly we did win this election, he said. It wasn't immediately clear what Trump meant, as states including Michigan, Pennsylvania, Wisconsin, Georgia and others are counting legally cast votes. Biden's campaign manager, Jen O'Malley Dillon, said in a statement that Trump's remarks were outrageous, unprecedented and incorrect and a naked effort to take away the democratic rights of American citizens. It is routine for states to continue counting votes after Election Day. (news.financializer.com). As reported in the news.

business climate: JAL is scheduled to release earnings for the fiscal first half through September on Friday, according to The Japan Times. The expected loss marks a sharp deterioration from 53.41 billion in profit last fiscal year and follows a dismal forecast by its domestic rival ANA Holdings Inc. for this fiscal year. JAL expects it will take time for international air travel demand to recover as long as strict border controls remain in place amid the coronavirus pandemic, the sources said. ; The airline has not provided its forecast for the current fiscal year to March 2021, as the spread of the virus has left the business climate uncertain. The parent company of All Nippon Airways Co. said Tuesday it expects a record net loss of 510 billion for the year to March 2021. The airline is considering raising as much as 300 billion in capital to strengthen its financial standing, according to people close to the matter. JAL introduced new accounting standards, starting in the current business year. (news.financializer.com). As reported in the news.

japanese funders: For all the publicity garnered by South Korean President Moon Jae-in's Green New Deal and pledge last month of a 2050 net zero target, Korean engineering companies, too, are working with Japanese funders on Vietnam's Vung Ang 2 coal plant, according to The Japan Times. Chinese President Xi Jinping also garnered plenty of positive headlines last month for promising to bring the world's largest emitter to net zero status by 2060 but China still has 250 gigawatts of coal plants under development, more than the total existing fleets in India or the U.S. Doubts are warranted when so many nations are falling far short of their own climate pledges. So one reaction to a report that Japan's new prime minister, Yoshihide Suga, will pledge next week to reduce the country's net carbon emissions to zero by 2050 might be Really ; After all, public and private Japanese banks are still funding new coal-fired power stations in Vietnam, Indonesia and Bangladesh, exploiting a loophole in Tokyo's previous promise to reduce financing to such projects a fact that's causing some consternation among European investment funds. At the same time, it can be pushed too far. On the path to getting the binding and comprehensive emissions policies that the world needs, there will be plenty of partial, vague and unenforceable pledges. The promises of political leaders have real-world effects that we're already seeing. (news.financializer.com). As reported in the news.

year: Chairman Tsuneo Mishima, 61, who is originally from electronics retailer Yamada Denki Co., a capital alliance partner of Otsuka Kagu, will concurrently serve as president. ; Although we expect to remain in the red for the current fiscal year, our business is improving greatly year on year and we are close to setting out a path toward a turnaround in the next fiscal year, Otsuka Kagu said in a statement, according to The Japan Times. Otsuka offered to resign as president and director to clarify responsibility for past performances, and the board accepted the offer, the company said. The 52-year-old president offered her resignation to take responsibility for the company's prolonged earnings slump. Kumiko Otsuka KYODO Struggling Otsuka Kagu received investment from Yamada Denki in December last year and has since been working on rehabilitation under the leadership of the electronics seller. For the current fiscal year ending in April 2021, Otsuka Kagu is bracing for a net loss of 2.89 billion, according to its earnings estimates released Wednesday. The furniture retailer has yet to get out of the red, however, despite intensive efforts to draw customers including selling home appliances that go well with its furniture items. (news.financializer.com). As reported in the news.

afternoon trading: The euro was at 1.1820, up from 1.1777, and at 124.74, almost unchanged from 124.73. ; After falling below 105.60 in overseas trading over the weekend due to concerns over tardy progress in talks over a fresh coronavirus relief package in the United States, the dollar firmed back above the level in the early Tokyo morning, according to The Japan Times. But the greenback took a downturn in the wake of the 225-issue Nikkei average extending its loss, going sideways at levels slightly below 105.50 before being bought back in late afternoon trading. At 5 p.m., the dollar stood at 105.55, down from 105.93 at the same time Friday. Amid a lack of market-moving news, players moved to sell the dollar against the yen in view of moves of U.S. long-term interest rates and Tokyo stocks, said an official at a foreign exchange margin trading service firm. KEYWORDS yen, euro, dollar, forex GET THE BEST OF THE JAPAN TIMES IN FIVE EASY PIECES WITH TAKE 5 /4973089/JT-teads googletag.cmd.push function googletag.display ; ; (news.financializer.com). As reported in the news.

asset mountain: While economists laud the relative success of the BOJ's measures to support businesses and the economy through the COVID-19 crisis, many of them also warn that accelerated growth in the bank's asset mountain will be hard to scale back in the future without unnerving investors and shocking loan-dependent companies and policy makers, according to The Japan Times. With its array of corporate debt and commercial paper quickly building, the BOJ's whale in the pond presence is also spreading beyond government bonds and stock funds to distort other markets and further crowd out private investors. The central bank's growing pile of assets has now reached the equivalent of 137% of gross domestic product, according to a Bloomberg calculation based on official data. ; In dollar terms, the tally of securities, loans and other assets is just 8% smaller than that of the Federal Reserve, even though the U.S. economy is four times bigger than Japan's. RELATED STORIES Bank of Japan and PM Suga agree to work closely in first meeting Bank of Japan upgrades assessments on eight of nine regional economies Bank of Japan to begin test of digital currency in 2021 It's like the BOJ has created an intensive care unit and wheeled everybody inside. The BOJ aggressively ramped up its lending and asset buying in March as the looming scale of the pandemic spread jitters among investors and businesses. It's so comfortable on the drip feed that no one wants to leave, said Takahiro Sekido, chief Japan strategist at MUFG Bank Ltd. (news.financializer.com). As reported in the news.

section issues: Despite Wall Street's three-day rally until Friday on the back of expectations for a fresh coronavirus relief package, investors in the morning opted to lock in gains from a bull run on the Tokyo market last week, brokers said, according to The Japan Times. The market turned lethargic in the afternoon due chiefly to the absence of fresh trading incentives, they added. The 225-issue Nikkei average of the Tokyo Stock Exchange fell 61 points, or 0.26%, to close at 23,558.69, after the benchmark index gave up 27.38 points Friday. ; The Topix index of all TSE first section issues closed down 4.03 points, or 0.24%, at 1,643.35, following an 8.09-point drop the previous trading day. Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc., pointed out that trading was led by individual investors disregarding the bullish U.S. market conditions while many foreign investors, leading players in the Tokyo market, were sitting on the fence. Another brokerage official noted that a wait-and-see mood was enhanced ahead of earnings announcements by major U.S. firms and others later in the week. Japanese individual investors were acting on their own, he added. (news.financializer.com). As reported in the news.

market gauge: On Tuesday, the key market gauge advanced 121.59 points. ; But the Topix index of all TSE first section issues closed up 0.72 point, or 0.04 percent, at 1,646.47, after an 8.50-point rise the previous day, according to The Japan Times. The Tokyo market succumbed to selling pressure from the opening bell, following the Wall Street slide triggered by U.S. President Donald Trump's order to cease negotiations on an economic relief package to address the coronavirus crisis. The 225-issue Nikkei average of the Tokyo Stock Exchange shed 10.91 points, or 0.05 percent, to end at 23,422.82. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill, Trump wrote on Twitter. The Nikkei regained ground later in the morning and in late trading, but the rebound was not enough to bring the index above the previous day's close. Expectations for a stimulus package had been driving investors to buy stocks in the past several days. (news.financializer.com). As reported in the news.

sales securitization: Greater cost savings as well as sales and securitization of real estate, data centers and other assets will deliver enough cash to revamp the business while rewarding shareholders and boosting its overseas portfolio, according to him. ; We want to make our existing assets more liquid and use that to invest in new businesses, he said, according to The Japan Times. The merger between the telecommunications behemoths effectively ends an experiment that started in 1998 when NTT sold Docomo shares in the biggest-ever initial public offering at the time. The merger will also help the Tokyo-based telecommunications giant keep up share buybacks and invest aggressively overseas, Sawada said in an interview Tuesday. It gave investors a chance to bet on the fast-growing sector, while Docomo executives went on a buying spree overseas, using the influx of cash to extend Japan's then-lead in mobile services to the rest of the world. We want Docomo to invest abroad again, Sawada said, adding that he wants Docomo to work closely with NTT Communications, the network and cloud division of NTT, on an overseas strategy. Even though they blew billions of dollars on minority stakes in carriers that eventually failed to deliver on their promise, NTT will keep pushing to expand overseas, Sawada said. (news.financializer.com). As reported in the news.

time tuesday: The euro was at 1.1766, down from 1.1777, and at 124.56, up from 124.41. ; The dollar mostly fluctuated around 105.60 throughout the morning, according to The Japan Times. In the afternoon, the dollar firmed to around 105.70, amid a heightening in a risk-on market mood, which came after the benchmark 225-issue Nikkei average showed resilience from its morning's tumble and a rise in U.S. stock index futures. At 5 p.m., the dollar stood at 105.86, up from 105.65 at the same time Tuesday. Buying instigated by European stock markets' advances helped the dollar climb to around 105.90 in late trading, traders said. KEYWORDS yen, euro, dollar, forex GET THE BEST OF THE JAPAN TIMES IN FIVE EASY PIECES WITH TAKE 5 /4973089/JT-teads googletag.cmd.push function googletag.display ; ; An official at a Japanese bank noted that market participants were paying close attention to a debate later on Wednesday between U.S. Vice President Mike Pence and Democratic vice presidential candidate Kamala Harris, as U.S. President Donald Trump's novel coronavirus infection left investors increasingly mindful of the possibility that the vice president may take on the role of president if the leader has health concerns. (news.financializer.com). As reported in the news.

delhi beijing: From the Belt and Road initiative to Made in China 2025, Beijing shrewdly incorporated geoeconomic tools of statecraft into its grand strategic thinking, according to The Japan Times. China's coercive economic maneuvering employs trade, investments, technology, internationalizing of currency and even weaponization of resource supply chains toward geopolitical ends. ; Thus, reorienting Japan's economic security strategy constitutes a top priority for Prime Minister Shinzo Abe. Where does Tokyo stand in crafting an effective economic security strategy New Delhi Beijing has systematically integrated economic and financial instruments into its foreign policy with the objective of advancing its grand strategic ambitions. The objective is primarily to secure cutting edge technologies including next-generation 5G networks; strengthening foreign investment regulations in core industries in 12 strategic sectors; blocking COVID-19 bargain hunters grabbing key businesses; protecting intellectual property and averting forced technology transfers; fortifying self-sufficiency in strategic metals and mineral resource supply; managing China's plans for a digital yuan; and better strategizing developmental aid in the Indo-Pacific. Pre-pandemic, Abe's priority was how to secure Japan's economic interests amid worrying trends of de-globalization, receding trade liberalization, and increasing protectionism. From instituting an economic unit at the National Security Secretariat, conceiving a Japan-U.S. economic security dialogue, and joining forces with other democracies in a Democracy 10 the Group of Seven plus India, Australia and South Korea framework for 5G and the Global Partnership on Artificial Intelligence Japan's strategic thinking on economic security is manifesting. (news.financializer.com). As reported in the news.

lg: Expanding EV subsidies in Europe and Tesla's stupefying rally have buoyed related stocks worldwide despite global economic concerns, according to The Japan Times. Fundamentals matter little, with Tesla just starting to show profit and EV truck-maker Nikola Corp. yet to produce its first semitruck. South Korea's LG Chem Ltd. has surged more than 62 percent this year to a valuation of more than 30 billion, becoming the sixth-largest stock on the benchmark Kospi index and leaving Hyundai Motor Co., the nation's largest automaker, in the dust. ; While LG supplies many automakers, including Hyundai, it's been particularly fueled by a deal to supply batteries to Tesla's China factory, which is pumping out Elon Musk's cars at a growing clip. We believe LG Chem is set to benefit the most in Europe with its high market share and positioning, said Jae Lee, chief executive officer at Timefolio Asset Management SG Pvt, a Singapore-based hedge fund that holds shares of the company. China's Contemporary Amperex Technology Co. RELATED STORIESWired for profit How an obscure Japanese auto supplier is riding out the pandemic LG Chem had 24 percent of the global EV battery market as of the end of May. (news.financializer.com). As reported in the news.

pla navy: China's shipyards have launched the PLA Navy's first two Type 075 amphibious assault ships, which will form the spearhead of an expeditionary force to play a role similar to that of the U.S. Marine Corps, according to The Japan Times. And like the marines, the new force will be self-contained able to deploy solo with all its supporting weapons to fight in distant conflicts or demonstrate Chinese military power. ; The 40,000-ton Type 075 ships are a kind of small aircraft carrier with accommodation for up to 900 troops and space for heavy equipment and landing craft, according to Western military experts who have studied satellite images and photographs of the new vessels. Now, China's People's Liberation Army is preparing to challenge American power further afield. They will carry up to 30 helicopters at first; later they could carry fighter jets, if China can build short take off and vertical landing aircraft like the U.S. F-35B. The first Type 075 was launched last September and the second in April, according to reports in China's official military media. Eventually, the PLA Navy could have seven or more of these ships, according to reports in China's official military press. A third is under construction, according to the May edition of a Congressional Research Service report. (news.financializer.com). As reported in the news.

cash police: Five customers have also been arrested in the raid for betting with cash, according to Asahi Shimbun. Police searched the property for around six hours confiscating four baccarat tables, a number of player card decks and 12.25m yen 114,285 in cash. Tomohiro Hanaya, the 50-year-old manager of the gaming facility, has been arrested in addition to his 12 employees, under suspicion of hosting baccarat games with customers playing for money. According to The Asahi Shimbun, one customer reportedly told police they had intended to make money after losing their job as a result of the COVID-19 pandemic. During the pandemic, Japanese police have conducted raids of a number of illegal gambling operations across the nation. The illegal casino was active 24/7 for at least a year and took in around 10 customers on a typical day during the pandemic. (news.financializer.com). As reported in the news.

coronavirus infections: It could take more than six months for business to return to normal, he said, provided there is no second wave of coronavirus infections. ; Japan, which has so far managed to contain the outbreak better than its Asian peers China and India without imposing a nationwide lockdown, has slowly begun getting back to business, according to The Japan Times. A national state of emergency order was lifted in the Tokyo region late last month and establishments from gyms to schools are now reopening their doors. Cities are slowly starting to reopen, and business is starting to get better, said Suntory's CEO Takeshi Niinami, who thinks his firm's global sales hit bottom last month. Nevertheless, Niinami said he predicts that more than 20 percent of bars and restaurants could fail due to the pandemic. Even with the emergency status lifted, many restaurants are reopening with caution and with limiting seating and opening hours as customers remain wary of dining out. Japan's vibrant dining scene, from izakaya traditional Japanese pubs and restaurants to Tokyo's high-end eateries boasting the largest number of Michelin stars of any city, mostly shut down in April as the government declared the state of emergency. (news.financializer.com). As reported in the news.