TOKYO: Stocks here today rose on bargain-hunting the day after the market joined a global rout amid lingering worries about higher US interest rates and trade wars.
The benchmark Nikkei 225 index, which plunged nearly four percent on Thursday, gained 0.46 percent or 103.80 points to close at 22,694.66, while the broader Topix index edged up 0.03 percent or 0.59 points at 1,702.45.
Tokyo stocks close lower
TOKYO: Shares here closed lower today as uncertainty caused by factors including Brexit and trade tensions weighed on the market, wiping out early gains.
The benchmark Nikkei 225 index fell 0.34 percent or 71.48 points to 21,148.02 while the broader Topix index was down 0.91 percent or 14.50 points at 1,575.31. Tokyo shares opened higher, rebounding from sharp drops the previous day, with investors apparently relieved that Wall Street eked out gains after a volatile session.
“But sentiment worsened as investors remained cautious amid uncertain elements such as the postponement of Britain’s Brexit vote and the US-China trade war,” Daiwa Securities senior technical analyst Hikaru Sato told AFP. European stock markets and the pound slid Monday after British Prime Minister Theresa May said she was delaying a parliamentary vote on her deal to leave the EU after conceding it would not win sufficient support.
“The market is concerned that the postponement uses up valuable time before the 29th March exit date, and the risk of a no-deal scenario is growing,” David de Garis, director of economics and markets at National Australia Bank said in a commentary. The dollar slipped to 113.10 yen in late Asian trade from 113.35 yen in New York Monday afternoon. In individual stocks trade, SoftBank Group jumped 2.44 percent to 8,827 yen after announcing Monday it aims to raise over $23 billion by listing its Japanese mobile unit next week.
Nissan kept falling, down 3.10 percent at 915.7 yen after tumbling 2.90 percent on Monday as ousted chairman Carlos Ghosn was charged and faced new allegations of alleged financial misconduct. Prosecutors also charged Nissan for filing documents that allegedly understated Ghosn’s earnings. The Nikkei daily reported Tuesday that Nissan plans to book years of under-reported compensation paid to Ghosn as expenses in the year to March 2019 all at once, a move that could worsen the automaker’s balance sheet. Toyota lost 1.09 percent to 6,745 yen but Sony rose 0.72 percent to 5,735 yen.
Razak invites Japanese businesses to invest in Pakistan
ISLAMABAD: PM’s advisor on Commerce & Trade, Abdul Razak Dawood today underscored the importance of furthering trade and investment relations between Japan and Pakistan.
He invited Japanese businesses to explore the huge opportunities in trade and investment in Pakistan. The Advisor was speaking at a seminar, “Trade & Investment Opportunities in Pakistan,” at the Ministry of Economy, Trade & Industry (METI) of Japan, a message reaching here from Tokyo said. The seminar was jointly organized by the Japan External Trade Organization (JETRO), METI, Pakistan’s Ministry of Commerce & Textiles and the Embassy of Pakistan in Japan. Around 200 participants primarily from the Japan business community attended the seminar.
Pakistan’s massive investment in infrastructure projects with the potential to make Pakistan a regional hub for trade and investment was highlighted. While highlighting Pakistan’s economic credentials like positive macroeconomic trends, the growth potential of the local market, vibrant demography, low production costs, availability of rich natural resources and a liberal investment regime, the Adviser said that out of all the G-7 countries, Pakistan had a long-standing trade and investment relationship with Japan.
He said that there was a need to build upon the reserve of historical linkages, goodwill, understanding, and respect for brand Japan in Pakistan. The adviser also elaborated the economic agenda of the new government under the leadership of Prime Minister Imran Khan and how it was determined to overcome the current economic challenges through peace-oriented, investment friendly, development focused and people-centered strategies. The Advisor while underscoring that the balance sheets of Multi-National Corporations in Pakistan itself reflect that they are making profits and invited the Japanese investors to explore the huge opportunity in trade and investment.
He underlined that Pakistan had graduated from its traditional sectors of textile and leather to the export of engineering goods. The Advisor also invited Japanese companies to look into the IT Sector, small and medium enterprises and agriculture value chains for investment. The current presence of 86 Japanese companies in Pakistan with some enhancing their investments while new ones entering the Pakistani market coupled with JETRO’s recent annual survey ranking Pakistan as the first in terms of business growth expectation, profitability, and local employment was also highlighted
Yasushi Akahoshi, President of JETRO followed by Akimasa Ishikawa, Parliamentary Vice Minister of METI made the opening remarks. Teruo Asada, Chairman, Japan-Pakistan Business Cooperation Committee and Chairman, Marubeni Corporation also delivered a speech on trade and investment cooperation between the two countries. The seminar concluded with an inquisitive Q&A Session followed by a well-attended networking session between the visiting Pakistani businessmen and local Japanese businesses.
Iran-US Pistachio War!
TEHRAN: Global pistachio market is dominated by Iran and the United States who are in stiff competition to gain a bigger share of the market, said the head of Iran Pistachio Association today.
Mahmoud Abtahi told Iran Daily that although the US had managed to grab a larger share of the global pistachio market in recent years, Iran’s high-quality product had been able to attract more buyers. He said the annual pistachio exports of Iran and the US stood at 160,000 tons and 200,000 tons respectively in recent years. He said Italy, Greece, Afghanistan, Syria, and Turkey were also among the main players in the world pistachio market, but none of them could compete with Iran. “Turkey is seeking to raise its pistachio harvest to gain a bigger share of the global market,” he noted.
He said Iran’s pistachio sold for between US $10 and US $12 per kilogram in the global market. Abtahi noted that Iran exports about 80 percent of its pistachio harvest, adding that the price of the product in the local market was determined by its global price as well as its supply and demand. The official referred to the 100-year history of Iran’s pistachio exports and said, “We export pistachio to almost all countries both directly and indirectly.” Abtahi reiterated that dried fruits were among the country’s most important non-oil export items, of which the share of pistachios was 70 percent.
He said that Iran mostly exports pistachio in bulk as each country processes and packs pistachio based on its preferences. “On the other hand, tariffs on packaged pistachios are high in many countries, therefore exporters prefer to export pistachio in bulk,” he said. Abtahi noted that pistachio production in Iran declined in the year to March 21, 2019, adding pistachio yields bumper crop every other year. The official blamed spring frost as the other factor responsible for a decline in Iran’s pistachio output. He said about 230,000 tons of pistachios were produced in Iran in the year to March 2018 and this figure is expected to reach 50,000 tons in the current year. The official cited Kerman, Khorasan Razavi and Yazd as the provinces with the highest number of pistachio orchards in the country.