Society

Japan to promote direct Asian currency exchanges

Jun 07 (Nikkei) - Japan's Ministry of Finance seeks to create a market enabling direct exchanges of the yen and other Asian currencies without using the dollar as an intermediary, an idea that could reduce funding costs for financial institutions and businesses.

The proposal is a key part of a comprehensive plan to encourage broader use of Asian currencies, which will be laid out at a committee meeting as early as next week.

Japan will start off by approaching Thailand. Though the yen and the baht already can be exchanged directly, transactions still typically involve converting yen into dollars to buy baht, due to the greenback's superior liquidity. Direct conversions would let businesses pay less in fees to the financial institutions handling the transactions, as well as reduce exposure to U.S. monetary policy and economic conditions.

Thailand imposes a cap of 300 million baht ($8.83 million) on cash balances in baht-denominated accounts held by nonresidents. Tokyo will ask Bangkok to raise this ceiling to facilitate direct conversions involving yen by ensuring enough currency is available.

Do Bears Prefer Acorns or Berries?

Bear sightings across Japan have already climbed to nearly twice the level recorded during the same period last year, prompting entry bans in mountain areas behind Kyoto’s Ninna-ji Temple and the cancellation of hiking events in Kansai, while new research suggests that the key to reducing encounters may lie in understanding what bears eat in each region.

Copper Thieves Target Japanese Shrines

Copper roofing panels were stolen from several shrines in Hamamatsu, Shizuoka Prefecture, including a city-designated cultural property, in the latest case amid a nationwide surge in copper thefts targeting shrines and temples across Japan, where soaring metal prices have fueled crimes that leave historic religious buildings damaged, exposed to the elements, and facing repair costs of millions of yen.

1200-Year-Old Temple on Miyajima Reduced to Ashes

Flames broke out on the morning of May 20th on Miyajima Island in Hiroshima Prefecture, home to one of Japan's World Heritage sites, destroying Reikado Hall near the summit of Mount Misen.

From Bento Boxes to Garbage Bags, Rising Costs Hitting Daily Life Across Japan

Uncertainty surrounding the situation in the Middle East is beginning to affect daily life in Japan, as concerns over crude oil supplies spread to restaurants, cleaning services and even household garbage disposal systems across the Kansai region.

Tochigi Robbery-Murder Suspect’s Wife Posted Dance Videos on Social Media

A 25-year-old woman arrested as a suspected ringleader in a robbery-murder case in Tochigi Prefecture once posted cheerful dance videos on social media and was remembered by those who knew her as an energetic and outgoing young woman.

MEDIA CHANNELS

MORE Society NEWS

Garbage Burnoff Spreads to 3 Buildings in Okayama

A fire that broke out in Kagamino, Okayama Prefecture, shortly after noon on May 20th destroyed three buildings, including a home, after flames from open burning spread to dead leaves and then to nearby structures.

Gang Members Arrested After Opening Office Near Nursery

Six people, including a senior member of a group affiliated with the Sumiyoshi-kai crime syndicate's Kohei-ikka faction, have been arrested on suspicion of opening a gang office in a prohibited area near a nursery school in Tokyo's Itabashi Ward.

Six Police Officers Injured After Man Sprays Liquid at Station

A man who visited a police station in Hiratsuka, Kanagawa Prefecture, in the early hours of May 21st allegedly sprayed a transparent liquid inside the building, causing six police officers to complain of eye and throat pain and be taken to hospital with minor injuries.