Japan's Major Insurers Fined Over 2 Billion Yen

The Japan Association of Corporate Executives has expressed support for Prime Minister Ishiba's goal of raising the minimum wage to ¥1,500 by the 2020s, calling for it to be achieved within three years.

Japan's Fair Trade Commission has ordered four major insurance companies — Mitsui Sumitomo Insurance, Sompo Japan, Aioi Nissay Dowa Insurance, and Tokio Marine & Nichido Fire Insurance — to pay fines totaling over 2 billion yen for collaborating to discuss estimates and bid amounts, leading to premium increases.

Honda Motor Co. has filed a recall with Japan’s Ministry of Land, Infrastructure, Transport, and Tourism for over 650,000 motorcycles due to the risk of rear wheels locking from oil leaks, potentially leading to accidents.

The Bank of Japan decided to keep short-term interest rates unchanged in its two-day policy meeting that ended on Thursday. (NHK)

Toyota Motor Corp. announced that its global production from April to September fell by 7% compared to the previous year, totaling 4,705,037 units. This is the first time in four years that production figures have fallen below the prior year's results.

Since the invasion of Ukraine and the consequent wave of foreign business withdrawals from Russia, products mimicking Japanese imports have been appearing in greater numbers across the country.

US tech giant Meta Platforms, which operates Facebook and Instagram, is facing lawsuits in Japan filed by people who claim to have been defrauded through fake advertisements. (NHK)

To ensure trust in currency, the Mint Bureau in Kita Ward, Osaka, held its annual 'Grand Test for Manufactured Currency' on October 28th, where officials checked whether coins meet the designated weight standards, a tradition that has been ongoing since 1872, marking its 153rd occurrence this year.