News On Japan
Business | 4

Nippon Steel, which operates major steelworks in Kitakyushu, announced on May 30th a new investment plan to introduce an electric arc furnace that uses electricity instead of coal to produce steel.

U.S. President Donald Trump announced on May 30th that his administration plans to double the current tariffs on imported steel and aluminum to 50 percent. Speaking at a plant owned by major American steelmaker U.S. Steel, Trump declared that the existing 25 percent tariff on steel imports would be raised to 50 percent starting June 4th. The same rate will also apply to aluminum products, with the measure expected to affect exporters globally.

Japan and the United States held their fourth ministerial-level talks on tariffs on May 30th, with Economic Revitalization Minister Akazawa stating that "progress toward an agreement was confirmed" during the meeting.

JR East Japan's group company has come under suspicion for overcharging labor costs in a government-commissioned project, claiming 65 people were working on a project while on 3 were involved.

SoftBank has teamed up with Intel and the University of Tokyo to establish a new semiconductor memory development company in Japan focused on artificial intelligence applications. Named SAIMEMORY, the new firm aims to develop cutting-edge memory chips with enhanced performance and lower energy consumption.

Concordia Financial Group, which will change its name to Yokohama Financial Group in October, is seeking to reinforce its identity as a strong regional bank group centered on Yokohama Bank. President Tatsuya Kataoka, who also serves as head of Yokohama Bank, discussed the strategy behind the rebranding, the group's structural reforms, and its ambitions for stronger financial performance during a joint interview with Nikkei Financial.

In a time when environmental concerns are reaching a critical point, businesses across the world, but mainly in Europe and the Middle East are ramping up their recycling efforts, an increasingly powerful driver of both ecological protection and economic opportunity.

Toyota Motor announced that its overseas vehicle sales in April reached a record 756,190 units, up 9.7% from the same month last year. The surge was driven in part by last-minute demand in the United States ahead of additional tariffs on imported vehicles proposed by the Trump administration.