News On Japan

Why Japan is home to the world’s oldest businesses

There are so many 100-plus-year-old companies in Japan that there’s a word for them in Japanese: shinise. What is it about doing business in Japan that cultivates such an enduring legacy?

Nov 24, 2023 (theceomagazine.com) - Shitennō-ji temple is one of Osaka’s most important Buddhist temples. Built in the sixth century during the rule of Prince Shotoku, it has stood firm as the high-rises of the modern-day city have towered above it.

Of course, the structure hasn’t survived more than a millennium without some tender loving care, with its most recent reconstruction taking place in 1963.

Visitors to the temple praise its serenity and space amid the hustle and bustle of Japan’s third-largest city. One nugget of information visitors may not take away from their visit, however, is that the firm that constructed the temple is also still in operation.

Founded in 578 with the Shitennō-ji temple as its first project, Kongō Gumi is widely considered the oldest company in the world, operational for a staggering 1445 years and counting.

What is equally as astonishing is that Kongō Gumi is not alone. The oldest hotel in the world, according to the Guinness Book of Records, is also in Japan. Nishiyama Onsen Keiunkan is an onsen (hot spring) hotel that opened in the Yamanashi Prefecture outside Tokyo in 705.

The oldest tea house in the world, Tsuen Tea, poured its first brew in Tokyo in 1160, and the oldest listed business on the Japanese stock exchange is Matsui Kensetsu, a construction firm that dates from 1586. ...continue reading

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Typhoon No. 24 was moving slowly north over waters south of Japan as of 3 p.m. on September 2, with forecasts showing increasing uncertainty in its path after September 4 and the possibility of prolonged effects around the Nansei Islands.

Japan's Environment Ministry will conduct its first survey of animal cafes, where customers can interact with animals including exotic species, as concerns grow over infection risks, injuries and the welfare burden placed on animals.

Haneda Airport introduced two major changes on September 2, opening a new boarding facility at Terminal 1 while moving the checked-baggage deadline for all domestic flights to 30 minutes before departure.

Universal Studios Japan is considering its first expansion since opening in 2001, with plans to use about 60,000 square meters of former Nippon Steel factory land adjacent to the park and potentially increase its total area by roughly 10%.

Japan will lower the statutory speed limit on certain residential roads from 60 kilometers per hour to 30 km/h from September 1, with police in Hyogo Prefecture urging drivers to familiarize themselves with the new rules and drive more carefully in neighborhood areas.

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Tokyo stocks fell sharply on September 2, with the Nikkei 225 closing at 64,325.64, down 1,889.70 points, as renewed U.S. strikes on Iran sent oil prices higher, pushed bond yields up globally and triggered heavy selling across semiconductor, technology and export-related shares.

Interest rates on Japanese government bonds for individual investors offered in September have risen to record-high levels, with the 10-year floating-rate bond reaching 1.95%, according to figures announced on September 2.

U.S. Treasury Secretary Scott Bessent told Bank of Japan Governor Kazuo Ueda that he strongly supports decisive market intervention and monetary policy measures by Japan to address excessive yen weakness, saying the currency's depreciation is contributing to inflationary pressure.

Tokyo stocks ended mixed on September 1, with the Nikkei 225 closing at 66,215.34, down 96.59 points, or 0.15%, as rising bond yields and weakness in semiconductor shares weighed on the index, while the broader TOPIX rose 25.57 points, or 0.62%, to 4,181.86 for its ninth straight gain.

Japan's benchmark long-term interest rate reached 3% on September 1, its highest level since 1996, as government bond selling accelerated on expectations of a possible Bank of Japan rate hike, rising U.S. yields and growing concerns over Japan's fiscal outlook.

Honda and Nissan Motor have agreed to jointly develop an operating system and onboard computers for next-generation vehicles, aiming to introduce the technology in new models from fiscal 2029 as they seek to compete with U.S. and Chinese automakers.

Japan began producing a commemorative 1,000-yen silver coin marking 100 years since the start of the Showa era at the Japan Mint in Osaka on August 31, with a first-striking ceremony held to mark the start of production.

Tokyo stocks ended mixed on August 31, with the Nikkei 225 closing at 66,311.93, down 93.63 points, or 0.14%, after briefly plunging more than 1,500 points in early trading, while the broader TOPIX rose 9.58 points, or 0.23%, to 4,156.29 for its eighth straight gain.