Japan’s trade minister urged China yesterday to resume exports to Japan of crucial manufacturing materials that Japanese officials consider effectively banned since last month amid a territorial row between the two Asian powers.
Japanese companies say Beijing has blocked shipments of rare earth metals to Japan since Sept. 21 in possible retaliation for Tokyo’s arrest of a Chinese fishing boat -captain near disputed islands in the East China Sea.
The captain, whose fishing trawler collided with two Japanese patrol boats, was later released. Beijing denies any official ban on shipments to Japan, but Japanese companies and officials say supplies have yet to resume.
Japanese Trade Minister Akihiro Ohata told visiting Chinese Vice Minister of Commerce Jiang Yaoping (蔣耀平) that disrupted -shipments of the exotic minerals, used in computer disk drives, hybrid car components and other high-tech products, could hurt the two Asian economies.
Jiang, in Tokyo to attend a -Japan-China energy conservation forum, reiterated that there is no “intentional” trade embargo. He blamed “a rise in illegal shipments” for forcing authorities to step up customs inspections, Ohata said.
Jiang also said that China has -increased inspections of rare earths shipments to other countries, not just Japan, according to Japanese media reports.
Jiang “said he would make efforts so that the situation would not cause any adverse effects on the economies of Japan and China,” Ohata told reporters.
The territorial dispute has prompted concerns in Japan about regional security.
Japanese Prime Minister Naoto Kan told a ceremony marking armed forces day yesterday that Japan faces “severe” regional security threats because of North Korea’s missile and nuclear development and China’s growing military presence and marine activity.
“We need to maintain readiness of our defense forces so that we can effectively deal with any situation,” Kan said in a speech at an army base near Tokyo.
As anti-Japan rallies continued in Chinese cities over the weekend with hundreds of protesters demanding Japan drop its claim to islands called Senkaku in Japan and Diaoyu (釣魚) in China and Taiwan, Ohata asked Jiang to ensure the safety of Japanese citizens and companies in China. Jiang’s response was not -immediately known, but Beijing has promised to protect their safety.
The disruption in rare earth shipments has shaken Japanese industry, which is now looking for other suppliers of the exotic metals and is considering becoming a rare earth recycling center.
The Chinese Ministry of Commerce said last week it would limit exports of rare earths to protect its environment. Its plan has prompted mining companies in the US and Canada to launch efforts to resume production.
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
Saudi Arabian Oil Co (Aramco), the Saudi state-owned oil giant, yesterday posted first-quarter profits of US$26 billion, down 4.6 percent from the prior year as falling global oil prices undermine the kingdom’s multitrillion-dollar development plans. Aramco had revenues of US$108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw US$107.2 billion in revenues and profits of US$27.2 billion for the same period last year. Saudi Arabia has promised to invest US$600 billion in the US over the course of US President Donald Trump’s second term. Trump, who is set to touch
SKEPTICAL: An economist said it is possible US and Chinese officials would walk away from the meeting saying talks were productive, without reducing tariffs at all US President Donald Trump hailed a “total reset” in US-China trade relations, ahead of a second day of talks yesterday between top officials from Washington and Beijing aimed at de-escalating trade tensions sparked by his aggressive tariff rollout. In a Truth Social post early yesterday, Trump praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner.” The second day of closed-door meetings between US Secretary of the Treasury Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng (何立峰) were due to restart yesterday morning, said a person familiar
RSS