Students in U.S. pledge a share of future salary to their universities to avoid debt

Abstract: NEW YORK - American college students are turning to a new strategy to avoid the debt trap that has captured millions, pledging a share of their future earnings to pay for their education rather than borrowing. The approach offers a degree of protection as they are not required to make payments if they are unable to find a job after graduation — and for as long as their salary remains below a certain threshold. These “Income Share Agreements,” or ISAs, are only offered so far by a few universities, as well as vocational training centers such as computer coding schools. But as the student debt crisis worsens they are drawing more attention. That debt load, which now tops $1.5 trillion nationwide, means many Americans must delay or give up on dreams of home ownership and other large purchases, and that in turn puts a damper on the economy more broadly. It is thanks to an ISA that Paul Laurora will graduate on May 11 from Purdue University, Indiana, as a chemical engineer. Despite state-subsidized loans, his own savings, and a contribution from his parents, the 22-year-old ran out of money after only two years of studies, with tuition and fees costing $40,000 a year for students from outside of Indiana. When a bank refused to give him a new loan, he started selling some possessions on eBay and even considered dropping out of school to take a job for a semester, or using his parents’ retirement savings. Then he heard about the ISA option. “I didn’t want to stop halfway just because I couldn’t afford it. That would have been the worst reason,” he told AFP. Through the ISA, the university has advanced him about $30,000, which he will repay with 9.6 percent of his salary for a period that will depend on his level of income. Purdue University was the first major public college to offer ISAs. Since 2016, it has paid approximately $9.5 million to 759 students for their education. Other institutions have followed suit, each with their own characteristics. Colorado Mountain College reserves its program for undocumented immigrant students who are unable to access government-sponsored loans. Private training centers have also moved toward this type of scholarship, like General Assembly, which offers intensive computer training for three months at $40,000. Students signing an ISA pay nothing but pledge to pay 10 percent of their salary for up to four years if they earn at least $40,000 a year — as much as 1.5 times the cost of their education. “They recognize if they do very well they will pay more,” said Tom Ogletree, who is responsible for ensuring that the school remains accessible to as many people as possible. “But they won’t be penalized if there is a problem and, unlike a loan, they won’t have to repay.” Students can pause the payments if they have to stop working for personal, family or health reasons. “Life happens,” he said. And because the school cannot recoup the fees until the student is working and can fulfill the contract, it is in the institution’s best interest to ensure the student’s professional success, Ogletree said. Tonio DeSorrento, founder of Vemo Education, a company that helps schools design their own ISA contracts, said some institutions fund the ISAs themselves, while others use grants, endowments and “impact investors.” But experts warn that this new funding system, which also exists in Latin America, is not a miracle solution. Some institutions may use them to attract more students, at the risk of fueling a surge in tuition and fees. ISAs also reinforces inequalities, since better terms are offered to students in more lucrative majors, says Jessica Thompson, of the Institute for College Access and Success, which helps to make higher education more affordable and accessible. In contrast, “federal loans serve as an equalizer,” she said. But the new contracts have attracted the attention of Wall Street. A new platform, Edly, allows accredited investors to bet on pre-selected college programs. It has already raised $2 million for the Holberton Computer Engineering Training Center in San Francisco. For investors looking for new investments, ISAs offer a relatively attractive return, says Edly Co-founder Charles Trafton. Legislation around ISAs is currently unclear, although Congress and several states are debating different approaches. But “once we get some federal regulation, schools and investors will all know the rules of the game,” said Trafton. “The adoption rate will go even faster than it is now, and it is growing rapidly.”

universities
education
income share agreements
u.s .


Islamic State leader Abu Bakr al-Baghdadi appears in video for first time in five years, praising Sri Lanka attack

Abstract: BATTICALOA, SRI LANKA - The leader of the Islamic State group praised the Easter suicide bombings that killed more than 250 people in Sri Lanka in a video released Monday, calling on militants to be a “thorn” against their enemies in his first filmed appearance in nearly five years. The video of Abu Bakr al-Baghdadi, to whom the suicide bombers in last week’s attack apparently pledged their loyalty, came as the top official in the Catholic Church urged Sri Lanka to crack down on Islamic extremists “as if on war footing.” Meanwhile, a government ban on niqab face covering took effect as soldiers and police officers conducted raids in eastern Sri Lanka, the home of the alleged mastermind of the attacks. The 18-minute video of al-Baghdadi included images of the extremist leader sitting in a white room with three others, assault rifles by their sides. He discussed Sri Lanka in an audio portion of the video, suggesting the April 21 attacks came after they filmed him. Al-Baghdadi praised the attackers, saying they conducted the bombings as revenge for the fall of Baghouz, Syria, the last territory the extremist group held there or in Iraq. “As for your brothers in Sri Lanka, they have put joy in the hearts of the monotheists with their immersing operations that struck the homes of the crusaders in their Easter,” al-Baghdadi said, according to a transcript from the U.S.-based SITE Intelligence Group. He also called on Islamic State-pledged militants in the island nation off the southern tip of India to be “a thorn in the chests of the crusaders.” Authorities initially blamed the Easter attacks, targeting three hotels and three churches, on a local militant named Mohammed Zahran and his followers. Then the Islamic State group on April 23 released images of Zahran and others pledging their loyalty to al-Baghdadi. Police conducted a later raid in eastern Sri Lanka that saw militants detonate suicide bombs in violence that killed at least 15 people, including six children. Explosives recovered by authorities bore hallmarks of the Islamic State group as well. Anger against Sri Lanka’s government has grown after the country discovered its security services had prior, specific warnings an attack loomed. Cardinal Malcolm Ranjith, the archbishop of Colombo and the Catholic Church’s top official on the island, said the church may not be able to stop people from taking the law into their own hands if the government doesn’t do more. “All the security forces should be involved and function as if on war footing,” Ranjith told reporters. “I want to state that we may not be able to keep people under control in the absence of a stronger security program,” he said. “We can’t forever give them false promises and keep them calm.” Ranjith, however, sought to assure Muslims the church will not allow any revenge attacks against them. Catholic churches canceled Mass on Sunday, a week after the bombings, for fear of another attack. Catholics celebrated Mass in their homes while watching Ranjith preside over a televised service. Other denominations also closed their doors. The church closing followed local officials and the U.S. Embassy in Colombo warning that more militants remained on the loose with explosives and places of worship remained targets. President Maithripala Sirisena also appointed former army commander Shantha Kottegoda on Monday as the top official in the Defense Ministry. He earlier requested the resignation of his predecessor, Hemasiri Fernando, for intelligence failures that led to the bombings. In the eastern Sri Lankan city of Kalmunai, Associated Press journalists saw police and soldiers conducting raids in a predominantly Muslim area. Such operations are likely to continue around the area Zahran once preached his extremist message glorifying killing non-Muslims. Meanwhile, Sirisena’s ban on wearing the niqab face veil took effect. The niqab is a black veil made of thin fabric, often with a small opening from which a woman’s eyes can peer out. While previously unseen in Sri Lanka, the niqab has grown in popularity in the last 10 years after the country’s civil war.

islamic state
abu bakr al-baghdadi
sri lanka
sri lanka attacks
syria
iraq
terrorism


Islamic State takes credit for blast as Bangladesh commandos kill suspected extremists

Abstract: DHAKA - Bangladeshi security forces raided a suspected Islamist extremist hideout in Dhaka on Monday killing at least two militants, police said, as the Islamic State group claimed to have wounded three police in a bombing. Police commandos were met with gunfire on arriving at a house in the capital’s Bosila neighborhood after midnight on Monday, Lt. Col. Ashique Billah told AFP. This was followed by an explosion that demolished the walls of the house, the Rapid Action Battalion commander added. Bangladesh launched a crackdown on Islamist extremism after attacks in July 2016, when IS-inspired militants stormed a Dhaka cafe killing 22 people, including 18 foreigners. “Our bomb disposal unit found the body parts of two militants in the house. The explosion was so powerful that it tore apart the bodies and shook the whole area,” Billah said. Four other people were detained, including a caretaker and imam from a nearby mosque, the officer added. Separately, in their first claimed attack in Bangladesh in more than two years, IS jihadis said they “detonated an explosive device” on a group of police, the SITE Intelligence Group reported. According to the U.S.-based group which monitors jihadi activity, the brief IS statement said the blast wounded three police on a road to Dhaka’s Gulistan market. In March 2017, IS had said it carried out explosions in the northeastern city of Sylhet. Police said six people died in those blasts as commandos stormed an Islamist hideout. The government at the time rejected IS’s claim and blamed a banned homegrown organization. Since the 2016 attacks, security forces have staged nationwide raids in which, they say, nearly 100 members of two extremist Islamist groups have been killed. Hundreds of suspects have been detained. The South Asian nation has boosted security since April 21 Easter Sunday bombings in Sri Lanka, which killed 253 and were carried out by jihadis affiliated to IS.

islamic state
bangladesh
dhaka
terrorism
sri lanka church attacks


Trump directs officials to toughen asylum rules, including the charging of fees to applicants

Abstract: WASHINGTON - U.S. President Donald Trump directed officials to toughen rules for asylum-seekers Monday, including by introducing a fee for their applications and barring those who entered the country illegally from working until their claims are approved. The moves are the latest effort by the Trump administration to stem a growing number of migrants crossing the U.S. southern border, many of whom then seek asylum in the United States. Many of the changes would be dramatic shifts in how asylum-seekers are treated, but would also require time-intensive regulatory procedures before they go into effect, which will likely take months. Trump administration officials have repeatedly blamed U.S. laws protecting asylum-seekers for encouraging fraudulent or nondeserving claims. But immigrant advocates say the Trump administration’s efforts to restrict asylum protections harms people legitimately seeking refuge from violence and persecution. Monday, Trump signed a presidential memorandum that directed the Justice Department and Department of Homeland Security to, within 90 days, introduce a slew of new regulations tightening asylum policy, including one setting a fee for asylum applications, which are currently free to file. The White House and DHS officials did not immediately say how much applicants might be forced to pay, and it is unclear how many families fleeing poverty would be able to afford such a payment. The memo says the price would not exceed the cost of processing applications, but officials did not immediately provide an estimate for what that might be. Even a small fee could be insurmountable for many asylum-seekers, said Victoria Neilson, a former official at U.S. Citizenship and Immigration Services, the government agency that accepts asylum applications. “The majority of people coming to the United States seeking asylum are coming with little more than the shirts on their back,” she said. Another regulation Trump ordered his officials to prepare would ensure asylum claims are adjudicated in immigration court within six months. U.S. law already directs the Justice Department to finish asylum cases within six months, but with a backlog of more than 800,000 cases, asylum claims often take years to come to a conclusion. “The provision to process cases in 180 days has been on the books for over two decades,” said Ashley Tabaddor, president of the immigration judges’ union. “The problem is that we have never been given adequate resources to adjudicate those claims in a timely fashion.” Asylum cases are often complex and involve trauma, and judges should have discretion to provide more time depending on the case, Tabaddor said. Trump also ordered officials to introduce regulations that would disqualify asylum-seekers who entered the country illegally from obtaining work permits while their claims are pending. Currently, asylum-seekers who enter both legally and illegally are allowed to work while their claims wind through the courts. In addition, the U.S. president called on Homeland Security to reassign immigration officers and any other staff “to improve the integrity of adjudications of credible and reasonable fear claims, to strengthen the enforcement of the immigration laws, and to ensure compliance with the law by those aliens who have final orders of removal.” Under U.S. law, asylum-seekers that have a credible fear of return can seek review in immigration courts. The large majority of asylum-seekers eventually lose their cases but can live in and work in the United States for the months or years it takes to process their claims. Arrests along the southern border have skyrocketed in recent months. U.S. Customs and Border Protection officials encountered some 100,000 people at the U.S.-Mexico border in March, the highest level in more than a decade, and one which officials say is pushing resources to the breaking point. Monday’s memorandum is just Trump’s latest attempt to curb asylum protections. Other policy moves have been challenged in federal court.


38 killed, 200,000 at risk as floods worsen in Mozambique after second cyclone — Africa's worst

Abstract: PEMBA, MOZAMBIQUE - Heavy rain battered northern Mozambique on Monday as residents and relief workers confronted devastation wrought by Cyclone Kenneth, the strongest cyclone to ever hit Africa, which killed 38 people and destroyed thousands of homes. Roads have been washed away, fields submerged and many buildings wrecked by the storm, which came weeks after Cyclone Idai struck the Mozambican city of Beira, 1,000 km (620 miles) to the south. Cyclone Kenneth made landfall late on Thursday in Cabo Delgado province, packing wind gusts of up to 220 kph. The U.N. Office for the Coordination of Humanitarian Affairs (OCHA) described it as the strongest cyclone to ever lash the continent, and predicted further heavy rain over the coming days. “Cyclone Kenneth made landfall at the end of the rainy season, when river levels were already high, increasing the risk of river flooding,” the U.N. agency said in its latest update. “Humanitarian needs in Mozambique have sky-rocketed, and the humanitarian response will need to rapidly scale-up.” According to figures provided by the Mozambique authorities to NGOs, around 200,000 people in Pemba city, the capital of Cabo Delgado, are in danger. The National Institute of Disaster Management (INGC) said 38 people have died, 39 have been injured, more than 23,000 people are without shelter and nearly 35,000 homes have been either partly or completely destroyed. Before smashing into Mozambique, the cyclone hit the Comoros islands, killing at least three people and damaging 75,000 homes. “The water came inside the house and all the way to the backyard,” said Sumala Cabila, 23, standing in his family home in Pemba’s working-class Paquite suburb which flooded on Sunday morning. As rain poured down and roads in the district became impassable except for 4-wheel-drive vehicles, Cabila’s sister struggled to look after her one-month-old child. “If it continues to rain. we don’t know what we’ll do,” he said as water streamed off his slanted roof. Fellow resident Tina Machude, whose home was largely flattened, said she had watched houses fall one by one in the storm and floods. “Everything was falling … properly built houses too,” she told AFP. “We went outside running, so that things wouldn’t fall on us, especially the children. “To rebuild this home, we will have to demolish it and start again.” In Pemba, a tourist destination, staff mopped up pools of water at a hotel and collected tree branches out of the lobby fountain, while laborers struggled to clear out the city’s drainage system blocked by flood debris. “(We) planned to mobilize as much aid as possible to Ibo and also from there to Quissanga,” said UN OCHA official Saviano Abreu, naming two areas outside Pemba worst hit by storm damage and flooding. “It was the priority for government and humanitarian organizations, as these two areas are in urgent need. “We managed to send one flight with World Food Program (WFP) supplies of rice and biscuits, and some non-food items. But unfortunately the weather conditions are changing too fast and threatening the operation. It’s raining again and the second flight couldn’t go.” To the north of Pemba, the town of Macomia was also badly hit, with homes and businesses destroyed, roofs torn off, trees and electric pylons uprooted. “We have grave fears for the thousands of families currently taking shelter under the wreckage of their homes. They urgently need food, water and shelter to survive the coming days,” said Nicholas Finney, head of Save the Children’s response team in Mozambique. The northern region hit by Cyclone Kenneth is more sparsely populated than Beira, which was hit by Cyclone Idai in mid-March when about 1,000 people were killed in Mozambique and Zimbabwe. But the area has also been hard hit by deadly raids by a jihadi group over the past 18 months that the army has been unable to control.

floods
mozambique
cyclone kenneth
cyclone idai


Australian politician allied to Pauline Hanson quits after film shows groping and abuse at strip club

Abstract: SYDNEY - A self-professed “woman’s rights” advocate and close party ally of hard-right Australian leader Pauline Hanson was forced to resign from politics Tuesday — just weeks before the May election — after he was filmed groping and abusing exotic dancers. Described by Australian media as “uncomfortable viewing,” the footage shows Steve Dickson repeatedly grabbing a striptease artist’s breasts and making a series of lewd comments to women on a recent trip to the United States. The former Queensland minister, who had been running for a federal Senate seat on May 18, said Tuesday he had resigned from the party and politics. The footage — shot by Al Jazeera in an undercover investigation — shows Dickson referring to one dancer as a “bitch,” ordering another woman to touch his genitals and suggesting he has had sexual intercourse with many “Asian chicks” but says white women are better in bed. “The footage shown does not reflect the person I am. It shows a person who was drunk and not in control of his actions and I take full responsibility for allowing that to happen,” he said in a statement. Dickson had earlier made headlines for traveling to the United States on the same trip to solicit millions of dollars from the National Rifle Association gun lobby in return for changing Australia’s tight weapons laws. Just weeks after forcefully defending Dickson amid that scandal, veteran firebrand politician Hanson was forced to jettison her ally. Hanson said she was “deeply upset” by the comments and accepted his resignation. “Steve’s language and behavior was unacceptable and does not meet my expectations nor the greater public’s expectation of a person who is standing for public office,” she said.

australia
pauline hanson
elections
steve dickson
women
scandals
sex crimes


North Korea warns of 'undesired consequence' if no change in U.S. stance in nuclear talks

Abstract: A senior North Korean official on Tuesday warned of an “undesired consequence” for the U.S. if Washington does not adjust its policy on North Korea’s denuclearization by an end-of-the-year deadline leader Kim Jong Un has set. “Our determination for denuclearization remains unchanged, and when the time comes, we will put it into practice. But, this is possible only under the condition that the U.S. changes their current method of calculation and formulates a new stand,” North Korean First Vice Foreign Minister Choe Son Hui, a key figure in nuclear negotiations with the United States, was quoted by the North’s state-run Korean Central News Agency as saying. The nuclear talks have stalled since the second summit between Kim and U.S. President Donald Trump collapsed in February with no deal on the North’s denuclearization. At a meeting of the North’s rubber-stamp parliament in April, Kim said he is willing to meet with Trump for a third time for nuclear talks — if Washington comes to the table with the “correct posture” — but laid down a year-end deadline “for a bold decision from the U.S.” Choe pinned much of the blame for the deadlock on U.S. Secretary of State Mike Pompeo, rapping the top American diplomat over an interview on CBS last week in which he said Washington could “change paths” if the talks faltered. Choe was quoted as saying that those comments implied a potential use of military pressure, blasting them as “foolish and dangerous” and “designed to bring down our system at any cost.” In the CBS interview, Pompeo brushed aside a call by another senior North Korean Foreign Ministry official for him to be replaced in talks by someone more “mature,” saying it had come from “a midlevel guy.” Pompeo said last week he would remain in charge of the U.S. negotiating team. Choe referenced Kim’s summit with Russian President Vladimir Putin last week, saying that the North Korean leader had “strongly berated the unilateral and dishonest attitude of the United States and stated that … the DPRK will be prepared to deal with every possible scenario” at those talks. “As for the so-called ‘change paths’ talked about by the United States, it is not a privileged right that pertains only to the U.S., but it could also be our choice at our own will,” she said. “In case the U.S. is messing the problem and wandering along the other road like now, and would not formulate their position anew within the time frame set by our side, they will indeed face an undesired consequence.” While Choe did not elaborate as to what that consequence might mean, it could suggest a resumption of nuclear or missile tests by the North. Choe said in March that the country was rethinking whether to continue talks with the U.S., adding that Kim would decide soon whether to stay on the track of dialogue and maintain its informal nuclear and missile moratorium. Around the end of 2017, North Korea informally adopted a freeze on missile flight tests, and in April last year, it declared a “suspension” of nuclear and long-range missile tests. Choe, who was a minor player on the North’s U.S. diplomatic team in the 1990s, has seen her influence surge since the Hanoi summit, observers of the isolated country have said. In April, she was elevated to the post of first vice foreign minister and became a member of the powerful State Affairs Commission. She has also held several news conferences in the wake of the Hanoi summit, often conveying Kim’s thinking to the outside world. Pompeo said Tuesday that Washington remains ready to engage North Korea in nuclear talks, showing little concern for Pyongyang’s latest attack against him. “We’re prepared to engage in conversations to arrive at a process by which the North Koreans can see their way clear to fulfilling the commitment that Chairman Kim made back in Singapore in June of last year,” Pompeo said in an interview with Fox News. Pompeo was referring to the first Trump-Kim summit, a meeting that resulted in a vaguely worded pledge “to work toward the denuclearization of the Korean Peninsula.” Experts say that despite the statement, the North never agreed to relinquish its nuclear arsenal, a view that has proven at odds with the Trump administration’s stance.

north korea
kim jong un
donald trump
u.s .
nuclear weapons
north korea nuclear crisis
kim-trump summit


Police in Christchurch find suspected bomb, while Australian police neutralize explosive device

Abstract: WELLINGTON/SYDNEY - New Zealand police found a suspected bomb and ammunition Tuesday in a vacant lot in Christchurch, the scene of last month’s mosque shootings which killed 50 Muslim worshippers. Police cordoned off streets late Tuesday afternoon in the Phillipstown area just outside the central business district and evacuated local houses. Shortly after 6:00 p.m. they said a military bomb squad had rendered a suspicious package safe and a 33-year-old man had been arrested and was “assisting police with inquiries.” “Police have located a package containing a suspected explosive device and ammunition at a vacant address on Newcastle Street in Christchurch,” superintendent John Price said in a statement. “The NZDF EOD (NZ Defense Force Explosive Ordnance Disposal) team have rendered the package safe.” Price did not provide any background about the man or his possible motivations. Christchurch remains on alert after the March attacks in which a self-styled white supremacist shot dead 50 people and injured another 39 in attacks on two mosques. Just last week, the South Island city hosted a massive security operation as Britain’s Prince William visited survivors of the atrocity and praised the country’s response to the massacre. While the cordons prompted by the latest scare had been lifted, Price urged residents to remain vigilant. “Members of the community are asked to continue to report any concerning behavior or activity in their neighborhoods as we all work together to ensure the safety of our community,” he said. The gunman allegedly behind the mosque shootings, 28-year-old Australian Brenton Tarrant, is in a maximum-security prison in Auckland and has been ordered to undergo psychiatric tests. In Australia, bomb experts there destroyed “explosive” materials found in a suburban Adelaide home Tuesday, following the arrest of a 43-year-old man. South Australian police said the materials were found late Monday and the man appeared in court early Tuesday facing charges of possession of explosives. “Investigations are continuing at the address,” the police said in a statement, adding that the Bomb Response Unit had been deployed. “There is no danger or threat to the public,” they said. National broadcaster ABC said the man had come to the attention of the authorities earlier this year for anti-Muslim social media posts. Local media reported the explosives were so-called Mother of Satan — a chemical explosive used by jihadi and other terror groups. Aerial images from the scene showed explosives experts packing sandbags around an object ahead of the planned controlled detonation.

police
christchurch
australia
new zealand
terrorism


China sentences Canadian to death for drug offenses, state-run media says

Abstract: BEIJING - A Chinese court sentenced a Canadian national to death for producing and trafficking methamphetamine, the state-run Global Times newspaper reported Tuesday. The Global Times, a tabloid published by the ruling Communist Party’s People’s Daily, cited a ruling issued by the Jiangmen Intermediate People’s Court in southeastern Guangdong province in a tweet. It did not name the Canadian or provide any further details.


Ex-diplomat says U.S. should pay North Korea for 2017 prisoner deal, as Trump pledged

Abstract: WASHINGTON - A former U.S. diplomat confirmed Monday that North Korea asked for $2 million to release an American student who had fallen into a coma after alleged torture — and said Washington should pay it. Joseph Yun, a veteran U.S. diplomat who had flown to Pyongyang in 2017 to bring back 22-year-old Otto Warmbier, said that North Korea presented him with a bill for his medical expenses. He said he called up then Secretary of State Rex Tillerson, who he believed then sought a green light directly from President Donald Trump. Tillerson “got back to me very quickly thereafter to say, yes, go ahead and sign,” Yun, who has since left government, told CNN. The Washington Post first reported the payment demand, after which Trump, describing himself as “the greatest hostage negotiator” in U.S. history, tweeted that nothing was paid to North Korea. But Yun said that Trump’s decision means that the United States should pay. “If you’ve signed, if you promised another government from the U.S. government that you’ll make the payment, my view certainly is that we should go ahead and meet our commitment,” he said, adding that it was a separate issue whether to sign in the first place. The United States has been adamant that it will not pay for hostages or prisoners, saying it does not want to create incentives to snatch Americans. “At no time in this administration have we paid for any hostage to be released, and we have no intention of doing so,” Secretary of State Mike Pompeo said at a forum organized by The Hill newspaper. Warmbier, a University of Virginia student, was imprisoned after being accused of taking down a propaganda poster in his hotel during a trip to North Korea. Doctors said he suffered severe brain damage while in North Korean detention, fell into a coma and died days after arriving back in the United States. In December, a U.S. judge found that North Korea tortured Warmbier and awarded his family $501 million from North Korea — another sum that is unlikely to ever be paid willingly. Since Warmbier’s death, Trump has moved to make peace with North Korea and has described himself as fond of its authoritarian leader, Kim Jong Un. Trump set off a firestorm after a summit with Kim in February when he said he took the North Korean leader “at his word” that he knew nothing about Warmbier’s death. North Korea has denied mistreatment of Warmbier and said that he contracted botulism.

north korea
prisoners
joseph yun
otto warmbier
rex tillerson
donald trump
mike pompeo
kim jong un


Japan's Emperor Akihito anticipated and battled with challenges of age in final years of his era

Abstract: Emperor Akihito, who for the past three decades has carved out a role as a symbol of the state, conducted his abdication ceremonies on Tuesday — nearly three years after indicating his wish to step down in a video message, broadcast in August 2016, based on the concern his age would make it difficult for him to fulfill his duties. With constraints on his physical fitness becoming more visible over the years, the emperor’s abdication, which is expected to be an exception in the passage of Imperial succession, has sparked calls for revision of the system amid concerns his successors may face similar problems during their reign in the future. While reflecting on his past in a speech delivered to the nation during a government-organized ceremony at the National Theater on Feb. 24 to mark the 30th year of his reign, the emperor accidentally skipped parts of his remarks. As he was nearing the end of his speech, he repeated his words from the first, instead of the last page of the transcript he was referring to. Just as the mishap occurred Empress Michiko came to the rescue, helping the emperor put his notes in order. When the two had managed to find the missing page, the emperor turned to his wife and smiled, offering words of gratitude. “Thank you so much,” he said. The sight of the imperial couple helping each other helped soak away the tension that had filled the audience. But that was not the only time the emperor has had difficulties keeping his notes in order. An official with the Imperial Household Agency recalls a scene in which the emperor omitted an entire page of notes during a banquet for visiting dignitaries from Vietnam last May. On that day, no one helped him with the script. So for Emperor Akihito’s February address, Empress Michiko had memorized the full text of her husband’s speech and was by his side on stage, prepared to offer assistance if needed. During the ceremony, the emperor was seen several times with his eyes closed wearily. Those moments were broadcast live across Japan. Until a few years ago, such mishaps would have been hard to imagine. On one hand, fewer difficulties have been seen in the preparations for official events. But speculations have arisen that the emperor, who has been wearing a hearing aid, may have struggled sometimes to comprehend people’s words and has been caught numerous times going over the same lines. The empress, who has remained by his side, has also been seen with fever or struggling with neck and shoulder pain. “When (the mishaps) started to occur, there were many moments that were close (to being issues),” the Imperial Household Agency’s official said of the imperial couple. He added, however, that he had learned to accept the fact that the emperor is aging. “Given how close to the people the emperor has remained, it would be dishonest if he tried to do everything perfectly.” In recent years, the emperor has depended more on help from his assistants, who send him signals to proceed during official ceremonies and other events. Also, when traveling to the countryside, the emperor has tried not to overbook his schedule, especially during longer trips. “But I’m glad the nation had a chance to see this side of the emperor — this is who he really is,” the official said. Since the last ceremony to commemorate his reign, the emperor has remained out of the spotlight. But the truth is the emperor had sensed his advancing age would hinder his reign, the Imperial Household Agency official noted. “In the video message, he questioned whether he should retain his position even if he became unable to carry out his duties with all his strength and all his heart, and said that future emperors might face the same problem,” he recalled. “I wanted the nation to share that feeling of urgency.” On Tuesday the emperor performed a set of ceremonies to mark the end of his reign, throughout which he has carved out a role as a symbol of the state. But his abdication will be a one-time event, set out as an exception in a single-use law that will not allow Emperor Akihito’s successors to abdicate. “If we expect the next emperor to embody his role as a symbol and carry out various duties, the environment and laws need to be amended to allow them to do so,” the official said. “It’s obvious that with age, there will be difficulties physically and mentally. We need to think about what’s necessary so that the sacrifices the Emperor has made throughout his entire life are not in vain.”

emperor akihito
aging
abdication
empress michiko
royalty
imperial family


Trump offers 'heartfelt appreciation' to imperial couple ahead of Emperor Akihito's abdication

Abstract: WASHINGTON - U.S. President Donald Trump offered his “heartfelt appreciation” to Emperor Akihito and Empress Michiko on Monday ahead of the emperor’s abdication and the beginning of the country’s new era. “As the Heisei era draws to a close and a new generation prepares to ascend the throne, I want to recognize the tremendous importance that the United States attaches to its close relationship with Japan,” Trump said in a statement. He noted that the outgoing emperor, to be succeeded by Crown Prince Naruhito on Wednesday, has welcomed five U.S. presidents to Japan, including Trump in November 2017, during his reign “from the end of the Cold War to the present day.” “Our bilateral relationship was critical to navigating the global challenges of those times,” Trump said. Trump and his wife, Melania, are set to become the first state guests after Crown Prince Naruhito’s enthronement and the start of the new Reiwa Era, when the couple visit Japan from May 25 to 28 to meet the new emperor. “We look forward to continuing the tradition of partnership and cooperation with Japan, our great ally, in the new era,” he said. U.S. Ambassador to Japan William Hagerty also released a commemorative video reflecting upon the ties between the two countries as he welcomed the beginning of the Reiwa Era. “During the past three decades, our countries have worked together to build the closest, most important relationship shared by any two nations in the world. These decades have brought our security alliance significantly forward,” he said. “I’m certain our enduring partnership will continue in beautiful harmony for years to come.” Trump said Friday that he had decided to visit Japan in May after being told by Prime Minister Shinzo Abe that the succession is “100 times bigger” to the people of Japan than the Super Bowl. At the outset of a White House meeting with the prime minister, Trump said he had hesitated to accept an invitation to meet the new emperor, not sure if he could make the trip, so he asked Abe: “How big is that event compared to the Super Bowl for the Japanese?” Abe responded, “It’s about 100 times bigger,” and Trump immediately decided to visit, according to the president. “I’ll be there. If that’s the case, I’ll be there,” Trump said. During his trip, Trump is also expected to watch the Summer Grand Sumo Tournament in Tokyo and give a U.S.-made trophy to the winner of the championship. “I’ve always found that (sumo) fascinating,” Trump said, adding he thinks an outing to the Ryogoku Kokugikan sumo arena will be “something I’ll enjoy very much.”

emperor akihito
abdication
donald trump
heisei
reiwa
shinzo abe
imperial family
u.s.-japan relations
imperial change
emperor naruhito


President Moon Jae-in thanks Emperor Akihito for work to strengthen Japan-South Korea ties

Abstract: SEOUL - South Korean President Moon Jae-in has expressed his gratitude to Emperor Akihito for his contributions to the development of the two countries’ relations, a South Korean Foreign Ministry spokesman said Tuesday. While on the throne, Emperor Akihito has underscored the importance of maintaining peace and has greatly helped South Korea and Japan promote their ties, Moon said in a letter sent to the emperor, according to the spokesman. Moon added that he hopes Emperor Akihito, 85, will continue to work for the further advancement of the bilateral relationship after his abdication on Tuesday, the spokesman said. In a Facebook post, South Korean Prime Minister Lee Nak-yon voiced appreciation to the emperor for placing importance on South Korea-Japan relations. Lee also thanked Crown Prince Naruhito for his inspiring words when they met at the World Water Forum in Brasilia in March last year. The Crown Prince is set to accede to the throne at midnight Tuesday. Lee stressed that he hopes South Korea and Japan will build a new, friendly and cooperative relationship to prepare for a future together during Japan’s forthcoming Reiwa Era, set to begin on Wednesday. Lee’s comments are said to indicate Seoul’s desire to improve, in the new era, the bilateral relationship, which has deteriorated partly due to a series of rulings by South Korean courts, including the Supreme Court, that ordered Japanese companies to pay compensation to South Koreans requisitioned to work for them during World War II. In the editorials of their Tuesday editions, South Korean newspapers said the imperial succession and the start of the new era should be catalysts for improving bilateral ties. The Dong-A Ilbo daily said Moon and Prime Minister Shinzo Abe should hold bilateral talks on the sidelines of the Group of 20 summit set to be held in Osaka in late June, in order to mend ties between Seoul and Tokyo. The Chosun Ilbo daily expressed hopes for a visit to South Korea by Emperor Akihito after his retirement or by Japan’s new emperor. Such a visit would be a milestone for an improvement in ties, the paper said.

moon jae-in
emperor akihito
south korea-japan relations
wwii
history
comfort women
wartime labor


Not performed for 200 years in Japan, abdication seen recently in monarchies in Europe — and Bhutan

Abstract: Emperor Akihito on Tuesday became Japan’s first monarch in more than 200 years to relinquish the throne, but around the world such moves are not uncommon. Including Commonwealth nations, the world has over 40 countries with some form of monarchy, the structures of which vary widely. Unlike Japan, which only allows male imperial family members to ascend the throne, many recognize female succession, and a number of monarchs have stepped down recently due mainly to old age. In Vatican City, which is governed as an absolute monarchy, Pope Benedict XVI shocked the world when he announced his resignation in February 2013 at the age of 85 after nearly eight years in office. Pontiffs are normally expected to serve until death, but Benedict, citing a lack of strength due to his advancing age, became the first pope to voluntarily step down in about 600 years. In the Netherlands, Queen Beatrix announced her abdication in January 2013 at the age of 74 following a reign of 33 years, saying she was convinced that the “responsibilities of our country should be passed on to a new generation.” Her son, Prince Willem-Alexander, succeeded the throne later that year. Beatrix was the third successive Dutch monarch to abdicate. In Belgium, King Albert II abdicated in July 2013 at the age of 79 after reigning for some 20 years. He made way for a son, 59-year-old Prince Philippe. Unlike the Dutch constitution, which includes a clause for ascension after a monarch’s abdication, the Belgian constitution only stipulates regents. Therefore, Belgium finalized proceedings for royal succession by having a justice minister recite a deed. Although the Belgian king cited his old age, many believe allegations of an illegitimate child — and the development of a court case over the matter — compelled him to step down. Sculptor Delphine Boel, 51, claims she is an extramarital daughter of the king and has filed a lawsuit to determine her paternity. Her mother has admitted to having an affair with the king, but he has refused a court order to submit DNA samples. The royal family acts as the glue that ties together the northern Dutch-speaking and the southern French-speaking regions. Therefore, many have expressed disappointment over the scandal involving the former monarch. In Bhutan, a Himalayan country sandwiched between China and India, the sudden announcement in 2005 by King Jigme Singye Wangchuck, 63, that he was abdicating in favor of his son, King Jigme Khesar Namgyel Wangchuck, 39, shocked the kingdom. The former king ascended the throne in 1972 when he was 16, following the death of his father. In a country with a population of about 800,000, the former king pursued “gross national happiness” over gross national product but nevertheless managed to achieve steady economic growth for the landlocked country. Although many cried over the king’s relinquishment of the throne, Kinley Dorji, 61, a former secretary of the Bhutanese information and communication ministry, said that “the king’s abdication is like a very big Buddhist teaching.” According to him, the sudden abdication exemplified the Buddhist teaching of impermanence, that death will eventually come to us all. Bhutan is a predominantly Buddhist country. “Don’t wait for a problem, don’t wait for tragedy … right now, we are all very happy (so we should) make the change now,” he quoted the former king as saying. “If you wait for a problem, the change may not work.” In 2008, a new constitution in Bhutan under King Jigme Khesar Namgyel Wangchuck transitioned the country from an absolute monarchy to a democracy with a constitutional monarchy. The law now makes it compulsory for kings to retire at age 65. “If you are really old and sick, you can’t take responsibility. When you’re older, maybe you deserve to retire peacefully,” he said. “I think people should respect that.” In contrast to some monarchs who voluntarily step down, Britain’s 93-year-old Queen Elizabeth II, currently the world’s longest reigning monarch at 67 years, is believed to have no intention of abdicating. In a speech on her 21st birthday in 1947, the future queen vowed to dedicate her life to the Commonwealth, a declaration she made before ascending the throne in 1952. Although the queen continues to carry out official engagements, their number has been reduced as she ages, while her son, Prince Charles, 70, and other members of the royal family conduct official duties in her stead. In 1936, Elizabeth’s uncle, King Edward VIII, relinquished the throne less than a year after enthronement. The future queen is believed to have been shocked by his abdication, prompted by his desire to marry Wallis Simpson, an American socialite with a history of divorces. Some see the chaos caused by the sudden abdication of her uncle as a potential reason behind the queen’s reluctance to follow suit. To this day, Queen Elizabeth enjoys strong public support. A royal-family watcher said Prince Charles may act as regent when his mother turns 95.

abdication
europe
bhutan
emperor akihito
imperial family
vatican
netherlands
u.k .
royalty


People in Japan reflect on Emperor Akihito's abdication and express hopes for successor's reign

Abstract: Emperor Akihito will step down in favor of his elder son, Crown Prince Naruhito, on Tuesday, ending the 30-year Heisei Era, during which he sought to bring the monarchy closer to the people. Here are some of their reactions: “I think the emperor is loved by the people. His image is one of encouraging the people, such as after disasters, and being close to the people,” said Morio Miyamoto, 48. “I hope the next emperor will, like the Heisei emperor, be close to the people in the same way.” “Heisei had a lot of disasters and the economy stagnated. It was a period of transition from the high-growth era, with its ‘Can you work 24 hours?’ mentality. Young people these days don’t think that way. Now it’s more, ‘What can I do to survive?'” said 47-year-old Kaori Hisatomi. “Now thinking patterns have changed. There’s not much confidence the economy will grow in a healthy way. Reiwa is starting at a time when older thinking patterns are mixing with newer ones,” she said, referring to the new era. “It’s a normal day,” said Masato Saito, a 40-year-old construction worker. “This kind of political stuff is irrelevant to us ordinary people. As long as they make our lives easy to live, that’s all I care about.” “A lot of things happened in Heisei, including disasters and sad things, so I have mixed feelings,” said Masatoshi Kujirai, 56, on his way to a Shinto shrine to mark the day with his wife. “I’m sad but also hopeful about the next era. I hope it will be a peaceful, gentle period for the second half of my life.” “It’s a change of era, so I am looking forward to it and hope that it will be an era in which young people can be happy,” said a 50-year-old illustrator who declined to give his name. “The current emperor has been excellent. Thanks to his diplomacy, the negative image of Japan improved. I hope the new emperor will, like his father, continue this peace diplomacy.” “The emperor worked very hard for 30 years so I hope the handing over of the baton to the new emperor will go smoothly,” said 67-year-old housewife Mikiko Fujii. “If our expectations for the new emperor are too high, it would be hard on him, so I’d like him to do his job bit by bit.” “It’s a turning point,” said Eiji Kaneko, 44, an Osaka restaurant owner visiting Tokyo with his wife and 4-year-old son. “Heisei came at a time when I was looking for a job. I’m part of the second baby boom, and competition for jobs was intense then. I decided to quit university after two years and start a cafe. Now I’ve got 12 restaurants and also some real estate business. Now Japan is facing a shrinking population, which is going to be tough. But as the number of Japanese decline, I wonder if we won’t be happier. More foreigners are coming to Japan, and that’s helping the economy and starting to change attitudes. Japan is opening up, and Asia is opening up.”

emperor akihito
abdication
heisei
reiwa
imperial family
emperor naruhito


Chronology of key events related to Emperor Akihito and Empress Michiko

Abstract: The following is a chronology of major events related to Emperor Akihito and Empress Michiko: Dec. 23, 1933: Prince Akihito born as the elder son of Emperor Hirohito and Empress Nagako, who are posthumously called Emperor Showa and Empress Kojun. September 1939: World War II begins. May 1944 to November 1945: Prince Akihito evacuates from Tokyo due to the war. Aug. 15, 1945: Emperor Showa tells the nation by radio of Japan’s surrender in the war. Nov. 10, 1952: Prince Akihito officially becomes crown prince. March 30-Oct. 12, 1953: Crown Prince Akihito visits Europe and the United States, attends the coronation of Queen Elizabeth II in place of his father. April 10, 1959: Crown Prince Akihito and Michiko Shoda, the elder daughter of Hidesaburo Shoda, who later became president of Nisshin Flour Milling Co., marry, making the groom the first crown prince and later the first emperor to be married a commoner. Feb. 23, 1960: First son, Prince Naruhito, born. Nov. 30, 1965: Second son, Prince Akishino, born. April 18, 1969: Daughter, Princess Nori, born. July 17-19, 1975: First visit by the couple to Okinawa Prefecture, three years after its reversion to Japan from U.S. control. They narrowly escape a firebomb thrown at them at the Himeyuri war memorial by leftist activists. Jan. 7, 1989: Upon the death of Emperor Showa, the crown prince ascends to the throne and the couple assume the titles of emperor and empress. The era name changes to Heisei the next day. Nov. 12, 1990: Enthronement ceremony is held. July 10, 1991: Visit areas affected by a volcanic eruption of the Fugen peak of Mount Unzen in Nagasaki Prefecture. Oct. 23-28, 1992: Visit China, first trip to the country as Japanese emperor. April 23-26, 1993: Visit Okinawa, first trip to the prefecture by an emperor. Oct. 20, 1993: On her 59th birthday, Empress Michiko collapses, becomes unable to speak for months due to psychogenic aphasia. Feb. 12, 1994: Visit Iwo Jima, a fierce battleground in the Pacific during World War II, to pay tribute to the war dead. Jan. 31, 1995: Visit Hyogo Prefecture after the Great Hanshin Earthquake on Jan. 17. July 26-Aug. 3, 1995: Visit memorials in atomic-bombed cities of Nagasaki and Hiroshima, as well as Okinawa, on 50th anniversary of the end of World War II. July 3-12, 1997: Empress Michiko is hospitalized for shingles. Jan. 18, 2003: Emperor Akihito undergoes prostate cancer surgery. June 27-28, 2005: Visit Saipan to honor the souls of war dead on the 60th anniversary of the end of World War II. March 16, 2011: Emperor Akihito sends a message of hope by video five days after a massive earthquake and tsunami in northeastern Japan triggered a crisis at the Fukushima No. 1 nuclear power plant. March 30-May 11, 2011: Visit disaster-hit areas in the northeast and shelters around Tokyo for seven weeks in a row. Feb. 18, 2012: Emperor Akihito undergoes heart bypass surgery. Nov. 14, 2013: The Imperial Household Agency decides to switch to cremation for the emperor and empress rather than burial, which has been the tradition for 350 years, following a proposal by the couple. April 8-9, 2015: Visit Palau to pay tribute to war dead on the 70th anniversary of the end of World War II. Aug. 15, 2015: Emperor Akihito states “deep remorse” over World War II for the first time at an annual memorial ceremony for the war dead. Jan. 26-30, 2016: Visit the Philippines, pay tribute to the war dead. Aug. 8, 2016: Emperor Akihito releases video message expressing desire to abdicate and pass the throne on to Crown Prince Naruhito. June 9, 2017: Special legislation to enable Emperor Akihito to abdicate enacted. September 2018: Visit areas affected by torrential rains in prefectures of Ehime, Hiroshima and Okayama. April 30, 2019: Emperor Akihito steps down in an abdication ceremony, becoming the first Japanese monarch to do so in about 200 years.

emperor akihito
empress michiko
abdication
royalty
imperial family


China appreciates outgoing Japanese emperor's achievements

Abstract: BEIJING - China has expressed appreciation for the achievements of Japanese Emperor Akihito, who declared his abdication on Tuesday, saying he has contributed to improving ties between the two nations. “Emperor Akihito visited China in 1992 and met with Chinese party and state leaders on many occasions. He has made positive contributions to China-Japan relations,” Foreign Ministry spokesman Geng Shuang told reporters Monday, according to the ministry’s website. “The China-Japan relations have come back to the right track and taken on the positive momentum of development,” Geng said, while calling on Tokyo to make efforts to “properly handle sensitive issues.” Emperor Akihito and Empress Michiko visited China in 1992 amid concern that he could be criticized or heckled publicly over Japan’s aggression against China before and during World War II. Japanese troops invaded China in the 1930s in the name of Emperor Akihito’s father, Emperor Hirohito, known posthumously as Emperor Showa. As a result, bitter memories of the period run deep in China. But Emperor Akihito’s visit was eventually termed a complete success by Beijing. For more than five years until late 2017, Sino-Japanese ties were said to have been at their worst level in decades over a territorial row in the East China Sea. The situation has since changed, however, with 2018 — the 40th anniversary of the signing and entering into force of the bilateral Treaty of Peace and Friendship — serving as an incentive to forge better relations. Chinese President Xi Jinping is expected to attend a Group of 20 summit scheduled to be held in Osaka in late June. That would mark his first visit to Japan since he came to power in 2013. Beijing has also decided to appoint Vice Foreign Minister Kong Xuanyou, considered an expert on Japan, as its next ambassador to the country. Kong is likely to visit Japan as early as May after Crown Prince Naruhito’s ascension to the throne on Wednesday.

china
emperor akihito
abdication
history


In first, Japan to develop computer virus to defend against cyberattacks

Abstract: Japan will develop its first-ever computer virus by next March as a defense measure against cyberattacks, sources have said. The Defense Ministry is considering malware that can break into a computer system, hoping such a computer virus could work as a deterrent against cyberattacks, the sources said Monday. The government has said it is looking to enhance its defense capabilities beyond the ground, marine and air domains to address security challenges in new areas such as cyberspace and outer space amid technological advances in recent years. Japan lags behind other countries in addressing the threat of cyberattacks. It plans to increase the number of personnel in its cyberspace unit to 220 from 150, compared with 6,200 in the United States, 7,000 in North Korea and 130,000 in China, according to the ministry. The ministry has been considering specific measures against cyberattacks since it pledged to bolster its cyberspace defense under its latest national defense guidelines launched last December. Some defense experts say the ability to obstruct an enemy’s use of cyberspace could exceed the limits of the country’s exclusively defense-oriented policy. The virus, to be developed by private companies, will be used only for defense purposes — not for pre-emptive attack — a ministry source said. Government policy allows cyberattacks only against a country or an organization considered equivalent to a country.

computers
cyberattacks
north korea
china
u.s .
military


As cases surge globally, two workers at Narita airport diagnosed with measles amid holiday rush

Abstract: CHIBA - Two workers at Narita airport are confirmed to have been infected with measles, the local government said Tuesday, warning about the risk of possible exposure to the highly contagious virus at one of the busiest airports in Japan. The local government of Chiba Prefecture where the airport is located said a male worker in his 30s fell ill with a fever of 39 C on Tuesday last week. He worked in the Terminal 2 building from 7 a.m. to 10:30 p.m. the previous day, 2 p.m. to 10:30 p.m. last Wednesday and 6 a.m. to 6:30 p.m. last Friday. He was diagnosed with measles on Sunday. The government said he had interacted with a number of people on those days though it did not disclose what service he had engaged in. The original source of the infection has yet to be determined. Another worker, a teenage woman, became sick on April 20 but did not go into work and is not believed to have spread the virus. The U.N. Children’s Fund said last month that measles cases are surging globally and pose a serious threat to children. Japan was declared measles-free by the World Health Organization in 2015 but over 200 cases of infection have been reported this year after an outbreak of the disease in Okinawa Prefecture and some other regions last year. Medical experts say infections increased in line with a surge in foreign tourists. Narita International Airport employs about 43,000 people, and services approximately 118,000 customers daily. The airport had been experiencing a rush of travelers flying overseas ahead of the 10-day Golden Week holiday starting last Saturday. Measles is spread by contact with an infected person’s nasal secretions or saliva, with symptoms including fever and rash. The virus has an incubation period of 10 to 12 days.

narita airport
airports
measles
chiba
disease


More South Koreans sue Japanese firms over wartime labor

Abstract: GWANGJU, SOUTH KOREA - South Koreans who say they or their family members were forced to work for Japanese companies during World War II have sued Japanese firms, including Mitsubishi Materials Corp., their lawyers said. Also covered by the suits involving 54 plaintiffs, which were filed Monday, are Mitsubishi Heavy Industries Ltd., Nippon Coke & Engineering Co., Sumiseki Holdings Inc., Nippon Steel Corp., JX Nippon Mining & Metals Corp., Nachi-Fujikoshi Corp., Nishimatsu Construction Co. and Hitachi Zosen Corp. The suits were filed at the district court in Gwangju. They follow a similar move earlier in April by 31 South Korean plaintiffs at a Seoul court against four Japanese companies, including Nippon Coke & Engineering, which was formerly Mitsui Mining Co. The Gwangju court is likely to rule in favor of the plaintiffs, as the country’s courts have consistently ruled in favor of Korean plaintiffs since its top court in October ordered a Japanese company to compensate victims of forced labor during the war. A Gwangju-based citizens group helping wartime laborers get compensation from Japanese companies solicited potential plaintiffs between March 25 and April 5, and processed paperwork for 537 cases, the lawyers said at a news conference in Gwangju on Monday. “For the remaining people who could not participate this time, we plan to conduct thorough investigations for official proof of wartime labor” so there could be a second and third wave of suits, one of the lawyers said. A South Korean court has indicated a range of periods during which additional suits can be filed, by making Oct. 30, the day of the landmark top court ruling, the start of a new period. The end of the shorter period is at the end of April, and the longer period ends three years from Oct. 30. The 54 plaintiffs, of whom three are former laborers, are each seeking up to 100 million won (¥9.63 million) in compensation. Japan claims that the issue of compensation arising from its 1910-1945 colonization of the Korean Peninsula was settled under a bilateral agreement signed when the two countries established diplomatic ties in 1965.


Intruder suspected of cutting surveillance camera wires when accessing Prince Hisahito's school

Abstract: A 56-year-old man who has admitted to trespassing into a Tokyo school attended by Prince Hisahito is suspected of cutting some of the electric wiring connected to the campus surveillance camera system to avoid being recorded, investigative sources said Tuesday. Pruning shears were discovered on the premises of Ochanomizu University after two knives were found on 12-year-old Prince Hisahito’s classroom desk in its affiliate junior high school around 11 a.m. Friday, according to police. The police believe the man, who identified himself as Kaoru Hasegawa after his arrest Monday, avoided the university’s main gate when he entered the junior school. The discovery of the knives occurred ahead of the Tuesday abdication of 85-year-old Emperor Akihito and the enthronement of Crown Prince Naruhito the following day. The imperial succession will promote the prince, who is the son of Prince Akishino — the younger brother of Crown Prince Naruhito — to second-in-line to the Chrysanthemum Throne. Police are still trying to confirm Hasegawa’s address and occupation. According to the sources, footage from surveillance cameras shows a man believed to be Hasegawa walking past the main gate of the university at around 10:30 a.m. Friday and walking near the junior high school 20 minutes later. A man also believed to be the suspect used the main gate to leave the campus at around 11:10 a.m., the sources said, adding that a person resembling him was seen at nearby Myogadani Station on the Tokyo Metro subway network. Around Friday at noon, a school staffer found a 60-centimeter-long metal bar with two knives attached on one end placed across the prince’s desk and the one next to it. The blades of the knives were painted pink. Each desk in the classroom bears a piece of a tape with a student’s name on it, according to the sources. Prince Hisahito, who began attending the school in April after graduating from the national university’s elementary school on the same campus, was attending classes outdoors at the time and the classroom was empty when the two knives were left there. When the man was entering the school premises, he identified himself as a plumber to the school staff via the intercom, according to an investigative source.

ochanomizu university junior high school


Braving heat and wind — but not rain or snow — superfan finds Japan's royals wherever they go

Abstract: KAWASAKI - Wherever Japan’s imperials go, there too goes Fumiko Shirataki: in summer heat and winter cold, to the ocean and to the mountains. Except when it snows or rains too hard. “You can’t get good pictures then — and if the camera lens gets wet, it might get damaged. I really worry about that,” said Shirataki, 78, who has spent the last 26 years following and photographing Emperor Akihito, Empress Michiko and especially Crown Princess Masako. “As soon as I know their plans I’ll be there — though it’s hard if I only find out the night before,” she added. Imperial aficionado Fumiko Shirataki, 78, is seen through the window of the car transporting Emperor Akihito at Kodomonokuni in Yokohama on April 12. | REUTERS Shirataki’s passion for okkake , as the pursuit is known in Japan, began in 1993, when she followed then-Masako Owada after her engagement to Crown Prince Naruhito but couldn’t get good photos. “I wasn’t used to carrying such a heavy camera, so I’d shoot the tire, or the back seat, or the driver,” Shirataki said in the kitchen of her home in Kawasaki, decorated with a photo of Crown Princess Masako and an imperial family calendar. But now she has honed her skills, and her house is filled with a huge number of photos. “Uncountable,” she said. “After all, it’s been 26 years.” Imperial aficionado Fumiko Shirataki, 78, and her friends rush to secure their photo position before the arrival of Crown Prince Naruhito, his wife, Crown Princess Masako, and their daughter, Princess Aiko, at Tokyo Station on March 25. | REUTERS Shirataki won’t reveal how she and her fan friends figure out the imperial schedules. But once she has the details, she loads a backpack, takes a collapsible chair and a rice ball to eat, and heads out. “They know our faces by now, so when we raise the cameras I guess they think ‘here they are’ and they face toward us and wave,” said Shirataki, who always wears sneakers and pants for ease of movement while she’s on the hunt. Shirataki and her fellow chasers, nearly all of whom are female, say their main focus is the imperial women and their clothes. Because of time constraints — she works part time at a car dealership — she concentrates on the empress and empress-to-be. Imperial aficionado Fumiko Shirataki, 78, displays her collection of photographs of imperial family members at her home in Kawasaki on Feb. 21. | REUTERS “When my husband was still alive and earning, I’d spend five or six days a week at this, but now I have to work,” she said. The photo in the Buddhist altar for her husband, who died two years ago, is smaller than a picture of Crown Princess Masako displayed nearby. Though she’s cagey about how much her hobby costs, she spends at least ¥50,000 ($447) annually just on photos. Shirataki says Crown Princess Masako is her favorite and has even appeared in her dreams. But Shirataki worries how she will fare as empress after the stress-related illness that kept her out of the public eye for many years. “There could be a lot of times where Masako won’t go with the emperor,” she said. “If it’s just him, we won’t go. Her alone? Yes.” Imperial aficionado Fumiko Shirataki, 78, shakes hands with Empress Michiko near an imperial villa where Emperor Akihito and the empress are staying for their recuperation in Hayama, Kanagawa Prefecture, on Jan. 21. | REUTERS Shirataki may already have reached the pinnacle of okkake success: This year, she shook hands with the empress. “I’ve talked with them briefly before but that’s the only time I’d ever been able to put out my hand. … I didn’t realize I would do it,” Shirataki said. “When I asked, she just said, in a small voice, ‘If my hand is OK,’ ” she added. “And then I did.”

emperor akihito
imperial family
royalty
imperial change
emperor naruhito
empress masako


End of an era: Saying goodbye to Heisei on social media

Abstract: April 30, 2019, marks the end of the Heisei Era as Emperor Akihito abdicates after over 30 years on the throne. People (and companies) on social media looked back at the Heisei Era with nostalgia and sadness, but mostly excitement for the impending Reiwa Era. End of an era: Saying goodbye to Heisei

heisei era
abdication
reiwa era
imperial change


People across Japan look back on Heisei Era, with hopes that peace will reign through Reiwa

Abstract: With the 30-year Heisei Era nearing its end as then-Emperor Akihito prepared to abdicate at midnight Tuesday, members of the public recalled the past three decades and expressed their hopes for the new era starting the next day. Crowds visited the Imperial Palace as rain fell on Tokyo and across many parts of Japan. The 85-year-old emperor gave a final farewell to the public in a ceremony within the palace at 5 p.m. before his elder son, then-Crown Prince Naruhito, 59, was to accede to the throne on Wednesday. “I wanted to see the Imperial Palace on the last day of Heisei,” said Kiwako Toma, 44, visiting the palace from Okinawa Prefecture with her 9-year-old son. Okinawa was one of the bloodiest battlefields of World War II, a war Japan fought in the name of Emperor Emeritus Akihito’s father, Emperor Hirohito, posthumously known as Emperor Showa. “I came here with gratitude, as I was touched by His Majesty’s attitude to not forgetting Okinawa and keeping on caring about local people,” Toma said. The emperor emeritus visited the prefecture a total of 11 times, including trips made when he was a crown prince. Umbrellas in hand, visitors took commemorative photos with cameras and smartphones in front of the Nijubashi bridge within the palace grounds. Miho Einaga, 53, from Hyogo Prefecture, said she was affected by the 1995 Great Hanshin Earthquake that hit Kobe and surrounding areas, and lost relatives in the massive earthquake and tsunami that devastated northeastern Japan in 2011. “There were a series of natural disasters but I feel that the emperor has always cared for us,” she said. Gu Jie, 31, who was guiding a group of tourists from Shanghai, said, “I hope in the next era, China and Japan will become closer friends.” “(Heisei) is really coming to an end,” said Akio Fumibuchi, 71, in Osaka Prefecture as he looked back over the era. He was another impacted by a natural disaster, describing how the roof of his house had been blown away in a powerful typhoon last year. “I hope there’ll be no big disasters (in the coming era). And we shouldn’t wage war,” he added, wishing for the peaceful times to continue. In Sendai, Yuka Hoshi, 32, recalled seeing the emperor emeritus and empress emerita visit areas devastated by the 2011 earthquake. “My husband’s grandmother was nearly in tears,” she said. “I was moved too.” In Sapporo, Yoshie Goto, 51, described the Heisei Era as “tumultuous,” as her employer Yamaichi Securities Co. went out of business in 1997. “I want my (23-year-old) son to have the strength to survive the hard times” that might come his way one day, she said. “The imperial couple were a symbol of 30 years of peace,” said Hiroshi Hisama, 56, in Fukuoka Prefecture. He expressed the wish that Emperor Naruhito becomes an emperor beloved of the people. In Nagoya, a 25-year-old company worker who identifies as a member of a sexual minority, looked back on the Heisei Era as one in which “people became tolerant of diversity.” In Tokyo’s bustling shopping and entertainment hub Shibuya, police are on the alert for possible rowdy behavior as the area’s famous scramble crossing may become a meeting point for young people to celebrate the start of the new era at midnight. Groups opposed to the nation’s imperial system also took to the streets. A group of around 150 people gathered near Tokyo’s JR Shinjuku Station and called for abolishing the system, arguing that having an emperor goes against the legal equality guaranteed under the Constitution. Some right-wing activists tried to interrupt the rally, with riot police mobilized to block them from approaching the demonstrators.

heisei era
abdication
emperor akihito
empress michiko


Typhoon-hit Kansai airport bridge fully reopens ahead of Japan's bumper Golden Week

Abstract: OSAKA - The sole bridge connecting Kansai International Airport and the mainland, damaged during a devastating typhoon last September, was completely reopened Monday in time for the upcoming 10-day Golden Week string of holidays. Typhoon Jebi flooded a terminal and a runway at the region’s major international gateway and caused a tanker to smash into the bridge, leading to extensive damage and stranding thousands of people at the airport. Only four lanes out of six had been reopened prior to Monday. Now, with the other lanes in use, “all airport functions including airport access will be fully restored,” said Kansai Airports, which operates the facility. The full reopening had been expected to take more than a year but was cut to seven months, in time for the start of the busy vacation period that will start in late April.

typhoons
airports
kansai international airport
disasters


Trump picks Herman Cain and Stephen Moore for Fed seats said to be on track

Abstract: WASHINGTON - Top White House officials on Sunday defended President Donald Trump’s plan to name two political loyalists to the Federal Reserve board of governors, brushing aside controversies over their personal lives and qualifications to help run the world’s most powerful central bank. White House economic adviser Larry Kudlow and acting White House Chief of Staff Mick Mulvaney used appearances on Sunday morning talk shows to defend Trump’s plan to nominate economic commentator Stephen Moore and businessman and former presidential candidate Herman Cain to fill open board seats at the Fed. “The president stands behind both of those gentlemen right now,” Kudlow said on CNN’s “State of the Union.” “We have two open seats. The president has every right in the world to nominate people who share his economic philosophy.” Trump has been highly critical of his handpicked Fed chairman, Jerome Powell, after a series of interest rate increases and other actions last year that Trump feels have held back an economy that would be otherwise growing like a “rocket ship.” The rate increases have left the central bank’s target interest rate still low by historical standards, and among monetary policy officials were considered a cautious hedge against a return of inflation in an economy that last year was going faster than expected. Keeping inflation under control is a key mission of the Fed, and higher rates help do so by discouraging borrowing and spending. But “there is no inflation,” Kudlow said. Instead there was “worry that the central bank is not taking account of a weak world economy, some financial tightening in the marketplace,” and made monetary policy too restrictive. The Fed said it was weak inflation, weakening global growth, and financial volatility that led it last year to put further rate increases on hold and shift other policies as well. Still, Kudlow said the president believed that the Fed was fundamentally flawed in its view that at some point very low unemployment will lead to higher inflation. That idea “has been disproven for decades,” he said. “We believe more people working and succeeding does not cause inflation.” “President Trump has every right to put people on the Federal Reserve Board with a different point of view,” Kudlow said. “He wants people on the Fed who share his philosophy. It is not a political issue. It is an issue of how do you see the world.” Cain and Moore have not yet been formally nominated, pending the completion of background checks, and would have to be confirmed by the U.S. Senate. They will likely face questions about a series of matters, including the allegations of sexual harassment that prompted Cain to withdraw from the 2012 presidential race. He has denied the allegations. His current position with a pro-Trump political action committee has also drawn scrutiny. Moore, meanwhile, has already been asked by Senate Democrats to produce information and documents about a $75,000 lien that the Internal Revenue Service has filed against him for back taxes. He also was cited for contempt of court in 2013 for overdue alimony and child support payments. On policy, the two have been criticized as overtly political picks whose views of the economy have shifted based on the party in power, and who critics worry would try to shape monetary policy with Trump’s short-term political interests in mind. Mulvaney said Cain “would be a great member of the Fed.”

herman cain
stephen moore
donald trump
federal reserve
larry kudlow
mick mulvaney
jerome powell
interest rates
jobs


First premium mangoes of Japan growing season fetch record ¥500,000

Abstract: MIYAZAKI - A pair of premium mangoes from Miyazaki Prefecture fetched a record ¥500,000 in the season’s first auction at a local wholesale market Monday, topping the previous best of ¥400,000. The premium mangoes are called Taiyo no Tamago (Egg of the Sun). To qualify for this description, they must meet strict criteria: weigh at least 350 grams each, possess a high sugar content and have more than 50 percent of their skin covered in a bright red hue, according to the Miyazaki Agricultural Economic Federation. The auction for the fruit began at around 7 a.m., causing a stir among the crowd when the record price was announced. The mangoes were bought by a local produce wholesale company. “The record price will give a lift to those who grew the mangoes,” said Shota Tatemoto, a 35-year-old employee of the wholesaler. Presented in a container and weighing in at about 1 kg, the two record-setting mangoes will be sold at a department store in the city of Fukuoka. The federation expects the main shipping season by growers to peak between mid-May and mid-June.


China wants to work with EU on trade and is not trying to split east from west, premier writes

Abstract: BERLIN - China wants to work with the European Union on issues from climate change to trade, Premier Li Keqiang wrote in a German newspaper before a summit next week aimed at cementing ties. Diplomats in Brussels have said that tensions over trade, investments and minority rights mean China and the EU may fail to agree a joint declaration at the April 9 summit. That could dent European efforts to gain greater access to Chinese markets. In a column for Monday’s edition of Handelsblatt, extracts of which were released on Sunday, the Chinese premier denied accusations Beijing was trying to split the bloc by investing in Eastern European states. “We emphatically support the European integration process in the hope of a united and prosperous Europe,” wrote Li. He said Beijing’s close cooperation with eastern European states was “advantageous for a balanced development within the EU.” Concerned by potential Chinese dominance of strategic European industries, the EU is trying to coax Beijing to open up its markets and has tried to get it to commit to removing what Brussels sees as unfair barriers to trade. Li wrote that China was ready to work closely with Europe in upholding the Paris Climate Agreement, supporting sustainable development, retaining the international nuclear deal with Iran and fighting terrorism. He also said it wanted to exchange views on reforming the World Trade Organization. The EU is China’s largest trading partner. An increase in Chinese takeovers in critical sectors in Europe and an impression in Brussels that Beijing has not kept its promise to stand up for free trade has complicated talks before the summit.

china
eu
trade
li keqiang
eastern europe


Bank of Japan cuts assessment for three regions, but Kuroda sees moderate growth ahead

Abstract: The Bank of Japan on Monday cut its assessment for three of the country’s nine regions, the biggest number of downgrades in six years, suggesting that damage to exports and factory output from slowing overseas demand was broadening. The BOJ lowered its views on Tohoku, Hokuriku and Kyushu-Okinawa, whose economies are relatively dependent on the electronics industry exporting a large number of semiconductor-related products to China. But BOJ Gov. Haruhiko Kuroda said the economy is expected to continue expanding moderately, with robust domestic demand offsetting some of the weaknesses in exports. “Core consumer inflation is expected to gradually accelerate toward 2 percent as the output gap remains positive, and medium- to long-term inflation expectations heighten,” Kuroda told a quarterly meeting of the BOJ’s regional branch managers. But the bank warned that weakening global growth and simmering China-U.S. trade tensions were taking a toll on some Japanese regions reliant on overseas demand. “We have had to cut our assessments on exports and output for some regions because we’re hearing more complaints about the impact of the global economic slowdown than three months ago,” said a BOJ official briefing journalists on the quarterly report. The report cited several companies that put off investment in new equipment due to uncertainty over the global outlook. “We decided to forgo a plan to build a new semiconductor equipment plant as Sino-U.S. trade friction heightens uncertainty over the global economy,” a machinery maker in Kumamoto Prefecture was quoted as saying. The BOJ raised its assessment for one region and maintained its view for the remaining sfive. Under a policy dubbed yield-curve control, the BOJ guides short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent in an effort to achieve its 2 percent inflation target. The meeting of the BOJ’s regional branch managers came after the bank’s quarterly tankan survey showed worsening business sentiment among big manufacturers. The key index, measuring confidence among large Japanese manufacturers, stood at 12, down 7 points from 19 in December, the biggest points decline since December 2012 when Prime Minister Shinzo Abe’s current administration was launched. The tankan reflected worries over the slowdown in China and other overseas economies, which resulted in weak demand for Japanese manufacturers, analysts said. Kuroda also told the BOJ’s regional branch managers that the bank will make policy adjustments if necessary to maintain momentum toward its inflation target of 2 percent, while monitoring relevant risks.


Japan's current account surplus jumped 25% in February on lower oil prices

Abstract: Japan posted a 25.3 percent increase in its current account surplus in February from a year earlier, supported by an expanded trade surplus due to lower crude oil prices, according to government data released Monday. The current account, one of the widest gauges of international trade, stood at ¥2.68 trillion, marking the 56th straight month of black ink, according to a preliminary report by the Finance Ministry. Primary income, which reflects returns on overseas investments, was a key driver of the surplus, registering ¥2.01 trillion in the black. Among other key factors, the country had a goods trade surplus of ¥489.2 billion, helped by falling crude oil prices and a rebound from the previous month’s fall in exports to China, Japan’s major trading partner, ahead of the Lunar New Year beginning Feb. 5. A ministry official who briefed reporters said Japan’s trade to China tends to be influenced by the Lunar New Year, before and during which Tokyo tends to refrain from exporting to the country. The country’s exports fell 1.9 percent to ¥6.31 trillion in the reported month, while imports dropped 6.6 percent to ¥5.82 trillion. Services trade, which includes cargo shipping and passenger transportation, posted a surplus of ¥236.6 billion. Travel surplus rose 6.6 percent to ¥227.4 billion as the number of foreign travelers visiting Japan climbed 3.8 percent from a year earlier to 2.6 million in the reporting month.

current account surplus
economy
economic indicators


Japan and U.S. to discuss higher standards in applying tariff cuts, sources say

Abstract: The United States is expected to pursue setting higher standards to qualify for reduced tariffs in upcoming trade talks with Japan, such as by raising the percentage of auto parts to be made in either of the two countries, sources close to the matter said Monday. The inclusion of such country of origin rules in a bilateral trade deal could serve as a blow to Japanese automakers, which export their vehicles partly made up of components supplied from countries such as China and Thailand, where labor costs are low. According to the sources, negotiators will start off the first round of the talks, slated for April 15 to 16 in Washington, by narrowing down the scope of the negotiations. Rules of origin, customs procedures, food safety regulations, and safeguard measures are expected to be included. As for products to be granted preferential tariff treatment, the United States may also ask for labor provisions that require parts to be made by workers who earn wages comparable to those in the United States. The proposals will fall in line with U.S. President Donald Trump’s goal to reduce the country’s huge goods trade deficit, which he has targeted under his “America First” mantra, and to create jobs in the manufacturing industry. Similar rules were included in the revamped deal the United States signed with Canada and Mexico in November after Trump threatened to pull out of the North American Free Trade Agreement. Under the new deal, 75 percent of parts used in automobiles must be made within the bloc in order to qualify for zero percent tariffs, up from the 62.5 percent under NAFTA. Also added was a provision for 40 to 45 percent of parts to be made by workers earning at least $16 an hour. The sources said the initial focus of the Japan-U.S. trade talks is likely to be on goods, rather than services although the United States is also seeking to expand market opportunities for its financial service suppliers. The United States is demanding that Japan lower its tariff on beef and other farm products. Japan in turn plans to call for more access to the U.S. auto market.

tariffs
trade
donald trump
fta
u.s.-japan relations


Sluggish, dysfunctional Europe isn't Japan in the 1990s, but there's still reason to worry

Abstract: FRANKFURT, GERMANY - Europe’s sclerotic growth and political dysfunction inspire frequent comparisons with Japan’s lost decade from the mid-1990s. The region’s bout of misery this year — Germany’s industrial slump and the struggle to fix its banks, Italy’s inability to reform, the apparent defeat of central bankers seeking to wean the euro area off stimulus — may seem to make perpetual malaise look inevitable. The eurozone’s economy is similar in important ways to its Asian counterpart two decades ago: Interest rates at or below zero, the mountains of debt and nonperforming loans, populations transitioning from an aging society to an aged one. Economists insist there are limits to the comparison, though, while acknowledging that a prolonged period of European stasis, deflation and central bank impotence remains a threat. “I’m very worried about it,” said Adam Posen, president of the Peterson Institute for International Economics, whose areas of expertise include both Japan and Germany. “Europe’s Japanification is a real risk.” Japan’s so-called lost decade, triggered by the bursting of a bubble in stocks and real estate, pushed the economy into anemic growth or none at all, with rising unemployment and falling interest rates. Here are some of the ways Europe is heading in that direction — and some of the ways it isn’t. Dwindling workforce The euro area’s working-age population has decreased as people live longer and have fewer children. Overall population growth is set to peak in 2045, according to Eurostat, so the region is well on track to match Japan. There, the population has fallen for the last seven years; 1 in 3 people are now 60 or older. Aging populations are often thought to weaken inflation pressures, as people save for retirement and spend less per capita. Japan’s demographic squeeze has brought more women and older people into work and pushed the overall unemployment rate to 2.3 percent, near the lowest level in more than two decades. Yet wage growth is tepid, insufficient to spur inflation. In the eurozone, on the other hand, unemployment is still above its pre-crisis low, yet workers’ pay has started to improve, a signal ECB officials frequently cite as evidence that price growth will pick up. Monetary policy The Bank of Japan has battled deflation for much of the last two decades. The ECB got a taste of that struggle in 2009 amid a recession and in the aftermath of the eurozone’s sovereign debt crisis. While Japan’s woes began abruptly at the start of the 1990s, the eurozone slid more gently into weak inflation and growth. The BOJ was the first major central bank to embrace radical monetary policy, yet it is still locked into negative interest rates and asset purchases, and weighing more easing. The ECB is a long way from raising rates. While it may be unable to adopt more BOJ-like measures if the slowdown worsens, the bank could be locked into its current stance for a while. “By refusing to ease policy appropriately, the Bank of Japan created a situation where the country had to stay with near-zero interest rates for 20 years,” said Athanasios Orphanides, a former ECB policymaker. “If you look at it like that, 2020 or 2021 might become completely impossible for the ECB to hike.” Inflation expectations While inflation in the eurozone has picked up, it’s still below the ECB’s goal of just under 2 percent, and the core rate is stuck around 1 percent. The ECB says the risk that markets anticipate even slower inflation is “very low.” Investors are less sanguine: A gauge based on derivatives prices has plunged to 1.3 percent, the lowest level since 2016 — when the ECB was buying bonds at a rate of €80 billion ($90 billion) a month. Debt and yields Japan’s debt-to-GDP ratio is now above 230 percent and rising as deficits pile up. European Union rules impose fiscal limits that will limit such a buildup. The eurozone’s ratio is 89 percent and is forecast to decline slowly, though a weaker economy and the need for fiscal stimulus could hamper progress. Still, bond yields tell a worrying story: German borrowing costs are converging with those of Japan. “Japan and the euro area are not that dissimilar,” said Andrew Bosomworth, a money manager at Pacific Investment Management Co. “We’re just following in their footsteps.” Migration The eurozone’s more dynamic labor market, with both external and internal migration, is a key caveat to comparisons with Japan. Net inflows of migrants peaked in 2015 as a recovering European economy coincided with instability in North Africa and the Middle East. That helped soften declines in the working-age population. More recently, however, Europeans have grown resistant to large-scale immigration. Annual net inflows into the eurozone will decrease in the coming decades, according to Eurostat. Japan, with 126 million people, has only about 1.3 million foreign workers and remains opposed to a formal immigration policy. The government is likely to issue five-year residency permits to as many as 345,000 low-skilled workers over the next five years. That would plug about one-quarter of the predicted labor shortfall.

europe
economy
inflation
monetary policy


Dollar falls below ¥111.50 in Tokyo

Abstract: The dollar dropped below ¥111.50 in Tokyo trading Monday, dragged down by lower Japanese stock prices and U.S. long-term interest rates. At 5 p.m., the dollar stood at ¥111.45-45, down from ¥111.67-67 at the same time Friday. The euro was at $1.1228-1229, almost unchanged from $1.1229-1230, and at ¥125.14-15, down from ¥125.40-40. After trading in the neighborhood of ¥111.70, the dollar fell to around ¥111.35 toward noon. Selling pressure from domestic exporters as well as investors increased as the Nikkei 225 stock average sank into negative territory and the key 10-year interest rate in the United States declined in off-hours trading, traders said. But the U.S. currency showed resilience after slipping through ¥111.40, they added. “Position-squaring selling gained strength in the morning while the dollar was exhibiting its top-heaviness at levels below ¥112 despite the strong U.S. nonfarm payroll numbers announced on Friday,” a currency broker said. The greenback was on a weak tone against not only the yen but other major currencies, due in part to U.S. President Donald Trump’s criticism of the Federal Reserve and his effective dismissal of Secretary of Homeland Security Kirstjen Nielsen, the broker added. “The market did not have incentives to either lift the dollar above ¥112 or push it below ¥111,” an official at a foreign exchange margin trading service firm said.


Tokyo stocks head south as investors lock in profits

Abstract: Stocks fell Monday, pressured by a wave of profit-taking selling. The Nikkei 225 average lost 45.85 points, or 0.21 percent, to end at 21,761.65 after gaining 82.55 points Friday. The Topix, which covers all first-section issues on the Tokyo Stock Exchange, finished 5.61 points, or 0.35 percent, lower at 1,620.14. It rose 5.70 points Friday. The Nikkei retook 21,900 for the first time since Dec. 5 on an intraday basis right after the opening bell. Investors took heart from Wall Street’s advance Friday on stronger than expected growth in U.S. nonfarm payrolls in March, market sources said. But the key market gauge, as well as the Topix, soon headed south on selling to lock in profits, the sources said. Although the Nikkei briefly returned to the sunny side late in the morning, trading was sluggish for the whole day without powerful buying incentives. “The yen’s rise induced futures-linked selling and battered such export-oriented issues as automakers,” Yutaka Miura, senior technical analyst at Mizuho Securities Co., pointed out. Tomoaki Fujii, head of the investment research division at Akatsuki Securities Inc., attributed the day’s fall to “the absence of active buyers.” Market sentiment was underpinned by U.S. equities’ continued advance, but investors could not bid stocks up due to “uncertainties over earnings” to be released by major Japanese companies later, Fujii said. Falling issues outnumbered rising ones 1,397 to 666 in the first section, while 77 issues were unchanged. Volume dropped to 1.057 billion shares from 1.137 billion Friday. All major automakers, including Honda, Toyota and Subaru, suffered losses. Resona Holdings sank 1.83 percent on the bank group’s profit warning for the year that ended in March. Among other major losers were auto parts supplier Denso and chipmaking gear manufacturer Tokyo Electron. By contrast, drugstore chain operator Sugi Holdings jumped 4.85 percent following its announcement of brisk earnings for the year through February. Also bought were optical equipment maker Olympus, cosmetics maker Shiseido and clothing store chain Fast Retailing.


Nissan shareholders officially oust Carlos Ghosn, bringing 20-year relationship to an end

Abstract: Nissan Motor Co. officially removed former Chairman Carlos Ghosn from his director post on Monday at an extraordinary shareholders meeting in Tokyo, ending a 20-year relationship with the charismatic leader widely credited with saving the company. During the meeting attended by 4,119 shareholders, the Yokohama-based automaker also ousted Greg Kelly, a close aide of Ghosn and former representative director, from the board, while Renault SA Chairman Jean-Dominique Senard was appointed as a director to replace Ghosn. Nissan ousted Ghosn from the chairman post soon after his initial arrest on allegations of financial misconduct, but a vote by shareholders was needed to remove him from the board. Standing before the shareholders, Nissan CEO Hiroto Saikawa apologized for causing trouble over Ghosn’s case, which he described as “an unheard of incident” in the history of the automaker. But asked about his own responsibility, Saikawa said he will not resign. “I believe the current management also has serious social and moral responsibility,” a male shareholder said during the meeting, adding that the case has damaged Nissan’s reputation and negatively impacted society. “If you talk about moral responsibility, I’d like to propose that we renew our management by having all of the current management members step down,” he said. While admitting he has a grave responsibility, Saikawa said he plans to fulfill it through implementing measures to improve governance and solidify the three-way alliance with Renault and Mitsubishi Motors Corp. “Once I’ve done these things thoroughly and the situation has moved to the point where we can pass the torch … I’ll think about what to do with myself,” Saikawa said. In November, Ghosn was arrested on suspicion of underreporting his income for years along with Kelly. Tokyo prosecutors served Ghosn with two more warrants in December. Although he was released on bail after 108 days of detention, Ghosn was rearrested last week for allegedly redirecting Nissan funds to his investment firm through a company based in Oman. Ghosn and Kelly have denied the allegations. Nissan also claims that Ghosn used the company’s assets for his personal benefit, including purchasing a house and covering his family’s expenses. But some shareholders questioned why the current executives failed for so long to stop the alleged financial misconduct by Ghosn and Kelly, with some allegedly dubious payments going as far back as 2003. “It’s true that very few people were dealing with money in their limited circle. They managed to distance their activity from being a target of audit or investigation,” Saikawa said. “I was there back then, but as I look back, it was difficult to identify some specific (signs),” he said. Toshiyuki Shiga, a Nissan director and former chief operating officer, said he was “aghast at hearing the news of Ghosn’s arrest.” Shiga said he was probably the first Nissan representative to meet Ghosn and worked with him for the longest period. “It took me a while to digest the facts. I couldn’t believe he was really doing such things,” said Shiga, who held the COO post between 2005 and 2013 under Ghosn. Yet as he learned about the internal investigation, he had no choice but to accept it, he said. “At the same time, I’ve come to think that I am responsible for not being able to stop him,” Shiga said. Some shareholders also asked whether Nissan will be filing a damages suit against Ghosn and how the firm would respond if he decided to sue the company if he is cleared of wrongdoing. Saikawa said the company plans to file a damages suit against Ghosn when the timing is right, adding that Nissan is confident in its case if Ghosn decides to sue. Last month, a panel of experts commissioned by Nissan to investigate the company’s governance issues said the problem was mainly a “concentration of all authority” in Ghosn. It made a series of proposals, including abolishing the chairman position and changing the company’s basic framework to set up committees with a majority of outside independent directors tasked with nominations to the board, compensation issues and corporate auditing by the end of June.

nissan
shareholders
carlos ghosn
renault