Japan’s Fair Trade Commission mentioned on Tuesday it filed felony complaints towards Dentsu and 5 different promoting companies in addition to seven people over alleged bid-rigging on contracts for the Tokyo 2020 Olympics.
The grievance marks the most recent improvement in months of investigations into alleged corruption within the planning and sponsorship of the Tokyo Olympics and Paralympics Games, held in 2021 after a pandemic-driven postponement.
The different firms named within the grievance are Hakuhodo DY Holdings Inc, Tokyu Agency Inc, Fuji Creative Corporation, Cerespo Co and Same Two Inc, the FTC mentioned.
Prosecutors this month arrested a former Tokyo Olympics organising committee official and executives at Dentsu and others over the case, during which the businesses have been suspected of colluding in 2018 to rig the bids for the Games’ check occasions.
Dentsu, Cerespo and Fuji Creative have already been barred from bidding for contracts on the business, international and schooling ministries for 9 months.
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Nissan accelerates electrical transition plans
NHK – Feb 28
Nissan Motor is planning to hurry up its rollout of electrical automobiles in a few of its greatest markets. The Japanese automaker says it now expects hybrid and absolutely electrical autos to make up 98 p.c of its European gross sales by fiscal 2026.
Japan egg costs surge on chicken flu, prices of feed and labor
Nikkei – Feb 23
An avian influenza outbreak and rising feed prices are behind a scarcity of rooster eggs in Japan that has led to rising costs for standard restaurant objects together with beef bowl dishes in addition to the family staple mayonnaise.
Undeclared revenue of rich in Japan hits report excessive
Japan Times – Feb 20
The undeclared revenue of rich folks totaled Y83.9 billion within the 12 months via June 2022, up 72.3% from the previous 12 months and the very best annual stage since knowledge grew to become out there within the 12 months to June 2010.
Japan to launch pilot programme for issuing digital yen
nasdaq.com – Feb 18
Japan will begin a pilot programme in April to check using a digital yen, its central financial institution mentioned on Friday, becoming a member of a rising variety of international locations looking for to meet up with front-runner China in launching a central financial institution digital foreign money (CBDC).
Why Japan picked Ueda as BOJ head as a substitute of Amamiya
Nikkei – Feb 14
The Japanese authorities has determined to appoint economics professor and former Bank of Japan coverage board member Kazuo Ueda because the successor to Gov. Haruhiko Kuroda. The shock selection got here after Deputy Gov. Masayoshi Amamiya, who was thought-about the favourite, declined the provide due to two firmly held beliefs.
Packed with vacationers, Japan returns to financial development
nytimes.com – Feb 14
After greater than two years below among the world’s tightest border controls, Japan is as soon as once more open for enterprise. Tourist spots are packed. Hotels are booked out nicely prematurely. And it’s getting tougher to get a seat at lots of the nation’s finest eating places.
Japan’s debt time bomb to complicate BOJ exit path
brecorder.com – Feb 11
Japan’s ticking debt time bomb will seemingly complicate the subsequent central financial institution governor’s job of steering a clean exit from ultra-loose financial settings, with rising long-term rates of interest already forcing policymakers to amend finances projections.
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