News

Japan's Lower House passed the initial budget for fiscal 2025, marking the first time in 29 years the Diet revised the initial budget bill and the first time in 70 years it reduced the initial budget amount. The budget includes measures to provide free high school education, a key demand of the opposition Nippon Ishin party.

Mio Sugita, a former LDP lawmaker with a history of discriminatory remarks, has been nominated as a candidate for the upcoming Upper House election, sparking controversy and raising concerns about the party's commitment to human rights. The LDP leadership has urged Sugita to reflect on her past statements and has emphasized that the party does not condone her remarks.

Billions of yen in government subsidies have fueled a surge in industrial park development in Fukushima, but a lack of workers returning to the area remains a major challenge. Despite government efforts to attract businesses and create jobs, the long-term impact of the nuclear disaster continues to hinder population growth and economic recovery.

Asian markets were mixed on Wednesday ahead of a crucial interest rate decision by the U.S. Federal Reserve, with Japan's Nikkei 225 edging up while Hong Kong's Hang Seng and the Shanghai Composite remained flat. Meanwhile, Wall Street retreated on Tuesday amid a tech sell-off, with the S&P 500 dropping 1.1% and the Nasdaq composite sinking 1.7%.

Toyota Motor Corp. is postponing the construction of a lithium-ion battery factory in Fukuoka Prefecture due to sluggish demand for electric vehicles in the global market and higher construction costs. The company is also considering pushing back the release date of its first next-generation EV model to ensure the quality of new technologies.