News

Mitsui Sumitomo Insurance and Aioi Nissay Dowa, Japan's third and fourth largest non-life insurers, will merge in April 2027, creating the nation's largest non-life insurer with combined sales exceeding industry leader Tokio Marine & Nichido Fire Insurance. This move aims to address the shrinking market and create a more efficient business through downsizing.

A report by the Japan Meteorological Agency and the science ministry warns that Japan could experience annual once-in-a-century heat waves if temperatures continue to rise significantly. The report highlights the urgency of climate action, as the average temperature in Japan has already risen 1.3 degrees above the level at the beginning of the 20th century.

Canadian convenience store giant Couche-Tard remains determined to acquire Seven & i Holdings, the operator of Japan's top convenience store chain, 7-Eleven, despite the latter's initial rejection of the offer. Couche-Tard emphasizes its commitment to a friendly transaction and believes the merger would benefit 7-Eleven's business, while Seven & i focuses on boosting its own value and addressing antitrust concerns.

Chinese electric vehicle giant BYD unveiled a new platform for its EVs that boasts super-fast charging capabilities, enabling cars to travel 400 kilometers on just a 5-minute charge. The company also announced plans to build a charging network across China to support the new platform, aiming to address range anxiety and further accelerate the adoption of EVs.

Japan's trade surplus returned in February 2024, driven by a robust 11.4% annual growth in exports, despite concerns over potential auto tariffs from the United States. The February surplus amounted to 584 billion yen ($3.9 billion), a significant improvement from the 415 billion yen deficit recorded in the same month the previous year.