Kyodo News Digest: Nov. 10

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Japan logs current account surplus of 2.37 trillion yen in Sept.

TOKYO - Japan posted a current account surplus of 2.37 trillion yen ($15 billion) in September, marking its third consecutive month in the black, the Finance Ministry said Tuesday.

The surplus, however, shrank by 2 trillion yen from a year earlier, reflecting a decline in Japanese companies' dividend receipts from overseas subsidiaries that narrowed the surplus in the primary income balance, a ministry official said.

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Japan Sept. household spending falls 6.8% on bad weather

TOKYO - Japan's household spending in September fell a real 6.8 percent from a year earlier, declining for the 10th consecutive month, as adverse weather dampened consumption across a wide range of sectors, government data showed Tuesday.

The latest data marked the biggest drop since September 2020, when spending sank 10.2 percent due to the COVID-19 pandemic, the Ministry of Internal Affairs and Communications said.

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Japan logs 934 bankruptcies in Oct., year's 3rd-highest tally

TOKYO - Corporate bankruptcies in Japan totaled 934 in October, the third-highest monthly tally this year, as rising prices and labor costs weighed on businesses, a credit research company said Tuesday.

The number of failures, involving debts of at least 10 million yen ($63,000), fell 3.2 percent from a year earlier for the second straight monthly decline, according to Tokyo Shoko Research.

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BOJ member urges rate hike without caution when possible

TOKYO - A Bank of Japan board member called for a rate hike when possible "without becoming overly cautious," a summary of opinions at its October policy meeting showed Tuesday, indicating the central bank is eager to continue raising interest rates.

At the Oct. 29-30 meeting, the BOJ said underlying inflation had "generally" reached its 2 percent target after a nearly 14-year effort involving unconventional monetary easing, with its governor signaling room for further interest rate hikes to stabilize prices.

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Japan to host Marshall Islands president in late November

TOKYO - The Japanese government said Tuesday that Marshall Islands President Hilda Heine will visit the country later this month and meet with Prime Minister Sanae Takaichi.

Heine and her husband will be in the country for four days from Nov. 24, with her itinerary expected to include a meeting with Emperor Naruhito and Empress Masako and lunch at the Imperial Palace, the Japanese Foreign Ministry said.

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Japan's Senate to begin debate on consumption tax cut bill Wednesday

TOKYO - Japan's Senate will begin deliberations Wednesday on a bill related to a consumption tax cut on food and beverages, with Prime Minister Sanae Takaichi set to attend the plenary session, lawmakers said.

The schedule was approved Tuesday at a meeting of directors of the upper house's Committee on Rules and Administration. The plenary session will include an explanation of the bill's purpose and questions from representatives of political parties.

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SoftBank Group to jointly build AI infrastructure in Malaysia with Grab

TOKYO - SoftBank Group Corp. said Monday it will jointly build one of Asia's largest artificial intelligence infrastructures in Malaysia with companies including Southeast Asian ride-hailing giant Grab Holdings Ltd.

An initial $1.85 billion will be invested in the project, with SoftBank Group providing $1 billion of the total.

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N. Korea test-fires new high-speed torpedo weapon system

BEIJING - North Korea said Tuesday it test-fired the previous day a new high-speed torpedo weapon system, which is scheduled to be deployed by the country's navy in early 2027, according to the official Korean Central News Agency.

The test verified the combat effectiveness of the system, KCNA added. The report did not state the specifications or other details of the torpedo.