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Japan's net external assets hit record 3 tln USD in 2023

STORY: Japan's net external assets hit record 3 tln USD in 2023 SHOOTING TIME: May 28, 2024 DATELINE: May 28, 2024 LENGTH: 0:01:52 LOCATION: Tokyo CATEGORY: ECONOMY SHOTLIST: 1. various of street views in Tokyo STORYLINE: Japan's net external assets rose to a record 471.31 trillion yen (3 trillion U.S. dollars) in 2023, up 12.2 percent from a year earlier, as a weak yen inflated the value of foreign stocks, bonds, and other holdings in yen terms, government data showed Tuesday. With the figure increasing for a sixth straight year, Japan retained its position as the world's largest creditor for the 33rd straight year in yen terms, followed by Germany and China as of the end of 2023, according to the Ministry of Finance. Gross external assets, held by the Japanese government, companies and individual investors, rose 11.1 percent to 1,488.34 trillion yen, while external debt went up 10.6 percent to 1,017.04 trillion yen, the ministry said. The yen was 7.0 percent weaker against the U.S. dollar in

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Evergrande Group Filing For Bankruptcy Protection in The United States

HANGZHOU, CHINA - AUGUST 18, 2023 - The logo of Evergrande Real Estate is seen at the construction site of a real estate project in Hangzhou, Zhejiang province, China, August 18, 2023. According to several foreign media reports, on August 17, Eastern time, Evergrande Group applied for creditor protection in the United States Bankruptcy Court in Manhattan.

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Evergrande Group Filing For Bankruptcy Protection in The United States

HANGZHOU, CHINA - AUGUST 18, 2023 - The logo of Evergrande Real Estate is seen at the construction site of a real estate project in Hangzhou, Zhejiang province, China, August 18, 2023. According to several foreign media reports, on August 17, Eastern time, Evergrande Group applied for creditor protection in the United States Bankruptcy Court in Manhattan.

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Evergrande Group Filing For Bankruptcy Protection in The United States

HANGZHOU, CHINA - AUGUST 18, 2023 - The logo of Evergrande Real Estate is seen at the construction site of a real estate project in Hangzhou, Zhejiang province, China, August 18, 2023. According to several foreign media reports, on August 17, Eastern time, Evergrande Group applied for creditor protection in the United States Bankruptcy Court in Manhattan.

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Evergrande Group Filing For Bankruptcy Protection in The United States

HANGZHOU, CHINA - AUGUST 18, 2023 - The logo of Evergrande Real Estate is seen at the construction site of a real estate project in Hangzhou, Zhejiang province, China, August 18, 2023. According to several foreign media reports, on August 17, Eastern time, Evergrande Group applied for creditor protection in the United States Bankruptcy Court in Manhattan.

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Nakayama Steel

OSAKA, Japan - Photo from a Kyodo News helicopter shows Nakayama Steel Works Ltd. in Osaka, western Japan, on Nov. 29, 2012. Sources said the same day the electric furnace steelmaker plans to ask its main creditor banks to waive a total of around 60 billion yen in loans due to slumping demand.

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Nakayama Steel to ask creditor banks to waive loans

OSAKA, Japan - Photo taken from a Kyodo News helicopter on Nov. 29, 2012, shows Nakayama Steel Works Ltd. in Osaka's Taisho Ward. The electric furnace steelmaker plans to ask its main creditor banks to waive a total of around 60 billion yen in loans due to slumping demand, sources close to the matter said the same day.

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Nakayama Steel to ask creditor banks to waive loans

OSAKA, Japan - Photo taken from a Kyodo News helicopter on Nov. 29, 2012, shows Nakayama Steel Works Ltd. in Osaka's Taisho Ward. The electric furnace steelmaker plans to ask its main creditor banks to waive a total of around 60 billion yen in loans due to slumping demand, sources close to the matter said the same day.

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Elpida creditors

TOKYO, Japan - Representatives of creditor banks and business partner companies gather for a meeting held by bankrupt chipmaker Elpida Memory Inc. in Tokyo on Feb. 29, 2012.

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JAL likely to agree on rehab plan with creditor banks

TOKYO, Japan - Japan Airlines Corp. President Masaru Onishi (L) speaks during a news conference with JAL Chairman Kazuo Inamori (R) in Tokyo on July 28, 2010, over his struggling company's rehabilitation plan and negotiations with creditor banks.

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JAL likely to agree on rehab plan with creditor banks

TOKYO, Japan - Japan Airlines Corp. Chairman Kazuo Inamori (C), flanked by JAL President Masaru Onishi (L) and Hideo Seto (R), trustee of the Enterprise Turnaround Initiative Corp. of Japan, the state-backed administrator overseeing the rehabilitation of the struggling airlines, speaks during a news conference in Tokyo on July 28, 2010, over JAL's rehabilitation plan and negotiations with creditor banks.

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JAL's creditor banks OK court-led rehabilitation

TOKYO, Japan - Land, Infrastructure, Transport and Tourism Minister Seiji Maehara speaks about the rehabilitation plan for struggling Japan Airlines Corp. at a news conference in Tokyo on Jan. 12, 2010. Maehara said, ''Our mission is to firmly achieve the major goal to revive Japan Airlines while keeping (its aircraft) flying.''

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JAL's creditor banks OK court-led rehabilitation

TOKYO, Japan - Land, Infrastructure, Transport and Tourism Minister Seiji Maehara speaks about the rehabilitation plan for struggling Japan Airlines Corp. at a news conference in Tokyo on Jan. 12, 2010. Maehara said, ''Our mission is to firmly achieve the major goal to revive Japan Airlines while keeping (its aircraft) flying.''

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Panasonic may acquire Sanyo Electric

OSAKA, Japan - Photo taken Nov. 1 shows the head office of Sanyo Electric Co. in Osaka. Informed sources said the same day that Panasonic Corp. is considering buying Sanyo Electric by acquiring some of the preferred Sanyo shares that three major creditor institutions, including Goldman Sachs Group Inc. of the United States, now hold.

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Panasonic may acquire Sanyo Electric

OSAKA, Japan - Photo taken Nov. 1 shows the head office of Panasonic Corp. in Osaka. Informed sources said the same day that Panasonic is considering buying Sanyo Electric Co. by acquiring some of the preferred Sanyo shares that three major creditor institutions, including Goldman Sachs Group Inc. of the United States, now hold.

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N. Korea group's No. 2 leader questioned over failed sale of property

TOKYO, Japan - Ho Jong Man, chief vice chairman of the General Association of Korean Residents of Japan, or Chongryon, leaves his residence in Tokyo's Sugiunami Ward on June 21 to be questioned by Japanese prosecutors over allegations that the pro-Pyongyang group transferred the ownership of its Tokyo head office and premises in a bid to evade possible seizure by a creditor in the event that it lost a court battle.

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Daiei, IRCJ ask 10 creditors for 81% loan forgiveness

TOKYO, Japan - Daiei Inc. President Toshio Hasumi speaks to reporters after the ailing retailer and the state-backed Industrial Revitalization Corp. of Japan asked 10 of the company's 38 creditor banks to waive 81 percent of their uncollateralized loans.

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(2)IRCJ not to help rebuild Daiei any more

TOKYO, Japan - Atsushi Saito, president of the state-backed Industrial Revitalization Corp. of Japan, leaves a Tokyo hotel after his talks with Kunio Takagi, president of Daiei Inc. IRCJ said it will stop preparatory procedures to help rebuild the ailing retail giant after Takagi formally rejected calls by the IRCJ and major creditor banks for the company to seek the entity's help, IRCJ officials said.

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Daiei board decides not to seek IRCJ support

TOKYO, Japan - Kunio Takagi, president of struggling retailer Daiei Inc., leaves by car from the head office of Sumitomo Mitsui Banking Corp., one of its three major creditor banks, in Tokyo on Oct. 11. Earlier in the day Daiei decided at an extraordinary board meeting that it would not seek help from the state-backed Industrial Revitalization Corp. of Japan, brushing aside the banks' repeated demand that Daiei ask for IRCJ's help.

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(2)Creditors finalize bailout package for ailing retailer Daiei

FUKUOKA, Japan - Toshio Masui, representative in Japan of U.S. investment fund Colony Capital LLC, speaks to reporters after in Fukuoka on Feb. 10 after key creditor banks finalized a bailout package for the debt-ridden retail chain operator. Under the deal, Daiei is set to sell the Fukuoka Dome baseball stadium and the adjacent Sea Hawk Hotel and Resort to Colony Capital LLC.

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(1)Creditors finalize bailout package for ailing retailer Daiei

FUKUOKA, Japan - Daiei Inc. President Kunio Takagi speaks to reporters in Fukuoka on Feb. 10 after key creditor banks finalized a bailout package for the debt-ridden retail chain operator. Under the deal, Daiei is set to sell the Fukuoka Dome baseball stadium and the adjacent Sea Hawk Hotel and Resort to U.S. investment fund Colony Capital LLC.

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Nissan Diesel to get 106 bil. yen support

TOKYO, Japan - Nissan Diesel Motor Co. President Iwao Nakamura announces the company's rehabilitation plan at a news conference in Tokyo on Sept. 30. The plan features a total of 106 billion yen in financial support from main creditor banks and Nissan Motor Co.

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Daiei sees revenues dragged down by reforms

TOKYO, Japan - Kunio Takagi, president of struggling retailer Daiei Inc., speaks at a news conference in Tokyo on April 18. Daiei saw revenues decline due to more store closures and business reforms in the year ended Feb. 28, although it reported a net profit helped by debt forgiveness from creditor banks.

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Kumagai Gumi eyes 300 bil. yen bailout

TOKYO, Japan - Kazutoshi Torikai, president of ailing construction firm Kumagai Gumi Co., speaks at a news conference in Tokyo on April 4. He said the company will ask its main creditor banks for 300 billion yen in a financial bailout under a fresh three-year restructuring plan, while seeking a merger with industry peer Tobishima Corp.

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Suzuki Motor to sell Daewoo-built cars in N. American market

TOKYO, Japan - Photo shows the Verona subcompact sedan, one of the three car models Suzuki Motor Corp. will start selling in North America in 2004. Suzuki said Feb. 13 the three car models were built by South Korea's GM Daewoo Auto & Technology Co. (GMDAT), an auto-making joint venture General Motors Corp. and Suzuki set up last year with the creditor banks of bankrupt Daewoo Motor Co.

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Daiei starts year-end sale to rebuild management

NARASHINO, Japan - Fukuoka Daiei Hawks manager Sadaharu Oh (2nd from R) and actress Hiroko Moriguchi (R) join Daiei Inc. President Kunio Takagi (2nd from L) in a ceremony to launch the struggling supermarket chain operator's crucial year-end sale at its Tsudanuma store, east of Tokyo, on Nov. 21. Daiei, which will receive financial support from its three major creditor banks and the government-backed Development Bank of Japan, aims to boost sales during the year's biggest sales event.

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Isuzu to get financial aid from GM, creditor banks

TOKYO, Japan - Yoshinori Ida, president of Isuzu Motors Ltd., speaks at a press conference at the Tokyo Stock Exchange on Aug. 14 about the company's new three-year business plan. Under the plan, Isuzu will receive financial aid from U.S. auto giant General Motors Corp. (GM) and its main creditor banks.

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Suzuki Motor to take 14.9% stake in GM-Daewoo venture

HAMAMATSU, Japan - Suzuki Motor Co. Chairman Osamu Suzuki (L) and General Motors Co. Chairman John Smith shake hands at a news conference in Hamamatsu on June 27. Suzuki Motor has agreed to take a 14.9% equity stake in an auto-making joint venture GM will set up with the creditor banks of bankrupt South Korean automaker Daewoo Motor Co. Suzuki, a GM affiliate, said it will pay $89 million for the stake in the Korean venture, GM Daewoo Auto & Technology Co. (GMDAT).

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Daiei shareholders approve new revival plan

KOBE, Japan - Shareholders of Daiei Inc. head to attend a shareholders' meeting in Kobe, western Japan, on May 23. Shareholders gave the nod to the ailing supermarket chain operator's new three-year restructuring program featuring a 99% capital cut and 520 billion yen in financial support from its three main creditor banks.

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Builder Tobishima devises new rehabilitation plan

TOKYO, Japan - Yoshiharu Tomimatsu, president of construction company Tobishima Corp., on March 5 announces a new rehabilitation plan featuring financial help from its main creditor, Fuji Bank, to cut its group interest-bearing debt by 50 billion yen over the next three years.

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Daiei's 3 main banks to provide 520 bil. yen in support

TOKYO, Japan - Kunio Takagi, president of struggling supermarket operator Daiei Inc., talks with journalists after announcing a fresh three-year restructuring program featuring 520 billion yen in financial support from its three main creditor banks, or 100 billion yen more than under an earlier bailout plan.

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Retailer Iwataya to seek 28 bil. yen debt waiver

FUKUOKA, Japan - Kenichi Nakamuta, president of Iwataya Department Store Co., speaks at a press conference in Fukuoka on Feb. 26 about the company's three-year restructuring program. Under the program, Iwataya will seek a debt waiver of about 28 billion yen from its main creditor banks.

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Retailer Iwataya to seek 28 bil. yen debt waiver

FUKUOKA, Japan - Fukuoka-based Iwataya Department Store Co. (photo), announces on Feb. 26 a three-year rehabilitation plan, under which it will seek a debt waiver of about 28 billion yen from its main creditor banks and will aim to restructure under the umbrella of major department store chain operator Isetan Co.

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Haseko unveils new reform plan

TOKYO, Japan - Toshihjisa Dake, president of struggling condominium developer Haseko Corp., unveils a sweeping restructuring plan at a news conference in Tokyo on Feb. 21. The program calls for 150 billion yen in financial support from major creditor banks and a 10% cut in personnel expenses in three years.

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Nakauchi's son asked to give up Hawks' stakes

TOKYO, Japan - An undated file photo shows Tadashi Nakauchi who has been asked by struggling supermarket operator Daiei Inc. and its three major creditor banks have asked to surrender his stakes in pro-baseball team Fukuoka Daiei Hawks to Daiei voluntarily and free of charge. He is the son of Daiei founder and former chairman Isao Nakauchi.

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Creditors OK Sogo rehabilitation plan

TOKYO, Japan - Photo shows officials of creditor banks and suppliers to the failed department-store chain operator Sogo Co. entering Tokyo's Hibiya Public Hall on Jan. 31. More than 90% of the attendants agreed to a package of plans to reconstruct Sogo, featuring plans to reduce the number of outlets from 22 to 13 and rebuild the surviving 13.

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Mitsui Construction unveils management reform plan

TOKYO, Japan - Kazuhiro Inamura, president of financially troubled Mitsui Construction Co., speaks at a news conference Dec. 29 on a new mid-term management reform plan. He said his firm will ask Sakura Bank and other major creditor banks to waive a total 163 billion yen in claims on their outstanding loans.

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Kumagai Gumi wins informal OK from banks

TOKYO, Japan - Kazutoshi Torigai, president of troubled construction firm Kumagai Gumi Co., tells a press conference in Tokyo on Dec. 28 that the company's creditor banks have informally approved a revision to its restructuring plan. Under the new plan, Kumagai Gumi will ask its 15 creditor banks to forgive 430 billion yen in loans, down from the 450 billion yen it had previously requested.

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Sogo to ask banks to forgive loans

TOKYO, Japan - Kyoichi Yamada, president of Sogo Co., reads from a sheet of paper at a news conference in Tokyo on April 6. In an unprecedented move in Japanese corporate history, Yamada said his company will ask creditor banks to forgive claims on loans worth 639 billion yen.

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Daiei's Nakauchi to give up presidency

Daiei Inc. founder and chairman Isao Nakauchi (R) meets the press in Tokyo on Jan. 20, saying he will relinquish day-to-day control of the struggling supermarket chain by giving his job as president to Vice President Tadasu Toba (L). Nakauchi apparently sought to assuage creditor banks, who have been unhappy about the performance of Japan's largest supermarket chain.

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A call for restructuring

South Korean President Kim Dae Jung (3rd from L) speaks at a meeting on Dec. 7 with leaders from the country's top five business conglomerates -- Hyundai, Samsung, Daewoo, LG and SK, as well as major economic policy makers and heads of creditor banks at the Blue House presidential office in Seoul. The leaders agreed to implement restructuring programs, including the swap of Samsung's auto unit and Daewoo's electronics unit, to overcome the economic crisis.

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Daiei, IRCJ ask 10 creditors for 81% loan forgiveness

TOKYO, Japan - Daiei Inc. President Toshio Hasumi speaks to reporters after the ailing retailer and the state-backed Industrial Revitalization Corp. of Japan asked 10 of the company's 38 creditor banks to waive 81 percent of their uncollateralized loans. (Kyodo)

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Panasonic may acquire Sanyo Electric

OSAKA, Japan - Photo taken Nov. 1 shows the head office of Sanyo Electric Co. in Osaka. Informed sources said the same day that Panasonic Corp. is considering buying Sanyo Electric by acquiring some of the preferred Sanyo shares that three major creditor institutions, including Goldman Sachs Group Inc. of the United States, now hold. (Kyodo)

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Panasonic may acquire Sanyo Electric

OSAKA, Japan - Photo taken Nov. 1 shows the head office of Panasonic Corp. in Osaka. Informed sources said the same day that Panasonic is considering buying Sanyo Electric Co. by acquiring some of the preferred Sanyo shares that three major creditor institutions, including Goldman Sachs Group Inc. of the United States, now hold. (Kyodo)

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Daiei's Nakauchi to give up presidency

Daiei Inc. founder and chairman Isao Nakauchi (R) meets the press in Tokyo on Jan. 20, saying he will relinquish day-to-day control of the struggling supermarket chain by giving his job as president to Vice President Tadasu Toba (L). Nakauchi apparently sought to assuage creditor banks, who have been unhappy about the performance of Japan's largest supermarket chain. ==Kyodo

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Isuzu to get financial aid from GM, creditor banks

TOKYO - Yoshinori Ida, president of Isuzu Motors Ltd., speaks at a press conference at the Tokyo Stock Exchange on Aug. 14 about the company's new three-year business plan. Under the plan, Isuzu will receive financial aid from U.S. auto giant General Motors Corp. (GM) and its main creditor banks. (Kyodo)

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Ex-Sogo Chairman Mizushima pleads not guilty

TOKYO, Japan - Hiroo Mizushima, former chairman of failed department store chain Sogo Co., walks into the Tokyo District Court on Nov. 7, 2001. Mizushima pleaded not guilty to charges of hiding his assets to evade seizure by a creditor.

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(2)IRCJ not to help rebuild Daiei any more

TOKYO, Japan - Atsushi Saito, president of the state-backed Industrial Revitalization Corp. of Japan, leaves a Tokyo hotel after his talks with Kunio Takagi, president of Daiei Inc. IRCJ said it will stop preparatory procedures to help rebuild the ailing retail giant after Takagi formally rejected calls by the IRCJ and major creditor banks for the company to seek the entity's help, IRCJ officials said. (Kyodo)

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Daiei board decides not to seek IRCJ support

TOKYO, Japan - Kunio Takagi, president of struggling retailer Daiei Inc., leaves by car from the head office of Sumitomo Mitsui Banking Corp., one of its three major creditor banks, in Tokyo on Oct. 11. Earlier in the day Daiei decided at an extraordinary board meeting that it would not seek help from the state-backed Industrial Revitalization Corp. of Japan, brushing aside the banks' repeated demand that Daiei ask for IRCJ's help. (Kyodo)

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Nissan Diesel to get 106 bil. yen support

TOKYO, Japan - Nissan Diesel Motor Co. President Iwao Nakamura announces the company's rehabilitation plan at a news conference in Tokyo on Sept. 30. The plan features a total of 106 billion yen in financial support from main creditor banks and Nissan Motor Co. (Kyodo)