NNA Asia top stories Wednesday, Nov. 14

14, Nov. 2018

TOKYO, NNA – The following are the top stories from NNA Asia for Wednesday, Nov. 14.

Japan economy shrinks in Q3 on disasters after high growth in Q2

TOKYO, NNA - Japan's economy for the July-September quarter slumped 0.3% on quarter, or an annualized 1.2%, as a series of disasters dampened consumption and business investment posted the first drop in two years after surging in April-June.

The first contraction in real gross domestic product in two quarters was sharper than the median economist forecast for -0.2%, or an annualized pace of -0.9%. Domestic demand pushed down the total domestic output by 0.2 percentage point while net exports – exports minus imports – trimmed GDP by 0.1 percentage point.

It followed a strong rebound of 0.8%, or an annualized 3.0% in the second quarter from a drop of 0.3%, or an annualized 1.1% in the first three months of 2018, which was caused by severe winter weather.

Fuji Xerox to close plant in S. Koera in production restructuring

SEOUL, NNA – Fuji Xerox Co. will close a plant in South Korea in March as part of global restructuring, leaving two plants in China and one in Vietnam as its only overseas production facilities.

Its South Korean unit plans to shut down the plant in Incheon, near the capital, by the end of March. The factory, which opened in 1975, has developed and produced small-sized multi-function printers and peripheral products.

Japan CG anime studio 5 shifting to Taiwan to cut costs, secure talent

TAIPEI, NNA – Japanese computer graphic anime studio 5 Inc. is shifting production work to Taiwan, hiring local talent with English and Japanese linguistic skills at a lower cost than in Japan.

Studio 5, its local unit established in May, will launch full operation on Thursday with 24 employees, directly receiving orders from clients outside of Japan.

Odisha state in eastern India seeks investment from Japanese manufacturers

NEW DELHI, NNA – The eastern Indian state of Odisha is trying to draw investment from Japanese manufacturers with its plan to develop a 243-hectare industrial park exclusively for Japanese firms.

Odisha and the Japanese government are holding a seminar this week as part of the Make In Odisha Conclave 2018, a biennial business event.

The mineral resource-rich state has attracted large steel and aluminum makers, but the cumulative foreign direct investment in the state accounts for a mere 0.1 percent of the country’s total from April 2000 to June 2018, according to the Reserve Bank of India.

As of October 2017, the number of Japanese affiliates in the state stood at 52, less than 5 percent of the total in India, the Japan Chamber of Commerce and Industry in India’ data showed.