August’s Tokyo CPI showed a further jump in electricity prices. Against this backdrop, PM Kishida announced that he wants to restart more nuclear reactors and build new ones, but it remains unclear whether local resistance to these plans can be overcome. Meanwhile, another round of false emissions data was uncovered at Hino Motors Ltd, and the company has now suspended sales of almost all its trucks and buses. But we think the impact on private non-residential investment will be small despite Hino’s sizeable share of the domestic truck market.
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