Today’s news included Hitachi’s ¥80 billion investment in a US transformer plant, rising land prices, tax reform, political appointments, a US Supreme Court ruling, a semiconductor investment and concerns over crude oil supplies.
Hitachi is reportedly planning to build a new transformer plant in the US, with an investment of ¥80 billion. The Cabinet’s approval of the tax reform outline indicated that the consumption tax on food products is expected to be raised by 1 percentage point for 2 years.
Land price trends showed benchmark land prices rising for the fifth consecutive year, with the rate of increase for commercial land accelerating. The LDP’s executive lineup has taken shape, and the post of Upper House secretary-general is expected to change to Aoki Kazuhiko (青木一彦).
The US Supreme Court rejected restrictions on mail-in voting, and reports suggested that this could affect the administration’s position in the midterm elections. Separately, Intel announced an investment ahead of the planned listing of US semiconductor designer Altera.
Crude oil loading was suspended at a Saudi port, raising concerns over supply disruptions.