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After steel and aluminium, US President Donald Trump has set his sights on slapping 25 percent tariffs on semiconductors, cars and pharmaceuticals. Trump has already slapped additional 10 percent tariffs on goods from China and has also threatened tariffs on Canada and Mexico, plus ordered a study into putting into place reciprocal tariffs.Here’s a look who would be hit the hardest if US import tariffs on semiconductors, cars and pharmaceuticals go into force.- Semiconductors: Asia in the crosshairsSemiconductors, or microchips, are the brains in our electronic devices and demand has soared with the development of AI, which relies on thousands of them to crank through reams of information.Asia is a major centre of manufacturing of semiconductors.The United States exported $70 billion of electronic components last year, but imported double that amount, according to the US Commerce Department.Imports from Taiwan alone represented nearly $37 billion. The island is home to chip manufacturing giant TSMC and a big portion of its factories. Tariffs could encourage it to diversify its production sites further. It already has plans to build three new factories in the United States. Taiwanese President Lai Ching-te said last week that Taiwan would “expand investment and procurement in the United States to promote bilateral trade balance”.South Korea, home to Samsung, saw its exports of electronic components double last year to more than $8 billion, according the country’s customs data. Its components are the country’s second-largest export item to the United States behind cars.”Disrupting the supply chain… would create serious challenges for the whole world, including the United States,” said an executive of the trade association for South Korea’s electronics industry. – Everyone impacted by car tariffs -The United States, the world’s number two auto market behind China — imported $269 billion in vehicles last year according to US Commerce Department figures.Of those, $95 billion came from Mexico. Japan, South Korea, Canada and Germany are also major importers of vehicles into the United States.US auto exports totalled only $72 billion.   Additional tariffs would affect all carmakers, with US automakers having factories in Mexico and Canada. US carmakers would also be affected through components suppliers located abroad, noted Matthieu Noel at the Roland Berger consultancy.Laurel Broten, who heads up Canada’s agency that attracts foreign investment, Invest in Canada, gave an example of an auto component that crossed the US-Canadian border eight times before being installed into a vehicle.”Tariffs on ‘Canadian cars’ are also tariffs on US players in the supply chain,” she told AFP.Moreover, carmakers from all countries, including the United States, built factories “in Mexico to tap into lower wages”, noted Noel.For US consumers, “the price of vehicles will rise considerably. When one adds 25 percent import tariffs that can’t be totally absorbed by margins,” he said.But many international brand cars are now made in the United States.The world’s largest carmaker, Japan’s Toyota, sold 2.3 million vehicles in the United States last year. But more than half were manufactured in the United States, where it will soon open its eleventh factory. German carmakers Volkswagen, BMW and Mercedes already manufacture SUVs in the United States.Stellantis, which owns the Jeep, Ram, Dodge and Chrysler brands in addition to a number of European marques — said it wants to boost its US production even before Trump’s latest announcements.- Pharmaceuticals: limited impact? -Ireland alone accounted for 30 percent of US pharmaceutical imports in 2024. The country’s favourable tax rates have attracted drugs manufacturers, including US firms.Italy was the top source for US antibiotics imports, followed closely by China.Nearly a quarter of Germany’s pharmaceutical exports — in particular vaccines and immunology products, head to the United States.Some products are in very high demand by Americans, particularly the weight-loss treatments Ozempic and Wegovy made by Danish drugmaker Novo Nordisk.But the drugs market is not like others, noted analysts at Moody’s.”Patients’ medical needs, lack of substitutes, insurance coverage and doctor preferences limit the effects of price changes on demand,” it said in a recent note.”Most branded pharmaceutical companies have diversified manufacturing, including US facilities, and can absorb tariff increases thanks to high profit margins,” it added.US consumers might see more price increases on generic drugs made abroad as manufacturers have tight margins and would likely pass on the cost of tariffs.

Global markets mostly rose on Friday, with Hong Kong leading the way thanks to a surge in tech stocks led by e-commerce titan Alibaba.The gains followed a week marked by uncertainty as traders weighed the economic outlook in light of Donald Trump’s threatened tariffs and geopolitical machinations.Asian equities led gains, with Shanghai rising and Hong Kong piling on four percent to hit a three-year high fuelled by tech firms. “The gains in Hong Kong and China came amid renewed excitement about the tech sector in the region as Alibaba announced big AI spending plans,” said AJ Bell investment director Russ Mould. China’s Alibaba rocketed more than 14 percent following its forecast-busting earnings figures the previous day. The firm has bounced nearly 70 percent higher since the turn of the year.Other household names pushed the Hang Seng Index higher, with Tencent adding more than six percent, and JD.com and XD Inc gaining more than five percent.China’s tech sector has been on a roll this year, and has been given an extra boost since startup DeepSeek unveiled a chatbot that upended the global AI sector.In the eurozone, Paris and Frankfurt markets rose after a closely watched survey showed that business activity grew again, albeit at a very small pace.London’s FTSE 100 also edged up, shrugging off the same survey that showed UK private sector activity was little changed from a month earlier. The euro retreated against the dollar ahead of the German election on Sunday, with investors expecting a more expansionary fiscal policy from Berlin to revive Europe’s largest economy.”The election comes against a difficult backdrop for Germany right now, as their economy has just experienced two consecutive annual contractions over 2023 and 2024,” said Deutsche Bank’s Jim Reid.Wall Street opened mixed, with the Dow Jones dropping thanks in large part due to a nine percent drop in UnitedHealth Group shares following a report that it is under federal fraud investigation for some of its billing practices. “This news has undercut the stocks of other Medicare Advantage providers,” noted Briefing.com analyst Patrick O’Hare.In Tokyo, the yen retreated after Japanese Finance Minister Katsunobu Kato said Friday that rising government bond yields — which are at their highest since 1999 — could weigh on economic growth.That dented expectations the Bank of Japan would announce a series of rate hikes this year, even as data showed Japanese core inflation hit a 19-month high.Nissan shares jumped nearly 10 percent in Tokyo after a report that a Japanese group including a former prime minister plans to ask US electric vehicle giant Tesla to invest in the automaker. Crude prices fell by more than one percent as traders expect the US to ease the sanctions that have limited Russian oil exports, leading to greater supply.”It is now clear that it is only a matter of time before Trump lifts sanctions against Russia,” said Arne Lohmann Rasmussen, chief analyst Global Risk Management.”Although the EU is unlikely to follow suit, such a decision would enable increased Russian exports – particularly to refineries in China and India,” he added.- Key figures around 1430 GMT -New York – Dow: DOWN 0.6 percent at 44, pointsNew York – S&P 500: DOWN less than 0.1 percent at 6,112.52New York – Nasdaq Composite: UP 0.2 percent at 19,995.94London – FTSE 100: FLAT at 8,148.72 Paris – CAC 40: UP 0.3 percent at 8,148.72Frankfurt – DAX: UP 0.1 percent at 22,339.00Tokyo – Nikkei 225: UP 0.3 percent at 38,776.94 (close) Hong Kong – Hang Seng Index: UP 4.0 percent at 23,477.92 (close)Shanghai – Composite: UP 0.9 percent at 3,379.11 (close)Euro/dollar: DOWN at $1.0478 from $1.0505 on ThursdayPound/dollar: DOWN at $1.2654 from $1.2668Dollar/yen: UP at 150.26 from 149.65 yenEuro/pound: DOWN at 82.81 pence from 82.90 pence West Texas Intermediate: DOWN 1.3 percent at $71.54 per barrelBrent North Sea Crude: DOWN 1.2 percent at $75.60 per barrelburs-rl/gv

Asian markets rose Friday, with Hong Kong leading the way thanks to a surge in tech stocks led by ecommerce titan Alibaba.The gains put the region on course to end a positive week on a strong note and came as traders weigh the economic outlook in light of Donald Trump’s tariffs drive and geopolitical machinations.The yen pulled back a day after rallying past the 150-per-dollar mark following a warning on rising bond yields by Japan’s finance minister saw a rethink over bets on how many interest rate hikes the central bank will announce this year.Traders have been dealing with a series of Trump headlines this week that have made them consider their investment strategies, with his mulling of more tariffs adding to inflation worries.Minutes from the Federal Reserve’s January policy meeting, released this week, showed officials concerned that the president’s trade wars and pledges to cut taxes, regulations and immigration will force them to pause their rate cutting for now.The first high-level discussions between Washington and Moscow since Russia invaded Ukraine — without the presence of Europe or Kyiv — saw the two appoint teams to negotiate an end to the war.Disappointing earnings from retail titan Walmart sparked worries about US consumer activity and the impact on the world’s top economy, and weighed on Wall Street with all three main indexes ending in negative territory.But Asia fared, with Hong Kong piling on more four percent to hit a three-year high.The rally was fuelled by tech firms, and particularly Alibaba, which rocketed more than 14 percent a day after it released forecast-busting earnings figures. The firm is now up nearly 70 percent since the turn of the year, and the Hang Seng Index more than 17 percent.The Hang Seng tech index surged more than six percent, with other household names making big moves higher.Tencent added more than six percent, JD.com and XD Inc gained more than five percent, and Meituan jumped 3.8 percent.China’s tech sector has been on a roll this year, and has been given an extra boost since startup DeepSeek unveiled a chatbot that upended the global AI sector.Elsewhere in Asia, Tokyo, Shanghai, Singapore, Seoul, Taipei, Manila, Bangkok and Jakarta also rose, along with Frankfurt and Paris.But London fell at the open.The yen retreated after Japanese Finance Minister Katsunobu Kato said Friday that rising government bond yields — which are at their highest since 1999 — could weigh on economic growth.The yen was back above 150 to the dollar, having strengthened to below that figure for the first time since December.That dented expectations the Bank of Japan will announce a series of rate hikes this year, even after data Friday showed Japanese core inflation hit a 19-month high of 3.2 percent in January.”Kato’s remarks had traders rethinking whether the BoJ would really push ahead aggressively or if they might be nudged into a more measured, summer one-and-done approach in 2025,” said SPI Asset Management’s Stephen Innes.”Most economists expect the next BoJ rate hike to land in the summer, but the market isn’t entirely convinced.”Stronger-than-expected fourth-quarter GDP growth figures, notably hawkish remarks from BoJ board member Hajime Takata, and a hotter CPI have amplified speculation that the tightening cycle could move faster than anticipated.”Rania Gule, a senior market analyst at XS.com, added: “Kato’s remarks brought things back into focus, confirming that the central bank is not completely independent from the Ministry of Finance, which is grappling with unprecedented levels of debt to GDP.”- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 38,776.94 (close) Hong Kong – Hang Seng Index: UP 4.0 percent at 23,477.92 (close)Shanghai – Composite: UP 0.9 percent at 3,379.11 (close)London – FTSE 100: DOWN 0.1 percent at 8,653.98 Euro/dollar: DOWN at $1.0492 from $1.0505 on ThursdayPound/dollar: UP at $1.2669 from $1.2668Dollar/yen: UP at 150.53 from 149.65 yenEuro/pound: DOWN at 82.82 pence from 82.90 pence West Texas Intermediate: DOWN 0.4 percent at $72.22 per barrelBrent North Sea Crude: DOWN 0.3 percent at $76.24 per barrelNew York – Dow: DOWN 1.0 percent at 44,176.65 (close)

Only around one in six Japanese citizens hold valid passports, fresh data shows, with the number of residents travelling abroad slowly recovering but still below pre-pandemic levels.The latest rate is far below the half of Americans with passports, a level that has soared from around five percent in 1990.And in neighbouring South Korea, the figure is around 60 percent, Seoul says.As of December 2024, there were 21.6 million valid Japanese passports in circulation, representing around 17.5 percent of the overall population, the foreign ministry said Thursday.Before the Covid-19 pandemic, about a quarter of Japanese people held valid passports.The country’s travel document is tied with neighbour South Korea’s passport as the world’s second strongest after Singapore, allowing visa-free entry to 190 destinations, according to this year’s Henley Passport Index.Outbound travel from Japan has gradually resumed after the quarantine measures and border closures of the pandemic era, according to the ministry.But the weakness of the yen — which has shed a third of its value in the past five years — is one factor deterring Japanese travellers along with inflation and a renewed interest in domestic travel, analysts say.The new data comes as the nation welcomes a record influx of tourists from other countries, with more than 36 million visits recorded last year and many flocking to hotspots like Kyoto.International travel by Japanese nationals began to increase sharply in the boom years of the late 1980s.In 1990, more than 10 million people from Japan travelled abroad, a figure that rose to 20 million before the pandemic. This year around 14.1 million Japanese are expected to travel abroad, according to top Japanese travel agency JTB.”In recent years, the rapid depreciation of the yen has caused some to refrain from overseas travel, but once the currency market calms, overseas travel is expected to pick up steam,” said its study, issued in January.

They appear tranquil soaring above Himalayan forests, but a string of cable car projects in Nepal have sparked violent protests, with locals saying environmental protection should trump tourism development.In Nepal’s eastern district of Taplejung, the community has been torn apart by a $22-million government-backed project many say will destroy livelihoods and damage ancient forests they hold as sacred.Across Nepal, five cable car projects have opened in the past two years — and 10 more are under development, according to government figures.Critics accuse the government of failing to assess the environmental impact properly.In January, protests at Taplejung escalated into battles with armed police, with four activists wounded by gunfire and 21 officers injured.The protests calmed after promises construction would be suspended, but erupted again this week, with 14 people wounded on Thursday — 11 of them members of the security forces.”We were in a peaceful protest but hired thugs showed us kukris (large knives) and attacked us — and we countered them,” protest committee leader Shree Linkhim Limbu told AFP after the latest clashes.He vowed to continue demonstrations until the project is scrapped.Around 300,000 Hindu devotees trek for hours to Taplejung’s mountaintop Pathibhara temple every year — a site also deeply sacred to the local Limbu people’s separate beliefs.In 2018, Chandra Prasad Dhakal, a businessman with powerful political ties who is also president of Nepal’s Chamber of Commerce and Industry, announced the construction of a 2.5-kilometre-long (1.5-mile) cable car to the temple.The government calls it a project of “national pride”.- ‘Butchering our faith’ -Dhakal’s IME Group is also building other cable cars, including the 6.4-kilometre-long Sikles line in the Annapurna Conservation Area, which the Supreme Court upheld.The government deemed the project a “national priority”, thereby exempting it from strict planning restrictions in protected areas.The Supreme Court scrapped that controversial exemption last month, a move celebrated by environmentalists.But activists fear the project may still go ahead.Taplejung is deeply sacred to local Mukkumlung beliefs, and residents say that the clearance of around 3,000 rhododendron trees — with 10,00 more on the chopping block — to build pylons is an attack on their religion.”It is a brutal act,” said protest chief Limbu. “How can this be a national pride project when the state is only serving business interests?”Saroj Kangliba Yakthung, 26, said locals would rather efforts and funding were directed to “preserve the religious, cultural and ecological importance” of the forests.The wider forests are home to endangered species including the red panda, black bear and snow leopard.”We worship trees, stone and all living beings, but they are butchering our faith,” said Anil Subba, director of the Kathmandu-based play “Mukkumlung”, which was staged for a month as part of the protest.The hundreds of porters and dozens of tea stall workers that support trekking pilgrims fear for their livelihoods.”If they fly over us in a cable car, how will we survive?” said 38-year-old porter Chandra Tamang.The government says the cable car will encourage more pilgrims by making it easy to visit, boosting the wider economy in a country where unemployment hovers around 10 percent, and GDP per capita at just $1,377, according to the World Bank.”This will bring development,” said resident Kamala Devi Thapa, 45, adding that the new route will aid “elderly pilgrims”.- ‘Massive deforestation’ -The cable cars symbolise Nepal’s breakneck bid to cash in on tourism, making up more than six percent of the country’s GDP in 2023, according to the World Travel and Tourism Council (WTTC).Beyond the Pathibhara project, the government’s environmental policy is in question — in a country where 45 percent is forest.More than 255,000 trees have been cut down for infrastructure projects in the past four years, according to the environment ministry.”Nepal has witnessed massive deforestation in the name of infrastructure,” said Rajesh Rai, professor of forestry at Tribhuvan University. “This will have severe long-term consequences”.Unperturbed, the cable car builder assures his project will create 1,000 jobs and brushes aside criticism.”It won’t disturb the ecology or local culture,” Dhakal said. “If people can fly there in helicopters, why not a cable car?”The argument leaves Kendra Singh Limbu, 79, unmoved. “We are fighting to save our heritage,” he said.It has split the community, local journalist Anand Gautam told AFP.”It has turned fathers and sons against each other,” Gautam said. “Some see it as progress, others as destruction”.

Only around one in six Japanese citizens hold valid passports, fresh data has shown, with the number of residents travelling abroad slowly recovering but still below pre-pandemic levels.The latest rate is far below the half of Americans with passports, a level that has soared from around five percent in 1990.As of December 2024, there were 21.6 million valid Japanese passports in circulation, representing around 17.5 percent of the overall population, the foreign ministry said Thursday.Before the Covid-19 pandemic, about a quarter of Japanese people owned valid passports.The country’s travel document is tied with neighbour South Korea’s passport as the world’s second strongest after Singapore, allowing visa-free entry to 190 destinations, according to this year’s Henley Passport Index.Outbound travel from Japan has gradually resumed after the quarantine measures and border closures of the pandemic era, according to the ministry.But the weakness of the yen — which has shed a third of its value in the past five years — is one factor deterring Japanese travellers along with inflation and a renewed interest in domestic travel, analysts say.The new data comes as the nation welcomes a record influx of tourists from other countries, with more than 36 million visits recorded last year and many flocking to hotspots like Kyoto.International travel by Japanese nationals began to increase sharply in the boom years of the late 1980s.In 1990, more than 10 million people from Japan travelled abroad, a figure that rose to 20 million before the pandemic. This year around 14.1 million Japanese are expected to travel abroad, according to top Japanese travel agency JTB.”In recent years, the rapid depreciation of the yen has caused some to refrain from overseas travel, but once the currency market calms, overseas travel is expected to pick up steam,” said its study, issued in January.

Asian markets mostly rose Friday after a negative day on Wall Street as investors weigh the economic outlook in light of Donald Trump’s tariffs drive and geopolitical machinations.A largely positive week in the region was headed for a healthy finish, and Hong Kong was again the standout performer thanks to the tech sector led by Alibaba following a forecast-topping earnings release.The yen pulled back a day after rallying past the 150-per-dollar mark following a warning on rising bond yields by Japan’s finance minister saw a rethink over bets on how many interest rate hikes the central bank will announce this year.Traders have been dealing with a series of Trump headlines this week that have made them consider their investment strategies, with his mulling of more tariffs adding to inflation worries.Minutes from the Federal Reserve’s January policy meeting, released this week, showed officials concerned that the president’s trade wars and pledges to cut taxes, regulations and immigration will force them to pause their rate cutting for now.The first high-level discussions between Washington and Moscow since Russia invaded Ukraine — without the presence of Europe or Kyiv — saw the two appoint teams to negotiate an end to the war.The thawing of US-Russia tensions has led to angry exchanges between Trump and Ukraine’s President Volodymyr Zelensky.The developments have rattled market confidence amid questions over Trump’s commitments to European security.The uncertainty has helped push gold to record levels and close to $3,000 for the first time.Disappointing earnings from retail titan Walmart sparked worries about US consumer activity and the impact on the world’s top economy, and weighed on Wall Street with all three main indexes ending in negative territory.Asia fared a little better, with Tokyo, Shanghai, Singapore, Taipei, Manila and Jakarta rising.But Hong Kong led the pack, soaring more than two percent on the back of an 11 percent surge in Chinese ecommerce titan Alibaba in the wake of forecast-topping sales figures. The city’s market has piled on more than 15 percent in 2025 thanks to a blistering performance in the tech sector in the wake of the unveiling of Chinese startup DeepSeek’s chatbot, which has upended the global AI market.Alibaba is up around 60 percent this year, while Tencent has gained 20 percent and games developer XD Inc more than 30 percent.Sydney, Seoul and Wellington all retreated.On currency markets the yen retreated after Japanese Finance Minister Katsunobu Kato said Friday that rising government bond yields — which at a 15-year high — could weigh on economic growth.The yen was back above 150 to the dollar, having strengthened to below that figure for the first time since December.That dented expectations the Bank of Japan will announce a series of rate hikes this year, even after data Friday showed Japanese core inflation hit a 19-month high of 3.2 percent in January.”Kato’s remarks had traders rethinking whether the BoJ would really push ahead aggressively or if they might be nudged into a more measured, summer one-and-done approach in 2025,” said SPI Asset Management’s Stephen Innes.”Most economists expect the next BoJ rate hike to land in the summer, but the market isn’t entirely convinced.”Stronger-than-expected fourth-quarter GDP growth figures, notably hawkish remarks from BoJ board member Hajime Takata, and a hotter CPI have amplified speculation that the tightening cycle could move faster than anticipated.”- Key figures around 0245 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 38,719.34 (break) Hong Kong – Hang Seng Index: UP 2.7 percent at 23,177.48Shanghai – Composite: UP 0.7 percent at 3,374.62Euro/dollar: DOWN at $1.0488 from $1.0505 on ThursdayPound/dollar: DOWN at $1.2656 from $1.2668Dollar/yen: UP at 150.00 from 149.65 yenEuro/pound: DOWN at 82.86 pence from 82.90 pence West Texas Intermediate: UP 0.3 percent at $72.69 per barrelBrent North Sea Crude: UP 0.3 percent at $76.70 per barrelNew York – Dow: DOWN 1.0 percent at 44,176.65 (close)London – FTSE 100: DOWN 0.6 percent at 8,662.97 (close)

Japanese inflation accelerated in January, further pressuring households as prices excluding fresh food rose 3.2 percent on-year, government data showed Friday.The rate was the highest since June 2023, fuelling speculation over the timing of the Bank of Japan’s next interest rate hike as it retreats from years of aggressive monetary easing to boost the moribund economy.January’s core Consumer Price Index (CPI) was above market expectations of a 3.1 percent rise, accelerating from 3.0 percent in December, the internal affairs ministry said.Overall, inflation including volatile fresh food was up 4.0 percent on-year — among the highest in the G7 — speeding up from 3.6 percent in December and 2.9 percent in November.The price of cabbage almost tripled in January, in what local media have dubbed a “cabbage shock” after last year’s record summer heat and heavy rain ruined crops.The price of rice also soared more than 70 percent, Friday’s data showed, while electricity bills jumped 18 percent.Last week, the government said it would release a fifth of its emergency rice stockpile after poor harvests and panic-buying over a “megaquake” warning pushed up the cost of the staple.Japan has previously tapped into its reserves during disasters, but this was the first time since the stockpile was created in 1995 that supply chain problems have prompted the move.- Yen ‘slugfest’ -The Bank of Japan raised interest rates again last month, having done so in March 2024 for the first time in 17 years.It is gradually normalising monetary policies after years of efforts to counter Japan’s “lost decades” of economic stagnation and static or falling prices.”Japan’s hotter-than-expected CPI had all the makings of a knockout punch” for boosting the yen’s value, with traders ready for a “major shift” in expectations for central bank policy, said Stephen Innes of SPI Asset Management.”But instead, it turned into a slugfest as high-ranking officials stepped in to cool the yen rally,” he said.Finance Minister Katsunobu Kato warned Friday that higher bond yields could pressure government spending, because it means paying more for servicing Japan’s huge government debt.His comments reminded traders “that the BoJ isn’t operating in isolation — it’s still tethered to the Ministry of Finance, which has its own set of concerns”, Innes said.”Most economists expect the next BoJ rate hike to land in the summer, but the market isn’t entirely convinced.”One dollar bought 150.26 yen mid-morning on Friday, with the Japanese currency weaker than 149.68 Thursday.This week, gross domestic product (GDP) figures showed that Japan’s economic growth slowed sharply last year, although the rate for the fourth quarter topped expectations.It comes as companies fret over the impact of US President Donald Trump’s tariffs and other protectionist trade policies on the world’s fourth largest economy.Japanese media reported on Thursday that the trade minister is arranging a visit to the United States to seek exemptions from the tariffs.

Japanese inflation accelerated in January, further pressuring households as prices excluding fresh food rose 3.2 percent on-year, government data showed Friday.Speculation is growing that the Bank of Japan may hike interest rates again to counter rising prices and as part of its retreat from years of aggressive monetary easing to boost the moribund Japanese economy.The core Consumer Price Index (CPI) was above market expectations of a 3.1 percent rise, and accelerated from 3.0 percent in December, the internal affairs ministry said.Overall, inflation including volatile fresh food prices was up 4.0 percent on-year, speeding up from 3.6 percent in December and 2.9 percent in November.In January, the price of cabbage almost tripled year-on-year after last year’s record summer heat and heavy rain ruined crops in what media have dubbed a “cabbage shock”.The price of rice also soared more than 70 percent, the data showed, while electricity bills jumped by 18 percent.”While the increase in electricity and other prices narrowed, the increase for gasoline and kerosene expanded,” the ministry said.Last week, the government said it would release a fifth of its emergency rice stockpile after hot weather, poor harvests and panic buying over a “megaquake” warning pushed up its cost.Japan has previously tapped into its reserves in disasters, but this was the first time since the stockpile was created in 1995 that supply chain problems have prompted the decision.The Bank of Japan raised interest rates again last month — having done so in March for the first time in 17 years — and signalled more hikes to come.The move was underpinned by “steadily” rising wages and financial markets being “stable on the whole”, the bank said.Even as other central banks raised borrowing costs in recent years the BoJ had remained an outlier.But it finally lifted rates above zero in March, signalling a move away from policies designed to counter Japan’s “lost decades” of economic stagnation and static or falling prices.Recent gross domestic product (GDP) figures showed that Japan’s economic growth slowed sharply last year, although the rate for the fourth quarter topped expectations.It comes as companies fret over the impact of US President Donald Trump’s tariffs and other protectionist trade policies on the world’s fourth largest economy.Japanese media reported on Thursday that the trade minister is arranging a visit to the United States to seek exemptions from the tariffs.

Global stock markets mostly fell on Thursday and gold hit a record high as traders fretted over the impact of US President Donald Trump’s tariffs and a pivot in Washington’s policy on Ukraine.Wall Street indices fell after retail behemoth Walmart issued a lackluster forecast. Shares of Citigroup, Goldman Sachs and JPMorgan Chase fell three percent or more, dragging on major indices.US indices opened lower and spent the entire session in negative territory. But the S&P 500, which finished at a record the last two days, dropped 0.4 percent, well above its session lows — a sign of resilience.”Whenever there’s been trouble in the market, buyers have showed up,” said Adam Sarhan from 50 Park Investments, who attributed the weakness in bank shares to profit-taking.Tensions between Ukrainian President Volodymyr Zelensky and Trump over the US President’s outreach to Moscow have exploded this week, rattling leaders in Europe.Uncertainty about Ukraine and Russia adds to anxiety over Trump’s myriad tariff actions and worries about lingering inflation.”Investors are mulling the impact of interest rates staying higher for longer, given that policymakers expect US trade policy to push up the price of consumer goods,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Paris stocks managed to end the day with a small gain but Frankfurt and London both slid lower.Geopolitical uncertainty also led gold to hit a fresh record above $2,954 as investors rushed into the safe-haven commodity, which is sought out in times of uncertainty.Asian markets struggled on Thursday.Shanghai managed to pare back early losses to end flat after Trump suggested on Wednesday that a trade deal with China was “possible.”Hong Kong dropped more than one percent as the China tech surge came to an end.Tokyo was weighed down by a stronger yen, which broke below 150 per dollar as the Bank of Japan eyes more interest rate hikes.Among individual companies, Boeing slumped 2.8 percent after President Trump said he was looking at “alternatives” to the company’s Air Force One operation because of delivery delays.- Key figures around 2130 GMT -New York – Dow: DOWN 1.0 percent at 44,176.65 (close)New York – S&P 500: DOWN 0.4 percent at 6,117.52 (close)New York – Nasdaq Composite: DOWN 0.5 percent at 19,962.36 (close)London – FTSE 100: DOWN 0.6 percent at 8,662.97 (close)Paris – CAC 40: UP 0.2 percent at 8,122.58 (close)Frankfurt – DAX: DOWN 0.5 percent at 22,314.65 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 38,678.04 (close) Hong Kong – Hang Seng Index: DOWN 1.6 percent at 22,576.98 (close)Shanghai – Composite: FLAT at 3,350.78 (close)Euro/dollar: UP at $1.0505 from $1.0423 on WednesdayPound/dollar: UP at $1.2668 from $1.2586Dollar/yen: DOWN at 149.65 from 151.47 yenEuro/pound: UP at 82.90 pence from 82.81 pence West Texas Intermediate: UP 0.4 percent at $72.57 per barrelBrent North Sea Crude: UP 0.6 percent at $76.48 per barrelburs-jmb/aha