In snow country along Japan's northern coast, a small manufacturer of preci...
JOETSU, Japan - In snow country along Japan’s northern coast, a small manufacturer of precision moulds is feeling the pain of China’s economic slowdown.
Automotive chipmaker Renesas Electronics Corp last week said it would suspend production at some plants for up to two months as it braces for China’s growth to slow further. In recent months, other big companies such as factory-robot makers Yaskawa Electric Corp and Fanuc Corp; Mitsubishi Electric Corp, trading house Mitsui & Co and toilet giant Toto Ltd have blamed China as they cut profit forecasts.
The company, founded as a fiber-processing company in the immediate aftermath of World War Two, is based in Joetsu, a quiet city of about 200,000 people 225 kilometers northwest of Tokyo. Such constriction could ripple through to other Japanese manufacturers - now in annual wage negotiations - reinforcing concerns that trade friction will hurt salaries and consumer spending nationwide.
Atsushi Takeda, chief economist at Itochu Research Institute, sees the China slowdown’s impact on Japanese companies lasting for months, countering an expected rebound in car demand late in the year from Beijing’s stimulus measures. Japan’s manufacturing supply chain, linking small firms like Nagumo to Japan’s industrial giants and consumers worldwide, is the China-reliant core of Prime Minister Shinzo Abe’s plan to lift Japan out of decades of deflation and fitful growth.
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