Japan's job market sees a resurgence of the 'job-seeker's market'—121,000 job seekers competing for 499,000 positions; starting salaries for new graduates rise across the board by up to 40%. What’s your take?

1 Toyota Motor: ¥50.68 billion (+5.5% YoY revenue); ¥3.85 billion (−19.2% YoY profit). Revenue growth without profit growth: record vehicle sales offset by North American tariffs and intensifying competition from China’s EV sector, resulting in two consecutive years of declining profits [(Securities Times)]. 2 Mitsubishi Corporation: ¥18.62 billion (−1.0% YoY); ¥0.95 billion (−15.8% YoY). As a general trading company, its profits declined amid falling commodity prices, with modest revenue contraction [(Mitsubishi...)]. 3 Mitsui & Co.: ¥14.66 billion (+10.0% YoY); ¥0.90 billion (−15.4% YoY). Revenue benefited from rising resource prices, but asset impairments dragged down net profit [(Mitsui & Co. Ltd...)]. 4 Itochu Corporation: ¥14.03 billion (+2.1% YoY); ¥0.80 billion (+1.2% YoY). One of only a few among Japan’s top ten sōgō shōsha posting slight profit growth, thanks to diversified operations that hedge against cyclical volatility. 5 Honda Motor: ¥20.30 billion (−6.4% YoY); −¥0.42 billion (net loss). First annual net loss in its 70-year listing history, driven by large-scale impairment of EV-related assets and declining revenue [(Securities Times)]. 6 Sumitomo Corporation: ¥11.78 billion (−2.3% YoY); ¥0.51 billion (−12.1% YoY). Profits contracted in energy and metals businesses; revenue edged lower.

Chemical Industry Update: Sumitomo Chemical announces transfer of caprolactam technology! Japanese chemical firms are accelerating their transformation.

At the end of 2023, Mitsui Chemicals unveiled its 'Vision 2030', declaring that, as part of its portfolio restructuring, it aims to become a truly global specialty chemicals company anchored on two pillars: (1) high-growth, high-margin global specialty chemicals business, and (2) sustainable green chemicals business centered on competitively priced derivative products. Mitsui Chemicals began optimizing multiple businesses as early as 2022: — In July 2022, it dissolved its polyurethane materials joint venture with South Korea’s SKC. — In March 2023, it reached an agreement with Idemitsu Kosan to integrate their ethylene plants in Chiba Prefecture. The plan involved shutting down Idemitsu Kosan’s 370,000-ton-per-year ethylene facility, as well as closing a 110,000-ton-per-year polypropylene production line at Mitsui Chemicals’ Chiba plant. The company continues exploring further optimization through multi-company collaboration. — In November 2023, Mitsui Chemicals announced it had concluded that domestic PET resin production was no longer profitable and would shut down its PET resin plant at the Iwakuni-Ōzato Factory in October 2024. This marks the disappearance of primary PET resin capacity for beverage bottles in Japan. Its 400,000-ton-per-year purified terephthalic acid (PTA) production unit at the same site was permanently closed in early 2022. Showa Denko On January 1, 2023, Showa Denko merged with Hitachi Chemical to form the new company RESONAC. RESONAC operates four major business divisions: semiconductor and electronic materials; new-energy vehicles; innovative materials; and basic chemicals. In 2023, RESONAC reported ¥1.29 trillion in revenue, down 7.4% year-on-year. Its basic chemicals division generated ¥516.3 billion, accounting for 40.0% of total revenue. The company owns ethylene production facilities. Tosoh Corporation Tosoh Corporation reported ¥1.06 trillion in revenue (¥53.86 billion) and ¥50.34 billion in net profit in 2022. Its petrochemical product portfolio includes chlor-alkali, PVC, VCM, petroleum resins, EVA, and TDI. Tosoh is the sole naphtha producer in the Chūkyō region and Japan’s largest domestic ethylene purchaser. It views Japan’s domestic naphtha capacity as oversupplied and anticipates shrinking domestic demand for petrochemical products, suggesting industry consolidation is likely. Furthermore, under long-term carbon neutrality goals—and given Japan’s limited natural resources—the company is pursuing chemical recycling of petrochemical products and exploring a transition toward a resource-circular ethylene hub. Simultaneously, it seeks to establish production bases near high-growth markets. From 2022 to 2023, Tosoh suspended sales of TDI (CORONATE) and related products due to supply shortages of TMP—the key raw material—after Mitsubishi Gas Chemical, Japan’s sole TMP manufacturer, ceased production. Future TDI production may be re-established overseas. Mitsubishi Gas Chemical Company, Inc. (MGC) In 2022, MGC reported ¥780 billion in revenue (¥39.53 billion) and ¥49.08 billion in net profit.

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