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Tags: japan | russia | ukraine | war | usa | economy

Japanese Companies Staying in Russia

Japanese flag
Japanese flag (Nui7711/Dreamstime.com)

By    |   Sunday, 26 June 2022 01:34 PM EDT

Only 2.4% of the Japanese companies operating in the Russian Federation have reportedly left the Russia market permanently, since the onset of Russia's war with Ukraine.

Citing data from Teikoku Databank, just 4 of the 168 companies have exited Russia out of protest with the Kremlin's full-scale invasion of neighboring Ukraine, which began on Feb. 24.

That number represents the lowest corporations count among the world's "Group of Seven" powers (United States, Japan, France, Canada, Italy, Germany, and United Kingdom), in terms of vacating Russia's business climate.

Great Britain has the highest exodus rate among the G-7 powers, at 48%; and Italy has the second-lowest rate (5%), according to the REGNUM agency.

Citing a report from the Kyodo agency, Japanese companies have invoked a cautious, almost neutral, public stance with its businesses operating in Russia.

The apparent objective: Corporations would re-engage with the Russian market down the line — presumably after the war ends.

Also, Kyodo reports that many Japanese firms did not have a predetermined course of action, in case it had to leave Russia, which has either delayed or curtailed exodus plans.

The four Japanese companies that have reportedly left Russia: Toyota Motor Co., Nissan Motor Co., Bridgestone tires, and the Uniqlo clothing stores.

Leaving a typically robust market like Russia ($1.7 trillion gross domestic product, ranked 11th worldwide) sometimes comes with economic consequences.

Back in March, more than 400 Western companies pledged to leave Russia, as a show of solidarity toward Ukraine.

However, this move reportedly left behind assets that totaled "hundreds of billions of dollars," in aggregate, prior to Russia's invasion.

On Friday, the head of a stock market association told Reuters that sanctions on Russia have forced hundreds of thousands of private investors to change brokerages to avoid their investments being frozen.

© 2022 Newsmax. All rights reserved.


GlobalTalk
Only 2.4% of the Japanese companies operating in the Russian Federation have reportedly left the Russia market permanently, since the onset of Russia's war with Ukraine.
japan, russia, ukraine, war, usa, economy
306
2022-34-26
Sunday, 26 June 2022 01:34 PM
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