Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

<p>The Bank of Japan July policy meeting ends tomorrow (Friday 29 July), and markets remain divided as to its outcome.   Although expectations of easing are building (including, according to Nikkei reports, within the BOJ), we see reasons why the BOJ may choose to adopt more modest easing measures than markets expect.</p><p>Earlier this week, markets were not greatly surprised by the Fed’s upbeat tone on 27 July, but as the FOMC left rates on hold, judging that  “[n<a href="https://www.federalreserve.gov/newsevents/press/monetary/20160727a.htm" target="_blank">]ear-term risks to the economic outlook</a>…</p>

The Bank of Japan July policy meeting ends tomorrow (Friday 29 July), and markets remain divided as to its outcome.   Although expectations of easing are building (including, according to Nikkei reports, within the BOJ), we see reasons why the BOJ may choose to adopt more modest easing measures than markets expect.Earlier this week, markets were not greatly surprised by the Fed’s upbeat tone on 27 July, but as the FOMC left rates on hold, judging that  “[n]ear-term risks to the economic outlook…

Japan

Nisshin Seifun Group Inc. produces and sells flour, fodder, processed foods, and medicines. The Company offers specialized pasta sauce, frozen foods, and gourmet soup. Nisshin Seifun Group also markets pet foods.

NICHIREI CORPORATION produces and distributes frozen food, ice, and meat products.  The Company also provides a variety of cold storage services, as well as manages leasing business for buildings and parking garages.

NH Foods Ltd. produces and sells ham, sausage, and processed meat products. The Company also breeds and raises cattle through its subsidiary. NH Foods owns a professional baseball team, the Nippon Ham Fighters.

CALBEE, Inc. manufactures a wide range of snack foods using potato, wheat, and corn as a main ingredient. The company also manufactures bakery products and cereals.

YAMAZAKI BAKING CO., LTD. produces baking foods including bread, pastry, and cake.  The Company operates nationwide sales network.  YAMAZAKI BAKING also operates franchised cafeterias and convenience stores.

EZAKI GLICO CO., LTD. produces and sells confections including chocolate snacks, candy bars, cookies, and chilled desserts.  The Company also produces prepared foods such as retort pouches and curry powders.

KAGOME CO., LTD. produces processed tomato foods including pasta sauces, pizza sauces, salsa sauces, steak sauces, soups, and hamburger sauces.  The Company also produces drinks including fruit juices, vegetable juices, and canned tea.

Kotobuki Spirits Co., Ltd. produces confections.  The Company's confections include cookies, rice cakes, steamed cakes, jellies, sweet bean jellies, chocolates, and other sweets.

Morinaga Milk Industry Co., Ltd. produces and sells milk and related dairy products such as ice cream and yogurt.  The Company also develops biochemical product and pharmaceutical.

Morinaga & Co., Ltd. produces confectionery products, canned soft drinks, and ice cream.  The Company also produces health foods and pharmaceutical products, and manages restaurant and real estate businesses.

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

Seaboard Corporation is a diversified international agribusiness and transportation company that primarily produces and processes domestic pork and ships cargo.  The Company also merchandises commodities, mills flour and feed, farms produce, produces sugar, and generates electric power overseas.

Hatsun Agro Products Limited manufactures skimmed milk powder, skimmed milk powd er blends, instant skimmed milk powder, whole milk powder, and full cream milk p owder.

Samyang Foods Co., Ltd. manufactures instant and processed food products, such as noodles, snacks, cooking oil, and feed.  The Company also produces dairy goods including milk, cheese, and ice cream.

Heilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean, wheat, corn, and other grain products.  The Company also produces fertilizers and sells paper products.

QL Resources Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and sells fishmeal, surimi, and surimi based products, distributes animal feed raw materials, animal health products, and layer farming, and cultivates oil palm and crude palm oil milling.

MeiHua Holdings Group Co., Ltd. manufactures various pharmaceuticals. The Company manufactures monosodium glutamate, amino acids, L-Threonine L-Glutamine  L-Proline  and Natamycin.

Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell eggs.  The Company markets its products in various states in the Southwestern, Southeastern, Midwestern, and Mid-Atlantic regions of the United States.

Jiangxi Zhengbang Technology Co., Ltd. produces and markets forage and forage additive for livestock and poultry. The company also produces and markets livestock, poultry and aquatic products.

Uni-President China's products include beverages and food. 

The Group recorded a revenue of RMB22,761.8 million in 2020, representing an increase of 3.4% as compared with that of the corresponding period last year, and profits after tax of RMB1,625.7 million, representing an increase of 19.0% as compared with that of last year. 

We recorded a double-digit growth in the food business as the increasing brand value of daily-consumed noodles “Soup Daren（湯達人）” was highly recognized by consumers and the brand philosophy of the high-end Chinese cuisine “Kai Xiao Zao （開小灶）” was continuously promoted to create and extend the consumption scenarios, thereby contributing to such multifold growth in revenue. 

The beverages business was gradually recovering despite the impacts caused by the epidemic. “Uni Assam Milk Tea（統一阿薩姆奶茶）” was favoured by consumers as
usual with a unwavering leading position in the milk tea market and positive growth in revenue. Sugar-free tea “Chai Li Won（茶裏王）” aligned with consumers’ lifestyle concept of “sugar-free” to improve its brand recognition. On its road to value marketing, the Group remained steadfast in developing brands that are loved and trusted by consumers.

Kewpie Corporation mainly produces and sells mayonnaise, salad dressing, egg products, and health foods.  The Company also purchases and sells jam, sauce, canned and frozen foods.  Kewpie sells canned foods under Aohata brand.

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Kewpie Corp (2809 JP)

BOJ: The 80 Trillion Yen Question

The Bank of Japan July policy meeting ends tomorrow (Friday 29 July), and markets remain divided as to its outcome. Although expectations of...

Naomi Fink

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