Record heavy rain in Fukui Prefecture, Level 5 special warning; over 340,000 people subject to evacuation

Record heavy rain hit Fukui Prefecture, and the Japan Meteorological Agency issued a Level 5 heavy rain special warning for Fukui City, Ono City, and Katsuyama City in the early hours of the 30th. The Ara River overflowed and homes were flooded one after another, with over 340,000 people in the prefecture subject to evacuation. On the economic front, the yen fell back to the 160 yen range for the first time since the Japan-U.S. coordinated intervention, and long-term interest rates are approaching 3%, keeping markets tense. While the approval rating for the Takaichi Cabinet recovered to 62% in a Nikkei survey, concerns about the funding source for a consumption tax cut remain strong, and the centrist reform coalition is increasingly likely to split.

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Level 5 heavy rain special warning issued for Fukui Prefecture; over 340,000 people subject to evacuation as Ara River overflows At 4:30 a.m. on the 30th, the Japan Meteorological Agency issued a Level 5 heavy rain special warning for Fukui City, Ono City, and Katsuyama City. Katsuyama City saw record rainfall exceeding 350 millimeters in 24 hours, the Ara River in Fukui City overflowed, and flooding and home inundations occurred in succession across the prefecture. 1

Yen falls back to 160 range for first time since coordinated intervention; long-term interest rates near 3% Yen weakness flared up again less than a month after the Japan-U.S. coordinated intervention, with dollar buying strengthened by hawkish remarks from Fed Chair Warsh. The 10-year government bond yield hit 2.945% on August 18, a roughly 30-year high, against a backdrop of market concerns over expanding fiscal deficits in Japan and the United States. 2 3

Takaichi Cabinet approval rating recovers to 62% in Nikkei poll; Asahi poll flat at 53% In the Nikkei opinion poll, the approval rating rose 4 percentage points from the previous survey to 62%, giving momentum to the September cabinet reshuffle. In the Asahi Shimbun poll, it was flat at 53% from July, with the consumption tax cut proposal helping boost assessments of the government's response to high prices. 4 5

Centrist reform coalition likely to split; lawmakers from Komeito begin talks to leave After the Constitutional Democratic Party decided not to pursue a three-party merger, House of Representatives members from Komeito belonging to the centrist coalition have begun coordinating to leave. A final decision is expected as early as the 31st at a party leader meeting. 6

Asahi poll: 55% support consumption tax cut, but 77% demand clear funding source Fifty-five percent supported reducing the consumption tax rate on food from 8% to 1%, while 37% opposed it. Meanwhile, 77% said the necessary funding source 'should be clearly indicated,' and in a Nikkei survey, 64% said the tax cut would make them 'anxious about social security,' highlighting persistent concerns about funding. 4 5

Taro Kono expresses opposition, calling consumption tax cut a 'wrong tax cut' Taro Kono, a House of Representatives member of the Liberal Democratic Party, reiterated his opposition to the two-year limited 1 percentage point cut in the consumption tax on food, saying 'the disadvantages are large and the benefits are small.' He warned that there is no backing for the roughly 10 trillion yen in funding and that it risks accelerating yen depreciation and higher interest rates. 7

Uniform guidance on overtime cap abolished; concerns over setback to work-style reform From September 1, the Ministry of Health, Labour and Welfare will stop its guidance uniformly requiring companies to cap overtime at 45 hours per month. Prime Minister Takaichi is pushing to ease overtime regulations to resolve labor shortages and promote economic growth, and there are concerns that this represents a setback in correcting long working hours. 8

Core CPI rises 1.8% in July; corporate price pass-through accelerates autumn price increases Energy prices turned to an increase for the first time in eight months, and the core CPI in July rose 1.8% year on year, with growth expanding. Companies are increasingly passing on higher costs from rising crude oil prices and yen depreciation to selling prices, and there are views that the core CPI could head toward the 3% range by the end of the fiscal year. 9

Koriyama corpse abandonment case: brother may have strangled sister to death; cause of death is asphyxiation Suspect Yushi Kataoka (27) was arrested and sent to prosecutors on suspicion of leaving his sister's body at their home in Koriyama City. A judicial autopsy found the cause of death was suspected to be asphyxiation from compression of the neck, and the suspect has made statements suggesting he killed his sister. 10

11 people briefly trapped in Legoland attraction; no injuries On the afternoon of the 30th at Legoland Japan in Nagoya, the doors of the popular attraction 'Submarine Adventure' would not open, temporarily trapping 11 passengers. They were rescued about 30 minutes later, and no one was injured or reported feeling unwell. 11