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Kyodo economic news summary -3-+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Nov. 11_(Kyodo) _ ---------- Japan's new economic policies 'very encouraging': Geithner
TOKYO - Visiting U.S. Treasury Secretary Timothy Geithner said Wednesday that Japanese Prime Minster Yukio Hatoyama's new economic policies focused on boosting domestic demand are "very encouraging" as they are perfectly in line with major countries' ongoing efforts to aim for more balanced and sustainable growth.
"I think the broad direction that the prime minister's laid out is very encouraging," Geithner said in a group interview with reporters at the U.S. Embassy in Tokyo, adding there are "early signs of a stronger domestic demand-led economy."
---------- Doha Round may miss goal without 'maximum flexibility': APEC draft
SINGAPORE - The stalled Doha Round of multilateral free-trade talks under the World Trade Organization may again miss its target deadline unless member economies exercise "maximum flexibility" in building a clear idea of a final package, a draft of the joint statement by ministers of the Asia-Pacific area showed Wednesday.
The foreign and trade ministers from the 21-member Asia-Pacific Economic Cooperation forum, which involves such big economies as China, Japan and the United States, began their two-day meeting in Singapore to discuss issues ranging from economic growth after the recent crisis to how to promote economic integration in the region.
---------- Toyota to avoid cutting winter bonus
NAGOYA - Toyota Motor Corp. and its labor union agreed Wednesday to make no changes to an average winter bonus set earlier at 930,000, considering a sales recovery for environment-friendly cars despite a group operating loss, company official said.
When the company and the union set an average annual bonus in the spring at 1.86 million yen for fiscal 2009 that started in April, they decided to renegotiate the winter portion of the bonus later in an agreement, the first time in 11 years due to uncertainties about the firm's business performances.
---------- Elpida to outsource production of memory chips to Taiwan maker
TOKYO - Elpida Memory Inc. said Wednesday it has signed an accord with Taiwan's Winbond Electronics Corp. to transfer technology and outsource the production of high-performance memory chips to the Taiwan-based maker.
The latest deal puts Elpida, a key global producer of dynamic random access memory chips, in a tie-up with another DRAM maker after recently forging a similar partnership with ProMOS Technologies Inc. of Taiwan.
---------- Chinese exports in Oct. drop 13.8% from a year ago
BEIJING - China's exports in October fell 13.8 percent from a year earlier to $110.76 billion, trade statistics released Wednesday showed.
The drop was smaller than September's fall of 15.2 percent, but the export figure was lower than last month's $115.9 billion, figures from the General Administration of Customs showed.
---------- Doha Round may fail without 'maximum flexibility': APEC draft
SINGAPORE - The stalled Doha Round of global trade liberalization talks under the World Trade Organization could collapse unless member economies exercise "maximum flexibility" in building a clear idea of the final package, said a draft joint statement by ministers of the Asia-Pacific area Wednesday.
They also warn that the eight-year-old talks have moved very slowly recently, despite the WTO's goal of concluding the round next year. "We must translate recent political commitments to meet the 2010 target into tangible progress in the negotiations soon," according to the draft statement obtained by Kyodo News.
---------- 3 fuel cell cars begin 1,100-km demonstration run
TOKYO - Fuel cell-powered vehicles from three Japanese carmakers on Wednesday began a 1,100-kilometer run from Tokyo to Fukuoka to demonstrate that they can go as far as gasoline-powered cars on a single fueling.
The FCHV-adv of Toyota Motor Corp., the X-Trail FCV of Nissan Motor Co. and the FCX Clarity of Honda Motor Co. started the trip after executives from the companies and senior government officials held a ceremony to mark the start at the Ministry of Economy, Trade and Industry in Tokyo.
---------- Dollar inches up in upper 89 yen after strong Chinese economic data
TOKYO - The U.S. dollar edged higher within the upper 89 yen range Wednesday morning in Tokyo after a slew of Chinese economic data came out stronger than expected, though widespread dollar bearishness among investors failed to give it a further boost.
At noon, the dollar fetched 89.60-62 yen, down from 89.78-88 yen in New York and 89.86-87 yen in Tokyo at 5 p.m. Tuesday.
(c) 2009 Kyodo News International, Inc.
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