Japanese companies are increasingly frustrated by the double talk from the British government over Brexit and are hamstrung on how to respond, according to the head of Japan’s most powerful business lobby. “We just can’t do anything. Everyone is seriously concerned,” said Hiroaki Nakanishi, chairman of Keidanren, in an interview with the Financial Times. “Various scenarios get discussed, from no Brexit to plunging into Brexit without any kind of deal at all. We’re now in a situation where we have to consider what to do in all of them,” he said. His comments highlight the sense of despair among Britain’s biggest foreign employers after waiting more than two years for clarity about what Brexit will mean.
Keidanren represents more than a thousand of Japan’s biggest companies including large investors in the UK such as Toyota, Honda and Nissan. Mr Nakanishi, who took over as chairman in May this year, also chairs Hitachi and is one of the country’s best-known industrialists. Asia-Pacific equities were buoyed by a US-Mexico trade deal agreed on Monday and after Wall Street recorded fresh records. The Topix in Japan rose 0.3 per cent while the Hang Seng index in Hong
Kong gained 0.2 per cent and Australia’s S&P/ASX 200 was up 0.6 per cent. That positive mode failed to translate for China’s domestic markets where the CSI 300 dipped 0.1 per cent. Futures tip the FTSE 100 to rise 0.5 per cent while the S&P 500 s set to open flat. The economic calendar for Tuesday is nothing to write home about (all times London). 08.00: Italy consumer confidence 08.00: Italy manufacturing business confidence 10.00: Italy producer prices 11.00: Ireland retail sales 12.00: European Central Bank’s Peter Praet speaks in Germany