Editorial

17:02 JST, November 16, 2025

The high tariff policy of U.S. President Donald Trump’s administration is casting a shadow over companies’ business performance. Companies must come up with strategies to adapt to the changing environment to overcome the heavy burden of tariffs.

Almost all the companies listed on the Tokyo Stock Exchange have released their interim results for the half-year period ending in September. The combined net profits of companies that make up the Tokyo Stock Price Index (TOPIX), excluding firms in the financial sector, declined in the interim period for the second consecutive year.

However, the combined net profits did remain high at about ¥19 trillion. The year ending in March 2026 is expected to see the first decline in profits in five years, but a significant drop will likely be avoided.

The primary factor........

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