Half of Japan Firms Plan to Downsize Russian Biz: JETRO

Economy

Tokyo, Dec. 8 (Jiji Press)--A JETRO survey has shown that 48.3 pct of responding Japanese companies that do business in Russia plan to scale back their Russian operations in one to two years.

The proportion surged from 3.6 pct in the previous year's survey by JETRO, or the Japan External Trade Organization.

Only 1.7 pct said they will expand their operations in Russia, according to the latest survey released Wednesday.

Of the total respondents, about 70 pct said that operating profits from their Russian operations in 2022 are estimated to fall from the previous year. The proportion of respondents braced for operating losses came to 50 pct.

Japanese companies are increasingly withdrawing from Russia as sales declined after the country began invading Ukraine in February.

[Copyright The Jiji Press, Ltd.]

Jiji Press