Tokyo, June 3 (IANS/EFE) Big Japanese multinationals in the technology, textile and automobile sectors are planning to move their plants back to Japan due to the falling yen, the Nikkei daily reported on Wednesday.
Companies, including Honda, Pioneer and Uniqlo are contemplating the shift back to domestic territory joining others, mostly in the technology sector — such as Panasonic, Sharp and Canon — after years of manufacturing in China or Southeast Asia.
The yen has fallen by 30 percent since March 2013 making exports by Japanese firms more competitive and boosting profits despite rising production and raw material costs.
While Honda, Japan’s third largest automaker, is planning to shift a large part of the production of its Honda Fit Hybrid from Mexico and Britain to Japan, Pioneer will also move production of navigation devices for automobiles from Thailand where they are currently manufactured, the daily said.
Yet others, including the Fast Retailing textile company that owns the Uniqlo chain, have increased prices during the last two financial years on account of rising production costs and are considering relocating their plants, Nikkei added