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Japan

The Bank of Japan has increased the interest rate for the first time in 17 years and ended an eight-year negative rate era based on the fact that the 2% inflation rate target will be met with a decent level of salary increases.

Meanwhile, factory output remains at a low level in response to the automotive certification scandal, leading to weak demand for raw materials.

Copper scrap prices remain high owing to strong Chinese buying, with pressure on domestic smelters to increase their purchasing prices.

Meanwhile, green aluminium entailing lower CO2 emissions has entered household applications such as cans and foils. Domestic ADC has become cheaper relative to imports owing to the depreciation of the Japanese yen. Some domestic producers are looking for outlets overseas.