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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Nissan Motor Co., Ltd.    7201   JP3672400003

NISSAN MOTOR CO., LTD.

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Nissan Motor : Japan, Britain sign free trade deal for post-Brexit era

10/22/2020 | 11:53pm EST

TOKYOJapan and Britain signed a bilateral free trade deal Friday in the the first such major post-Brexit deal, reducing tariffs on Yorkshire lamb sold in Japan, as well as auto parts for Japan’s Nissan plant.

“How fitting it is to be in the Land of the Rising Sun to welcome in the dawn of a new era of free trade,” British International Trade SecretaryLiz Truss told reporters at a signing ceremony in Tokyo.

Appearing with Japanese Foreign Minister Toshimitsu Motegi, Truss called the agreement a “landmark” as the first major trade deal for Britain since it returned as an independent trading nation.

The deal, estimated to boost British trade with Japan by 15 billion pounds ($19.5 billion), will also make it easier for British companies to operate in Japan.

Financial services make up Britain’s biggest export to Japan, now at 28%. English sparkling wine, made-in-Britain coats and shoes, Stilton cheese, as well as pork and biscuits from Britain, will become cheaper in Japan.

Motegi said the bilateral deal ensures continuity from the preceding European agreement, while adding new areas for co-operation such as e-commerce and financial services.

Japan's existing free trade agreement with the European Union includes Britain only until the end of this year, as it exits the EU.

Parliamentary approval is needed in both nations before the agreement takes effect from the beginning of next year. It’s expected in Japan next week, as the ruling party controls both houses of parliament.

Japan already exports about 1.5 trillion yen ($14 billion) of goods to Britain, mostly autos, auto parts and other machinery, while importing nearly 1 trillion yen ($9.5 billion) worth from Britain, including pharmaceuticals, medical products and cars, according to the Japanese Foreign Ministry.

Tariffs on Japanese autos are removed gradually and won’t become zero until 2026, the same as the terms of the deal Japan has with the EU.

Japan has repeatedly expressed concern about Japanese businesses in Britain, which include Hitachi, with plants making railway cars for East Coast trains, and Nissan Motor Co., employing several thousand workers at its Sunderland auto plant.

Motegi went to Britain in August, his first overseas trip amid the coronavirus pandemic, during which he stressed the importance for reaching a trade deal quickly.

___

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2021 7 860 B 75 429 M 75 429 M
Net income 2021 -503 075 M -4 828 M -4 828 M
Net Debt 2021 6 515 B 62 528 M 62 528 M
P/E ratio 2021 -4,18x
Yield 2021 -
Capitalization 2 119 B 20 336 M 20 335 M
EV / Sales 2021 1,10x
EV / Sales 2022 0,95x
Nbr of Employees 136 134
Free-Float 45,6%
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Number of Analysts 21
Average target price 461,67 JPY
Last Close Price 541,50 JPY
Spread / Highest target 173%
Spread / Average Target -14,7%
Spread / Lowest Target -63,1%
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Managers
NameTitle
Makoto Uchida Executive President & Chief Executive Officer
Yasushi Kimura Chairman
Ashwani Gupta COO & Representative Executive Officer
Stephen Ma Chief Financial Officer & Executive Officer
Anthony Thomas Chief Information Officer
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