Japanese Firms Wary of Recent Brexit Vote

Companies in Japan are expressing their concerns, following the U.K. Parliament’s unanimous decision to vote to extend the deadline for the nation’s departure from the European Union, due to ongoing apprehension surrounding the issue.

It’s now up to the EU. It remains to be seen whether or not an extension will be granted and it’s unclear as to how long the exit will be put off.

One of the industries that will likely suffer most of the brunt, is the automobile sector seeing its vast supply chains are at stake. Big name brands such as Nissan Motor Co and Toyota Motor Corporation are some of the few second-guessing future business deals in the U.K, with the former stating that they cancelled a production plan for a plant in Britain.

Honda has also halted a six-day production in April while Sony is in the process of moving their European headquarters from the U.K. to the Netherlands.

Other companies such as Sharp, Hitachi and Panasonic are unsure of their future movements, concerning this issue.

Firms are expected to implement counter-active measures, as part of a ‘Brexit-proof’ strategy, later on this month.

A government-held meeting on Friday, comprised of public officials at Prime Minister, Shinzo Abe’s office, where they discussed the implications, Brexit could have on the country.

They have maintained that the framework with the EU, to ensure efficient personal data transfers between businesses will still be in effect, post Brexit and this should include relevant exchanges between Japanese and British firms.