Japanese firms finish tough fiscal year

Japan's major chemical companies are working on structural reforms and stronger cooperation as ways to reverse their poor performance in commodity chemicals . But for now they are struggling, as results for the 2023 fiscal year show. Sumitomo Chemical posted a loss of over $2 billion in the fiscal year, which ended March 31, while Mitsui Chemicals posted a second consecutive year of profit decline. Asahi Kasei turned around from a loss in 2022, but its profit was only half its earlier forecast. Mitsubishi Chemical Group reported a boost in profit but a decrease in sales. All four of these companies recorded write-downs, mainly in commodity chemicals, to account for businesses that have fallen in value. Sumitomo posted a $1.7 billion write-down, and Asahi Kasei reported one of $376 million on its commodity petrochemical and resin facilities as part of a total write-down of $853 million. Mitsubishi recorded $602 million