Toyota has been producing residences in Japan using the assembly line methodology since the 1970s. These homes are not built with masonry, but rather with three-dimensional steel modules that leave the factory in an almost finished state. After being transported by truck to the site, these modules are assembled with the help of cranes.
According to the automaker, the total time for a house to be ready is approximately 45 days, which is less than half the time required for a traditional wooden construction in the country.
The difference lies in transferring most of the work to the factory environment. About 85% of the production takes place inside the factory, where each steel unit, measuring about 14 m², receives finishes such as walls, windows, and electrical and plumbing installations before being shipped.
A medium-sized residence in Japan requires about 12 of these modules, which are arranged on the construction site like pieces of a set.
In addition to the construction method, the structure of the houses undergoes rigorous tests that replicate earthquake conditions, a procedure analogous to impact tests performed on motor vehicles. Furthermore, anti-corrosion treatments originally developed for cars are applied. This process underpins the structural warranty of up to 60 years offered by the company.
This warranty period holds significant meaning in the Japanese context, as conventional wooden houses tend to be demolished and rebuilt on average every 30 years, thus doubling the expected service life of the residence.
Toyota established its housing division in August 1975 and began marketing properties under the Toyota Home brand in February 1977. The origin of this initiative is credited to Kiichiro Toyoda, founder of the automotive division, who showed interest in precast concrete techniques decades earlier. He passed away in 1952, more than twenty years before the real estate venture emerged.
Even after nearly half a century of operation, the real estate segment has maintained a smaller scale compared to the automotive sector. In 2019, the company registered the sale of just over 10,000 single-family homes across all its lines, in a Japanese market where prefabrication is still a minority, as most consumers prefer hiring local carpenters or opting for apartments.
Another notable change, although little publicized internationally, occurred starting in January 2020. Toyota Housing ceased to be a wholly-owned subsidiary of the automaker and came under the control of Prime Life Technologies, an entity formed through a 50% partnership with Panasonic. This group also includes Panasonic Homes and Misawa Homes, and currently provides about 17,000 homes annually, keeping its sales restricted to the Japanese market.
Following the business forum held in Tashkent, companies from Uzbekistan and Kazakhstan signed a memorandum aimed at developing industrial cooperation between the two states. The Kazakh Chamber of Foreign Trade reported this event.
This document was concluded between the Uzbek company Glasfit Energy and the 'Qozogiston Armatura-Izolyator Zavod' plant. The goal of the agreement is to increase the export of Kazakh products to the Uzbek market and ensure mutual supply of goods.
One of the practical areas of this partnership is the supply of products for high-voltage power lines. Furthermore, within the framework of the forum, possibilities for joint production, localization, and implementation of investment projects in various sectors were discussed, including metallurgy, chemistry, energy, mechanical engineering, agro-industry, textile industry, furniture production, household appliances, and food products.
At the conclusion of the forum, it was proposed to form a permanent expert group with the participation of trade and industrial chambers, as well as state bodies of Uzbekistan and Kazakhstan. This group could develop a joint 'roadmap' for harmonizing customs, raw material, and tariff mechanisms, as well as for simplifying cross-border movement of goods and digitizing transport and logistics processes.
According to the Central Bank data, average rates for bank deposits in national currency increased to 17.6% per annum in June, up from 17.1% in May. This was the first increase since February. Nevertheless, the nominal yield on sum deposits remains 2.2 percentage points below the level of June last year, when the average rate was 19.7%.
The most noticeable growth over the month was seen in deposit rates for terms up to one year, which rose from 14.7% to 15.4%. However, compared to June 2025, these rates decreased by 3.4 points. The average yield on deposits held for more than one year remained almost unchanged at 18.1% per annum, which is 1.8 points lower than last year's figure.
The average rate on sum deposits for individuals continued its downward trend, reaching 19.2% per annum in June—the lowest level since March 2021. Over the last month, this indicator decreased by 0.4 points, and over the year—by 2.1 points. The largest drop was recorded among short-term population deposits: rates on deposits up to one year fell from 17.4% to 16.6% per annum, which is 3.9 points less than in June of the previous year. Regarding long-term population deposits, banks offered an average of 19.6% per annum, compared to 19.9% in May and 21.5% a year earlier.
The average rate on sum deposits for legal entities slightly increased in June, reaching 15.3% per annum compared to 15.2% in May. However, compared to June last year, there was a decrease of 2.6 points. The yield on corporate deposits for terms up to one year increased to 14.8% from 14.3% in May; a year earlier, the average rate was 18%. Conversely, rates on long-term business deposits decreased from 15.9% to 15.5% per annum, which is 2.3 points less than in June 2025.
Average rates on foreign currency deposits in June fell to 4.5% per annum after a sharp rise to 5.5% in May. Year-on-year, this indicator remained almost unchanged, as it was 4.6% in June last year. The decrease was mainly due to short-term foreign currency deposits, whose average yield dropped from 5.4% to 3% per annum. Rates on deposits for periods over one year decreased less noticeably—from 5.7% to 5.5%, but remained 0.7 points higher than in June 2025.
For the population, the average yield on foreign currency deposits was 5.3%, virtually unchanged over the month, although it rose by 0.5 points compared to June last year. Short-term foreign currency deposits for individuals fell to 2.7%, while long-term ones rose to 5.7% per annum. The average yield on foreign currency deposits for legal entities decreased from 5.6% in May to 3.8% in June, which is 0.5 points lower than the June figure last year. For short-term business foreign currency deposits, rates fell from 5.5% to 3.1%, and for long-term ones—from 6.3% to 4.9% per annum.
The real yield on population's sum deposits, calculated as the nominal rate minus inflation expectations, was 8.3% in June. This figure was 0.4 percentage points lower than the May level but exceeded the June figure last year by 1.1 points. For legal entities, the real rate in June rose to 4.9% from 4.7% in May, but compared to June 2025, it decreased by 0.5 percentage points.
Thus, despite the fall in the nominal yield on population deposits, their real yield is still higher than a year ago. The situation is the opposite for businesses: the indicator recovered slightly over the month but still lags behind the level from a year ago. Previously, the Institute of Fiscal Analysis at the Ministry of Economy and Finance proposed introducing a tax on interest income for individuals from bank deposits at a rate of 5%. According to the developers of this initiative, such a measure could bring about 1.4 trillion UZS annually to the budget. However, economists warn that this proposal could undermine confidence in the banking system, reduce citizens' interest in saving in sums, and stimulate the transfer of some funds into foreign currency, gold, or real estate, calling into question the stated budget revenue.
Gold prices in Dubai rose above the 500 dirham mark for the first time in over a month amid the possibility of resuming shipping through the Strait of Hormuz.
The 24-karat option increased by 21.75 dirhams in one day, trading at 514 dirhams per gram on Thursday morning, which is higher than 492.25 dirhams at the market opening on Wednesday. Other varieties of the yellow metal, including 22K, 21K, 18K, and 14K, also showed growth, reaching prices of 475.75, 456, 391, and 305 dirhams, respectively.
The price of gold on the spot market was $4260.43 per ounce, showing a rise of 0.37 percent. Silver remained stable, trading at $62.08, corresponding to a rise of 0.1 percent.
Analysts note that market sentiment was supported by reports that the US, Iran, and Oman are close to reaching an interim agreement on normalizing sea transport through the Strait of Hormuz. The prospects of this agreement also contributed to reducing inflation concerns and lowered expectations of further tightening of Federal Reserve policy.
Vijay Valecha, Investment Director at Century Financial, stated that the potential easing of geopolitical tensions prompted investors to adjust forecasts regarding additional rate hikes. Markets are now fully pricing in only one Fed rate hike by the end of the year, compared to two expected just a week ago. He added that lower interest rate expectations are usually favorable to non-yielding assets such as gold.
The rise in the price of the yellow metal is also due to lower expectations of Federal Reserve rate hikes; the market is forecasting only one more rate increase by the end of the year. Furthermore, demand is supported by renewed investments in Chinese gold ETFs.
Valecha explained that additional support for the precious metal comes from China, where gold-backed funds have shown a 14-day inflow streak, the longest since March. The resumed institutional demand indicates improved investor sentiment in the world's largest precious metals market and helped keep prices above the psychologically important level of $4000 per ounce.
