Japan, US and Philippines reaffirm opposition to changes to status quo
Japan's Foreign Minister Iwaya Takeshi, US Secretary of State Marco Rubio and the Philippines' Secretary of Foreign Affairs Maria Theresa Lazaro held talks on Thursday in Malaysia, on the sidelines of a series of ASEAN foreign ministerial talks.
The three ministers exchanged views on the recent situation in the East and South China seas. They confirmed the importance of respecting the rule of law and upholding the freedom of navigation.
Lazaro expressed her intention to host the trilateral maritime dialogue by autumn of this year. Iwaya and Rubio welcomed the idea.
After the meeting, Iwaya had a brief discussion with Rubio. He conveyed Japan's regret over President Donald Trump's notification that the US will impose a 25 percent tariff on imports from Japan starting on August 1.
Iwaya and Rubio confirmed that their countries will continue ministerial-level trade negotiations for a mutually beneficial agreement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Japan Times
35 minutes ago
- Japan Times
Major Japan firms set record with pay hikes above 5% for second year
Major Japanese firms have agreed to increase monthly pay through pay scale hikes and regular raises by 5.39%, or ¥19,195, on average in this year's shuntō spring labor-management wage negotiations, a final tally by the Japan Business Federation, or Keidanren, shows. The hike rate hit 5% for the second straight year and was the second biggest, after last year's 5.58%, since comparable data became available in 1976. The data marks the first time since 1990-91 that the rate of increase has reached 5% for two consecutive years. The tally, released Wednesday, covered 139 companies in 19 sectors. "Strong momentum for wage hikes continued and took root," a Keidanren official said. "Discussions were made between employee and employer sides to secure human resources amid high prices." Manufacturing firms agreed to increase wages by 5.42% on average. Pay increases agreed by nonmanufacturing companies averaged 5.34%. By industry, the information and communication sector, where competition to secure human resources is growing more severe, agreed to raise wages by 8.24%, after the previous year's hike of 10.15%. The metal and nonferrous metal industry agreed to raise wages by 6.15%, followed by 6.14% pay increases offered by the machinery metal industry. The salary hike rate in the shipbuilding industry was 6.13%. The pay increases offered by the food, textiles and electronics industries surpassed those of the previous year. Next year, the trend for pay hikes in Japan may be disrupted by the impact of high U.S. tariffs. Keidanren indicated its wish to call on member companies to ensure that regular wage hikes and pay scale increases are achieved every year.
Japan Times
an hour ago
- Japan Times
Japanese liquor maker Yomeishu is said to consider going private
Yomeishu Seizo, a Japanese medicinal liqueur manufacturer, is considering going private and has received acquisition proposals from several investment funds, according to people familiar with the matter. Yomeishu has appointed Mitsubishi UFJ Morgan Stanley Securities as its financial advisor to explore capital strategies, including delisting, said the people, who asked not to be identified as the information isn't public. Yomeishu has reached out to potential buyers and investment funds for a possible sale and has recently conducted a first-round bidding process, according to the people. Officials at Yomeishu were not immediately available to comment. A spokesperson for Mitsubishi UFJ Morgan Stanley Securities declined to comment. Yomeishu has a market capitalization of approximately ¥54.5 billion ($370 million). Its stock price has climbed more than 40% over the past year, driven by expectations for business reforms and improved capital efficiency. This makes it unclear how much potential buyers would be willing to offer, said one of the people. A wave of corporate governance and capital policy reforms in Japan has led to an increase in buyouts by investment funds, management and founders. Activist investors have also had more impact in recent years and this trend is expected to continue. It is unclear whether Yomeishu's move toward privatization is directly linked, but in March it was revealed that major shareholder Taisho Pharmaceutical Holdings had sold its entire stake in the company — roughly 24% of voting rights. The largest shareholder now is Tokyo-based investment firm Yuzawa. Yomeishu has assets including real estate and cash. It owns an 11-story office building in a prime location in Nanpeidai in Tokyo's Shibuya district, where its headquarters are located. It also owns a large factory and related retail outlets in Nagano Prefecture.
3 hours ago
Akazawa Urges U.S. to Cut Auto Tariff Early
News from Japan Economy Aug 7, 2025 09:36 (JST) Washington, Aug. 6 (Jiji Press)--Japanese economic revitalization minister Ryosei Akazawa urged the United States to cut its automotive tariff at an early date, during a meeting with U.S. Commerce Secretary Howard Lutnick in Washington on Wednesday. Washington agreed to lower its levy on vehicles and auto parts imported from Japan to 15 pct from 27.5 pct under its trade deal struck with Tokyo last month. During the 90-minute meeting with Lutnick, Akazawa, Japan's chief negotiator for tariff talks with the United States, urged the U.S. side to issue an executive order at an early date to cut the tariff as agreed under the deal. "We asked them to take necessary measures to promptly implement the agreement," he said. Under the deal, the United States also agreed to set its blanket reciprocal tariffs on Japanese imports at 15 pct. Akazawa also urged Lutnick to put the agreement in place swiftly. The ministers confirmed the importance of working to benefit both countries under the Japan-U.S. agreement, the Japanese government said in a statement. [Copyright The Jiji Press, Ltd.] Jiji Press
