Latest news with #EconomicRevitalization
NHK
02-06-2025
- Business
- NHK
Japan government arranging for chief negotiator trip to US for tariff talks
Japan's government is arranging for the country's chief tariff negotiator to travel to the United States for the third straight week starting Thursday. This would be Economic Revitalization Minister Akazawa Ryosei's fifth trip to Washington for ministerial tariff talks. Akazawa said he will have thorough discussions with his US counterparts and do everything he can to pave the way for a deal. The minister said Japan cannot afford further delays, as the auto sector, a pillar of the nation's economy, started suffering losses. He said the fastest way to resolve the situation is for US President Donald Trump's administration to review the tariffs it imposed on Japan. The Japanese government is exploring negotiation strategies in a bid to pave the way for the two countries' leaders to strike a deal on the sidelines of the Group of Seven summit in Canada in mid-June. Officials, however, said they are committed to prioritizing national interests. Akazawa said he would "make haste slowly." A senior foreign ministry official said the summit could mark a milestone, but it is not a deadline.
02-06-2025
- Business
Timeline for May 2025
The Bank of Japan decides at its policy meeting to keep its short-term interest rate at 0.5%. Due to the impact of tariffs imposed by US President Donald Trump, it also significantly revises downward its economic growth forecast for this fiscal year. After the second round of negotiations over tariffs between Japan and the United States is held in Washington, Minister for Economic Revitalization Akazawa Ryōsei says that discussions went further in-depth concerning trade expansion, nontariff barriers, and economic security. From right, Minister for Economic Revitalization Akazawa Ryōsei and US representatives Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer line up for a photograph during Japan-US tariff negotiations in Washington DC on May 1, 2025. (© Jiji) 2 A search team discovers a body inside the truck that fell into a sinkhole that suddenly opened on a road in Yashio, Saitama, in January. The body is removed from the sewage network and brought to the surface. 3 A man is arrested by Kanagawa police after the body of a woman who was his former girlfriend is found in his house in Kawasaki. The woman's family criticizes the police for failing to respond appropriately. 4 The Ministry of Internal Affairs and Communications announces that Japan's child population aged under 15 as of April 1, including foreign residents, is 13.7 million, after a decrease of 350,000 year on year. This is the forty-fourth straight year that the number has fallen. 6 The J-pop group Arashi announces that it will disband after its 2026 concert tour. 8 Toyota forecasts a 34.9% drop in its net profit to ¥3.1 trillion in the current fiscal year, due in part to the impact of the Trump tariffs. 9 House of Councillors lawmaker Nishida Shōji of the Liberal Democratic Party retracts his comment criticizing the Himeyuri Cenotaph that commemorates student nurses who died during the Battle of Okinawa as 'rewriting history,' saying that it was highly inappropriate. However, he says that his opinion has not changed. On May 16, the Okinawa Prefectural Assembly passes a resolution protesting his comment as an insult to the war dead. 10 A Buddhist statue, stolen in 2012 from the temple Kannonji in Tsushima, Nagasaki, and taken to South Korea, is returned to the temple. 12 A 15-year-old boy is arrested on suspicion that he killed an 84-year-old woman who was stabbed to death the previous day in the city of Chiba. 13 After posting a huge net loss for fiscal 2024 of ¥671 billion, Nissan announces plans to close seven factories and cut 20,000 jobs. A research team identifies a fossil found in Mifune, Kumamoto, around 30 years ago as a new kind of pterosaur, the first to be discovered in Japan. Its scientific name is Nipponopterus mifunensis . 15 The combined net profit of Japan's big three megabanks hits a record ¥3.9 trillion for fiscal 2024, due partly to higher interest rates. 16 Japan's Diet passes a new active cyberdefense bill, making it possible for the government to monitor internet communications to prevent attacks. The Japan Meteorological Agency announces that Southern Kyūshū has entered the rainy season. This is 23 days earlier than in 2024 and 14 days earlier than average. It is the first time for an area other than Okinawa and Amami Ōshima to enter rainy season first since records began 62 years ago. 18 Princess Aiko goes to the Noto Peninsula in Ishikawa Prefecture for two days until May 19, in her first official visit to a disaster-hit area. Princess Aiko talks to residents of Shika on the Noto Peninsula on May 19, 2025. (© Jiji; pool photo) 20 Tokyo Governor Koike Yuriko announces that the metropolitan government will waive basic water supply charges for all ordinary households for around four months this summer as a measure against the effects of inflation. The overall reduction in utility bills aims to free up funds for the use of air conditioning to reduce incidences of heatstroke. 21 Minister of Agriculture, Forestry, and Fisheries Etō Taku resigns after a gaffe in which he said he had never bought rice because his supporters give it to him. He is succeeded by Koizumi Shinjirō. 22 At the inaugural Music Awards Japan, the musical act Creepy Nuts wins nine awards, including Song of the Year for 'Bling-Bang-Bang-Born.' The members of Creepy Nuts show big smiles after winning the Song of the Year award at Rohm Theater in Kyoto on May 22, 2025. (© Jiji) 23 After the third round of negotiations over tariffs between Japan and the United States is held in Washington, Minister for Economic Revitalization Akazawa states that it was possible to have franker and more in-depth discussions than on the previous occasion. The two sides are targeting an agreement before the next Group of Seven summit in June. President Trump announces his backing for a 'planned partnership' between Nippon Steel and US Steel on social media, claiming that the huge investment will create 70,000 jobs and add $14 billion to the US economy. 26 New Minister of Agriculture, Forestry, and Fisheries Koizumi announces the sale of 300,000 tons of stockpiled rice on no-bid contracts at prices around half of winning bids at previous auctions, in an attempt to bring down soaring rice prices. The ministry begins accepting applications from major retailers on the same day. 28 The Japan Sumō Association board decides unanimously to promote rikishi Ōnosato to the rank of yokozuna . He is the first Japanese-born wrestler to become yokozuna since 2017, when the title went to Kisenosato, who is now Ōnosato's stablemaster under the name Nishinoseki. Ōnosato (center) holds two celebratory sea breams in Tsukuba, Ibaraki, on May 25, 2025, after winning the summer tournament. (© Jiji) 29 Tsutsui Yoshinobu becomes the new chair of Keidanren shortly after leaving his position as chairman of Nippon Life Insurance. He is the first representative of the finance world to head the business organization. 30 After the fourth round of negotiations over tariffs between Japan and the United States is held in Washington, Minister for Economic Revitalization Akazawa says that the two sides have confirmed each other's positions and are working toward an agreement. The Imperial Household Agency announces that Komuro Mako—formerly Princess Mako—has given birth to a child. It is unclear when the child was born and if it is a boy or girl. (Originally published in Japanese. Banner photo: Minister of Agriculture, Forestry, and Fisheries Koizumi Shinjirō inspects the rice on sale at a Tokyo supermarket on May 23, 2025. © Jiji.)
NHK
13-05-2025
- Business
- NHK
Japan to analyze US-China trade deal ahead of next round of tariff talks
The Japanese government plans to analyze the latest US-China trade deal to prepare for its third round of tariff talks with the United States. Prime Minister Ishiba Shigeru told the Diet on Monday that Japan will seek an agreement with the US that will serve the national interests of both sides. Ishiba said each country has its own strong and weak sectors, and it is important for Japan and the US to cooperate for a better result. Japan's tariff negotiator, Economic Revitalization Minister Akazawa Ryosei, said Japan will protect what it needs to protect in negotiating with the US. He said the government will go all-out in unity and continue giving top priority to the negotiations in order to obtain a deal with maximum benefits for Japan. Under the US-China deal, both sides will cut their additional tariffs by 115 percentage points. The agreement was announced on Monday following high-level trade talks in Switzerland. Some Japanese government officials say the deal should be welcomed if it results in calming financial markets. Some are also guessing that Washington might be shifting its policy after seeing the impact of the tariffs on the US economy. The government plans to scope out the US strategies for the trade talks, by studying the agreement with China, as well as an earlier US deal with Britain.
Japan Forward
06-05-2025
- Business
- Japan Forward
Easy Trade Concessions to US Will Weaken Japan
To safeguard the national interest, Japanese negotiators should avoid easily making concessions in trade talks with their United States counterparts. It is especially important to maintain this stance in the face of the Trump administration's high tariff policy. Prime Minister Shigeru Ishiba has characterized that policy as a "national crisis." Recently, Minister of State for Economic Revitalization Ryosei Akazawa held a second round of tariff negotiations with US Treasury Secretary Scott Bessent and other American officials. Among the topics the two sides discussed were trade expansion, non-tariff trade barriers, and economic security. They also agreed to hold intensive ministerial negotiations from mid-May onward. When reporters asked whether a summit agreement in June is likely, Akazawa expressed his hope that "we can get to that stage." The next G7 summit is scheduled for June, and a summit meeting between Ishiba and US President Donald Trump could possibly coincide with it. Given the magnitude of the damage that Trump's tariffs will cause, negotiations cannot be allowed to drag on. To reduce economic uncertainty, it would be useful to anticipate the course of negotiations. After all, conditions could change dramatically overnight, depending on President Trump's words and actions. Minister of State for Economic Revitalization Ryosei Akazawa (right) and US Treasury Secretary Scott Bessent shake hands before trade talks in Washington DC. (Pool photo by Kyodo) Even so, we should stick to the target of a June agreement and avoid rushing negotiations. Prime Minister Ishiba was perfectly correct when he stated, "We must not prioritize speed to the detriment of national interests." Yet the Ishiba administration will be sternly tested as to whether it can act resolutely and live up to these words. The Trump administration suspended the implementation of some reciprocal tariffs for 90 days. That is set to expire in July. An Upper House election is also scheduled for this summer. If the Ishiba administration attempts to move too quickly to conclude a deal before then, the Trump administration may sense desperation and pressure it to make major concessions. Trump has adopted a confident stance, stating, "We're in a favorable position" in tariff negotiations with Japan and others. In reality, however, he is facing turmoil in the financial markets and declining approval ratings. Therefore, he may feel a sense of urgency to demonstrate the success of his tariff negotiations. Such factors need to be calmly assessed during negotiations. Akazawa has not disclosed details of what was discussed during the second round of negotiations. However, the focus was expected to be on Japan's safety regulations for American cars and measures to expand imports of American agricultural products. We need to carefully consider our negotiating cards to win over the US side without damaging our national interests. Mr Trump likely wants to use the success of negotiations with Japan as a springboard to gain an advantage in negotiations with other countries. Conversely, how Japan fares in the negotiations is also a matter of great interest to other countries. The Ishiba administration must note that if it offers easy concessions, it could undermine the world's trust in Japan. (Read the editorial in Japanese .) Author: Editorial Board, The Sankei Shimbun
Washington Post
15-04-2025
- Business
- Washington Post
Japan's chief trade negotiator to visit Washington for tariff talks this week
TOKYO — Japan's chief trade negotiator will visit the United States this week for talks aimed at convincing U.S. President Donald Trump to remove tariff measures against the East Asian country, officials said Tuesday. Economic Revitalization Minister Ryosei Akazawa will be in Washington from Wednesday to Friday for talks with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, according to Japanese Chief Cabinet Secretary Yoshimasa Hayashi.
