Latest news with #Japan-U.S.
Asahi Shimbun
11 hours ago
- Business
- Asahi Shimbun
Japan's chief negotiator urges review of Trump tariffs on metals
Ryosei Akazawa, minister in charge of economic revitalization, at a news conference on June 3 (Chinami Tajika) Japan's chief tariff negotiator urged the United States to reconsider U.S. President Donald Trump's announcement to double tariff rates on steel and aluminum products from June 4. 'This is extremely regrettable,' Ryosei Akazawa, minister in charge of economic revitalization, said about the tariff hike at a news conference on June 3. '(Japan) strongly urges a review.' Previously, he said, 'Japan will closely monitor the details.' On May 30, Akazawa was in Washington for the fourth round of Japan-U.S. tariff negotiations. Just hours later, Trump announced that he will raise tariffs on all foreign steel from 25 percent to 50 percent. According to Akazawa, the subject did not surface during his meeting with U.S. Treasury Secretary Scott Bessent and others. Akazawa also mentioned that Japanese manufacturers export approximately 300,000 vehicles manufactured in the United States to countries outside the U.S., contributing to the creation of the U.S. trade surplus. '(Japan) is a special country that is not easily found in other countries,' Akazawa said. 'I understand that the U.S. side is becoming more aware of the significant contribution that Japan makes to the U.S. economy.' Akazawa is scheduled to visit the United States on June 5 for his fifth round of talks with Trump Cabinet members.
Kyodo News
12 hours ago
- Business
- Kyodo News
BOJ not to push rate hikes amid U.S. tariff uncertainty: Ueda
KYODO NEWS - 4 hours ago - 13:30 | All, Japan Bank of Japan chief Kazuo Ueda said Tuesday the central bank will not push hard to raise its policy rate unless economic and price conditions are projected to improve, noting their "extremely high" uncertainty due to hefty U.S. tariffs. Ueda told a parliamentary session that the BOJ will not hike rates just to make room for future monetary easing, while reiterating its policy of further lifting rates if the economy and prices move in line with its expectations. His remarks came after the central bank revised down its economic growth and price projections for the current fiscal year and maintained its short-term policy interest rate at around 0.5 percent in May for the second consecutive meeting. Trade frictions triggered by U.S. President Donald Trump's steep tariffs could cause "the global economy to slow down and squeeze profits of domestic companies," Ueda said, signaling a cautious stance about deciding the timing of future rate hikes. As part of efforts to normalize monetary policy following a decade of unorthodox easing, the BOJ has raised its key interest rate three times since March last year, when it implemented its first hike in 17 years. Related coverage: Trump's steel tariff hike not raised in Japan-U.S. talks: negotiator Trump lauds Nippon Steel as "great partner" for U.S. Steel FOCUS: Tokyo metro election key test for PM Ishiba's long-term prospects
Kyodo News
14 hours ago
- Business
- Kyodo News
BOJ not to push rate hikes amid U.S. tariff uncertainty: Ueda
KYODO NEWS - 1 hour ago - 13:30 | All, Japan Bank of Japan chief Kazuo Ueda said Tuesday the central bank will not push hard to raise its policy rate unless economic and price conditions are projected to improve, noting their "extremely high" uncertainty due to hefty U.S. tariffs. Ueda told a parliamentary session that the BOJ will not hike rates just to make room for future monetary easing, while reiterating its policy of further lifting rates if the economy and prices move in line with its expectations. His remarks came after the central bank revised down its economic growth and price projections for the current fiscal year and maintained its short-term policy interest rate at around 0.5 percent in May for the second consecutive meeting. Trade frictions triggered by U.S. President Donald Trump's steep tariffs could cause "the global economy to slow down and squeeze profits of domestic companies," Ueda said, signaling a cautious stance about deciding the timing of future rate hikes. As part of efforts to normalize monetary policy following a decade of unorthodox easing, the BOJ has raised its key interest rate three times since March last year, when it implemented its first hike in 17 years. Related coverage: Trump's steel tariff hike not raised in Japan-U.S. talks: negotiator Trump lauds Nippon Steel as "great partner" for U.S. Steel FOCUS: Tokyo metro election key test for PM Ishiba's long-term prospects
Yomiuri Shimbun
a day ago
- Business
- Yomiuri Shimbun
Akira Amari: Japan Will Remain ‘Best Partner, Closest Ally of U.S.' as Negotiations Continue Over Trump's Tariffs
Akira Amari Japan will remain the best partner of the United States and act as a bulwark against hegemonic nations, according to former Liberal Democratic Party Secretary General Akira Amari, 75. The following is excerpted from an interview with Amari conducted by Yomiuri Shimbun Staff Writer Ryosuke Okada. *** Japan is the largest foreign owner of U.S. Treasury bonds, which could become a choke point for the United States as that can allow Japan to assert control in that realm. China is making the United States worry that it might sell off a bunch of U.S. bonds, but there will be no such worry coming from Tokyo. Japan will continue to firmly support the credibility of the U.S. economy. Japan serves as a frontline base for the United States' trust and power, acting as a bulwark against hegemonic nations such as China and Russia. It is crucial that people in the U.S. President Trump's inner circle understand the importance of Japan-U.S. relations. For Trump, the most important thing is probably be that he is able to say that he did what no one else could do. It is also important for Japan to provide answers that the United States can accept in areas in which Washington finds particularly unfair. I worked with the Economy, Trade and Industry Ministry to examine non-tariff barriers pointed out by the U.S. trade representative. We studied how Japan should respond to each of the U.S. claims and how far we could go in the negotiations before submitting the list of the items to Ryosei Akazawa, the minister in charge of economic revitalization, ahead of tariff negotiations with U.S. officials. Additional tariffs on Japanese automobiles as well as steel and aluminum products must be abolished. Increasing imports of U.S. biofuels can be an option to offset the U.S. trade deficit in these areas. However, it is impossible to eliminate the U.S. trade deficit with Japan on automobiles. One option would be to establish a Japan-U.S. working-level council to develop common 'standards' on the non-tariff barriers cited by the USTR. It should also be necessary to provide a clear explanation that Japan's U.S. auto imports will increase as long as they are attractive products, as is the case with Tesla's cars being well-accepted in Japan. I was the chief negotiator for the Trans-Pacific Partnership trade pact under the administration led by former Prime Minister Shinzo Abe. The most important thing in negotiations is to have just one contact point. I advised Chief Cabinet Secretary Yoshimasa Hayashi that his role is to coordinate among the various parties within the Prime Minister's Office as the person in charge. Negotiations would not be concluded as soon as relevant ministers tried to show their presence in their respective areas. During the TPP talks, I gathered with relevant ministers at the lawmakers' dormitory. When I asked if I was the one responsible for the negotiations, then Chief Cabinet Secretary Yoshihide Suga simply replied, 'Yes.' This allowed me to tell the U.S. side that no one but Abe can override what I say. Some people say that Pax Americana has come to an end, but the United States must continue to be a stabilizing force in the world. Otherwise, the international order will shift toward the rule by force by China, a military hegemonic power. Japan will remain the best partner and most understanding nation of the United States. Japan should be able to create a framework for the United States to lead the international community in a positive direction. Akira Amari Amari graduated from Keio University's faculty of law. After working at Sony Corp., he was first elected to the House of Representatives in the 1983 election. He has served as the head of the Economy, Trade and Industry Ministry, economic revitalization minister, LDP secretary general and chairperson of the LDP's Research Commission on the Tax System. In the Cabinet led by former Prime Minister Shinzo Abe, formed in December 2012, Amari served as the lead negotiator for the Trans-Pacific Partnership negotiations. He retired in 2024.
Kyodo News
2 days ago
- Business
- Kyodo News
Kyodo News Digest: June 2, 2025
KYODO NEWS - 17 minutes ago - 09:00 | All, Japan, World The following is the latest list of selected news summaries by Kyodo News. ---------- Trump's steel tariff hike not raised in Japan-U.S. talks: negotiator TOKYO - Japan's chief tariff negotiator said Sunday that his U.S. counterpart had not touched on President Donald Trump's decision to double tariffs on steel and aluminum to 50 percent during their talks in Washington late last week. Trump's announcement came on social media on Friday, the same day that Ryosei Akazawa, Japan's minister in charge of economic policy, met with U.S. Treasury Secretary Scott Bessent and other officials for the fourth round of bilateral tariff negotiations. ---------- Japan, Philippines agree to reinforce ties between defense forces SINGAPORE - The Japanese and Philippine defense ministers agreed in Singapore on Sunday to step up collaboration between their forces in the face of China's maritime assertiveness in the East and South China seas. Japanese Defense Minister Gen Nakatani and his Philippine counterpart Gilberto Teodoro, meeting on the sidelines of an annual Asia security forum, also agreed to promote cooperation on arms exports and maintain close communication between the countries' defense authorities. ---------- North Korea no longer bans military use of space for defense purposes TOKYO - North Korea lifted a ban on the military use of space for national defense purposes by amending its space development law in 2022, analysis by 38 North, a U.S.-based organization monitoring the nuclear-armed nation revealed Sunday. Language opposing the militarization of space and limiting its use to peaceful purposes was removed, while the revised law includes a warning that countermeasures will be taken against any country attempting unfriendly acts, the analysis said. ---------- Defense tech subsidies for Japan universities totaled 2.7 bil. yen TOKYO - Japanese universities have obtained a total of around 2.7 billion yen ($19 million) over nine years since the Defense Ministry started subsidizing security-related technology in fiscal 2015, a Kyodo News tally showed Sunday. The result suggests that domestic universities, particularly those outside Tokyo, are seeking research funds amid budget constraints, despite growing criticism of the government's eagerness to expand defense spending to strengthen its capabilities. ---------- Japan, South Korea open tourist fast-track entry system for ties anniv. TOKYO - Japan and South Korea on Sunday opened dedicated entry lanes for tourists visiting each other's countries at four airports, marking the 60th anniversary of the normalization of diplomatic ties. The lanes were implemented to improve convenience for inbound travelers by speeding up the immigration process. They will remain in use through June 30 at four airports -- Haneda in Tokyo, Fukuoka in southwestern Japan, Gimpo in Seoul and Gimhae in Busan. ---------- Japan prisons to place more focus on rehabilitation than punishment TOKYO - An amendment to the Penal Code placing greater emphasis on rehabilitation efforts in prison took effect Sunday, marking the first time changes have been made to the forms of punishment under Japan's more than a century-old crime laws. Imprisonment is no longer divided into the categories of with and without labor, and prison work is no longer mandatory for inmates, allowing more time to be allocated for rehabilitative guidance and education to reduce recidivism, according to the Justice Ministry. ---------- Man held for upskirt video at popular spot, police warn foreigners NARA, Japan - A 59-year-old Japanese man was arrested Saturday for allegedly taking an upskirt video of a woman at Nara Park, a popular tourist spot, police said, warning that foreign visitors may be targeted in similar incidents. The man, who claims to be unemployed and resides in Osaka Prefecture, has admitted to the charges, saying that posting such videos on YouTube increases views and boosts revenue, according to the police. ---------- Baseball: Reyes' homer gives Nippon Ham 2nd straight walk-off win KITAHIROSHIMA, Japan - Franmil Reyes hit a walk-off solo home run as the Nippon Ham Fighters completed a three-game sweep of the Lotte Marines with a 1-0 victory Sunday. The Pacific League-leading Fighters celebrated their second consecutive "sayonara" win after the slugger from the Dominican Republic belted the opposite-field shot to right leading off the bottom of the ninth inning at Es Con Field Hokkaido. Video: Ceremony held to celebrate opening of Nagoya's IG Arena
