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The Mainichi
an hour ago
- Automotive
- The Mainichi
Tokyo stocks end up over 3% at 1-year highs on Japan-US tariff deal
TOKYO (Kyodo) -- Tokyo stocks' key indexes ended up over 3 percent at one-year highs on Wednesday after Japan and the United States reached a trade deal with 15 percent U.S. tariffs on autos and other products, lower than initially proposed by President Donald Trump. The market was further lifted by investors hoping for a new Japanese government as Prime Minister Shigeru Ishiba's resignation is viewed as inevitable, following the major setback for the governing coalition in Sunday's House of Councillors election. The 225-issue Nikkei Stock Average advanced 1,396.40 points, or 3.51 percent, from Tuesday to 41,171.32, its highest level since July 16, 2024. The broader Topix index finished 90.19 points, or 3.18 percent, higher at 2,926.38. All industry sectors advanced on the top-tier Prime Market, with gainers led by transportation equipment, bank and metal product issues. The U.S. dollar briefly weakened to the lower 146 yen range in Tokyo as the Japan-U.S. trade deal helped ease concerns over the prospects for the Japanese economy, boosting the yen. But the U.S. currency later strengthened to the lower 147 yen level at one point as the yen was sold on worries that Japan's financial health may deteriorate further due to fiscal expansion measures that could be adopted in the future, dealers said. Such concerns sent long-term interest rates sharply higher. The yield on the benchmark 10-year Japanese government bond hit 1.600 percent, the highest level since October 2008. Stocks rose across the board, with auto shares surging after Tokyo and Washington agreed that U.S. tariff on automobiles, imposed since April, will be cut to 15 percent from 27.5 percent for Japanese cars. "Since the Japan-U.S. tariff negotiations had been expected to be prolonged, the market reacted positively as the trade deal was announced relatively soon after the national election" on Sunday, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
Yomiuri Shimbun
2 hours ago
- Business
- Yomiuri Shimbun
Japan Prime Minister Shigeru Ishiba Likely to Step down Following Japan-U.S. Trade Deal
Prime Minister Shigeru Ishiba decided on Wednesday to step down, following the Japan-U.S. trade agreement, The Yomiuri Shimbun has learned. The president of the Liberal Democratic Party is expected to make official announcement on his resignation as early as the end of the month. After the crushing defeat of the ruling coalition of the LDP and Komeito in Sunday's House of Councillors election, Ishiba said Monday that he will stay in office, citing the need to respond to such issues as U.S. tariff measures. 'We must fulfill our responsibility as the largest party in the Diet,' Ishiba said at a press conference. But there were calls within the LDP for Ishiba to resign, holding him responsible for the loss. Ishiba is believed to have told the decision to those around him to take responsibility for the results of the poll as Japan and the United States concluded their tariff negotiations, which had been the biggest pending issue between the two countries. Following his decision, the LDP will begin studying the schedule for a presidential election to select a successor. 'I will make a final decision [whether to step down] based on the results of the tariff negotiations. I cannot comment further until I have carefully examined the details of the agreement,' Ishiba told reporters at the Prime Minister's Office on Wednesday morning. He also indicated his intention to hold a meeting with U.S. President Donald Trump. Economy revitalization minister Ryosei Akazawa, who held ministerial talks on tariffs in Washington on Monday, is expected to return home as early as Thursday. Ishiba is expected to decide when to announce his resignation and to resign after receiving a detailed report on the agreement from Akazawa, taking into consideration the possibility of a Japan-U.S. summit meeting and other political schedules. On Tuesday evening, Ishiba told those around him that the tariff negotiations are a matter of national interest, and he will explain how he will take responsibility for the results of the upper house election once it becomes unclear when negotiations will resume. He also said Wednesday evening his stance remains unchanged. Movement to oust Ishiba was widespread within the LDP after the party's defeat in the Sunday poll. The party also suffered a crushing loss in the Tokyo metropolitan assembly election in June and the House of Representatives election in October last year. Dissatisfaction was growing at Ishiba's announcement that he will stay in office. Also with no progress in the coordination of a partial coalition, in which the ruling parties cooperate with opposition parties on a policy-by-policy The LDP and Komeito won only 47 seats in Sunday's election, significantly down from the combined 66 seats they were defending. It fell short of the 50 seats that Ishiba had set as a 'must-win target.'
Asahi Shimbun
2 hours ago
- Business
- Asahi Shimbun
Ishiba lauds tariff deal with U.S. as result of 'strong efforts'
Prime Minister Shigeru Ishiba fields questions from reporters at the prime minister's office after U.S. President Donald Trump announced an agreement on tariff negotiations with Japan on July 23. (Takeshi Iwashita) Prime Minister Shigeru Ishiba touted the Japan-U.S. tariff agreement, emphasizing the achievement reached after long negotiations, and pledging to meet with U.S. President Donald Trump if needed. Regarding the 15 percent tariffs on automobiles and reciprocal tariffs, Ishiba told reporters on July 23, 'This is the lowest figure to date among countries with trade surpluses with the United States.' He also noted that the Japanese side did not lower tariffs on agricultural and other products imported from the United States. 'This is the result of our consistent advocacy and strong efforts to reach out to the United States,' he said. As for whether he would meet with Trump in the future, the prime minister said, 'If necessary, we will have talks by phone or in person.' Regarding whether he will remain in office following the LDP-led coalition's loss of the majority in the Upper House on July 20, Ishiba said, 'I can't make a statement without carefully examining the details of the (tariff) agreement.'
The Mainichi
3 hours ago
- Politics
- The Mainichi
Japan PM Ishiba poised to announce resignation by Aug. following dismal election results
TOKYO -- Prime Minister Shigeru Ishiba is preparing to announce his resignation by August following the ruling Liberal Democratic Party (LDP)'s review of its poor performance in the July 20 House of Councillors election, he informed those around him on July 23. Ishiba is expected to have discussions the same day regarding his future with Taro Aso, the party's supreme adviser, Yoshihide Suga, the party's vice president, and former Prime Minister Fumio Kishida -- all former prime ministers. However, there is a possibility that the timing of his decision could change due to growing demands for his resignation and criticism from within the party. Ishiba had initially expressed his intention to stay on as prime minister following the LDP's major setback in the election. Local organizations in various regions are calling for Ishiba's resignation and a renewal of the party's structure. Additionally, mid-career and junior lawmakers are calling for the convening of a joint plenary meeting of party members of both houses of the Diet, the decision-making gathering next in line to the party convention, to vote on moving up the party leadership election. In light of these circumstances, the prime minister aims to exchange views with the three former prime ministers, and to seek understanding for his move. It is unusual for an incumbent prime minister to meet with former prime ministers collectively. A government insider commented, "Prime Minister Ishiba is adopting a stance of bowing his head to the three." The LDP leadership plans to move forward a joint informal meeting of party members of both houses, initially scheduled for July 31, to July 29 to start the election review. After the review is summarized in August, the party's leadership will determine how to take responsibility. Seiji Kihara, the LDP's election strategy committee chairman, has indicated his intention to resign after the review and summary, and then a decision will also be made on the prime minister's future. A senior government official emphasized, "Once the review is out, the leadership must make a firm decision regarding responsibility." If Ishiba resigns as prime minister this month, an election to select the next prime minister will be held during an extraordinary Diet session to be convened in August. However, given that the LDP is now part of a minority government, there is no guarantee that the LDP president will be picked as prime minister. To secure time for discussions with opposition parties regarding the prime ministerial nomination, Ishiba is considering announcing his resignation next month or later. Ishiba had earlier cited Japan-U.S. tariff negotiations as a reason for staying in office. Regarding the effect of a newly announced accord on tariffs, he told reporters at the prime minister's office, "I cannot comment without thoroughly examining the content of the agreement."
Yomiuri Shimbun
5 hours ago
- Business
- Yomiuri Shimbun
Japan PM Ishiba to Step Down Over Defeat in Upper House Election
Japanese Prime Minister Shigeru Ishiba decided on Wednesday to step down, The Yomiuri Shimbun has learned. He plans to announce his resignation before the end of July to take responsibility for the ruling coalition's defeat in the July 20 upper house election. Ishiba made up his mind after Japan-U.S. tariff negotiations reached an agreement.
