Latest news with #MakikoYamazaki
Yahoo
30-05-2025
- Business
- Yahoo
Japan says no easy concession on US tariffs, seeks another round in June
By Makiko Yamazaki and Nathan Layne (Reuters) -Japan and the U.S. on Friday agreed to hold another round of trade talks ahead of the G7 summit next month, Japan's top tariff negotiator said, stressing that no deal would be without concessions on all Washington's tariffs, including on autos. Japan's Economy Minister Ryosei Akazawa met with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick in Washington for 130 minutes in a fourth round of the trade negotiations. "We agreed to accelerate the talks and hold another round ahead of the G7 summit in June, where the leaders from Japan and the United States are set to meet," Akazawa told Japanese media gathered at the Japanese embassy in Washington. Japan faces a 24% tariff rate starting in July unless it can negotiate a deal with the U.S. It is also scrambling to find ways to get Washington to exempt its automakers from 25% tariffs on automobiles, Japan's biggest industry. Akazawa said Japan's position has not changed that the tariffs are not acceptable and he is "strongly urging" the U.S. to immediately reconsider and drop all the tariffs, including those levied on automobiles, auto parts, aluminum and steel. "If our requests to do that are met, we may be able to come to an agreement," Akazawa told Japanese media gathered at the Japanese embassy in Washington. "But if that is not possible, then it will be difficult for us to agree to a deal." Japanese government sources said before the latest meeting that an immediate deal was unlikely, as they would never hastily seal a deal that would not benefit Japan, particularly the automobile sector. Akazawa declined to give details of the latest discussions, but said trade expansion, non-tariff barriers and cooperation in economic security have been on the agenda at every meeting. Semiconductor supply chains and rare earths are among economic security topics, he added. He also said, while he was closely monitoring Nippon Steel's possible deal for U.S. Steel, he could not yet comment on it due to a lack of any official announcement from the U.S. government.
Yahoo
21-05-2025
- Business
- Yahoo
US, Japan finance chiefs say current dollar-yen reflects fundamentals
By Makiko Yamazaki BANFF, Alberta (Reuters) -U.S. Treasury Secretary Scott Bessent and Japanese Finance Minister Katsunobu Kato agreed on Wednesday that the dollar-yen exchange rate currently reflects fundamentals, the U.S. Treasury Department said. "They reaffirmed their shared belief that exchange rates should be market determined and that, at present, the dollar-yen exchange rate reflects fundamentals," the department said in a statement. Bessent and Kato met on the sidelines of the Group of Seven finance ministers gathering in Banff, Canada. They discussed trade and currency issues, but as in their previous meeting in April, they did not discuss foreign exchange levels, according to the department. Japan and the United States have agreed to keep the thorny issue of currency rates separate from direct trade negotiations, setting it aside for talks between their finance ministers. President Donald Trump's focus on addressing the huge U.S. trade deficit and his past remarks accusing Japan of intentionally maintaining a weak yen have led to market expectations that Tokyo will face pressure to strengthen the yen's value against the dollar to give U.S. manufacturers a competitive advantage. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
US, Japan finance chiefs say current dollar-yen reflects fundamentals
By Makiko Yamazaki BANFF, Alberta (Reuters) -U.S. Treasury Secretary Scott Bessent and Japanese Finance Minister Katsunobu Kato agreed on Wednesday that the dollar-yen exchange rate currently reflects fundamentals, the U.S. Treasury Department said. "They reaffirmed their shared belief that exchange rates should be market determined and that, at present, the dollar-yen exchange rate reflects fundamentals," the department said in a statement. Bessent and Kato met on the sidelines of the Group of Seven finance ministers gathering in Banff, Canada. They discussed trade and currency issues, but as in their previous meeting in April, they did not discuss foreign exchange levels, according to the department. Japan and the United States have agreed to keep the thorny issue of currency rates separate from direct trade negotiations, setting it aside for talks between their finance ministers. President Donald Trump's focus on addressing the huge U.S. trade deficit and his past remarks accusing Japan of intentionally maintaining a weak yen have led to market expectations that Tokyo will face pressure to strengthen the yen's value against the dollar to give U.S. manufacturers a competitive advantage. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Japan Today
05-05-2025
- Business
- Japan Today
Japan, China, South Korea, ASEAN enhance regional financial safety net
FILE PHOTO: A man walks next to the ASEAN logo during the ASEAN Foreign Ministers' Retreat in Langkawi, Malaysia, January 18, 2025. REUTERS/Hasnoor Hussain/File photo By Makiko Yamazaki Japan, China, South Korea and the 10 ASEAN countries agreed to enhance their regional financial safety net by launching a new lending facility aimed at swiftly responding to crises caused by pandemics and natural disasters. The finance leaders of the so-called ASEAN Plus Three group agreed at their meeting in Milan, Italy, on Sunday to establish the new facility under their currency swap arrangement known as the Chiang Mai Initiative Multilateralization (CMIM). The CMIM, created after the 1997-98 Asian financial crisis, is designed to support regional financial stability by allowing members to tap currency swap lines. The new rapid financing facility will enable members to access emergency financing without conditions in case of financial crises arising from sudden shocks. "We believe that this new CMIM facility will enhance regional resilience," the group said in a joint statement. The CMIM pool currently amounts to $240 billion in foreign exchange reserves, with Japan and China each contributing $76.8 billion, South Korea $38.4 billion and the 10 Association of Southeast Asian Nations members a combined $48 billion. The CMIM's two existing facilities - a crisis resolution instrument and a precautionary line - have never been utilised as members have turned to other resources with simpler decision-making processes such as bilateral swap lines. © Thomson Reuters 2025.
Yahoo
05-05-2025
- Business
- Yahoo
Japan, China, South Korea, ASEAN enhance regional financial safety net
By Makiko Yamazaki (Reuters) -Japan, China, South Korea and the 10 ASEAN countries agreed to enhance their regional financial safety net by launching a new lending facility aimed at swiftly responding to crises caused by pandemics and natural disasters. The finance leaders of the so-called ASEAN Plus Three group agreed at their meeting in Milan, Italy, on Sunday to establish the new facility under their currency swap arrangement known as the Chiang Mai Initiative Multilateralization (CMIM). The CMIM, created after the 1997-98 Asian financial crisis, is designed to support regional financial stability by allowing members to tap currency swap lines. The new rapid financing facility will enable members to access emergency financing without conditions in case of financial crises arising from sudden shocks. "We believe that this new CMIM facility will enhance regional resilience," the group said in a joint statement. The CMIM pool currently amounts to $240 billion in foreign exchange reserves, with Japan and China each contributing $76.8 billion, South Korea $38.4 billion and the 10 Association of Southeast Asian Nations members a combined $48 billion. The CMIM's two existing facilities - a crisis resolution instrument and a precautionary line - have never been utilised as members have turned to other resources with simpler decision-making processes such as bilateral swap lines.
