Knitting makes a comeback among Japanese youth
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Japan Today
36 minutes ago
- Japan Today
Ishiba vows 'steady' implementation of U.S. tariff deal
Shigeru Ishiba, Japanese prime minister and head of the Liberal Democratic Party, speaks during a media interview at the party's headquarters in Tokyo on July 20, 2025, as the results of the House of Councillors election come in. (Kyodo) ==Kyodo Prime Minister Shigeru Ishiba said on Friday that he wants to oversee the "steady" implementation of a recently clinched trade deal with the United States, as the embattled leader met with opposition leaders amid pressure from within his own party to resign. Yuichiro Tamaki, head of the Democratic Party for the People, told reporters after the meeting that Ishiba seemed to show a "strong desire" to stay on as premier to see the agreement take effect, despite the dismal outcome for the prime minister's ruling coalition in Sunday's upper house election. Some opposition party leaders, meanwhile, said Ishiba failed to allay their concerns about the agreement and the fact that it has not yet been put into writing. The leaders' talks, which lasted more than an hour at the Diet, were the first since Japan and the United States clinched the trade agreement in Washington on Tuesday, days after the House of Councillors election. "My worries instead deepened," Tamaki said after the meeting. "We don't know whether the negative impact on the economy and companies can be minimized with the deal." The trade deal is expected to be deliberated at a parliamentary committee during an extraordinary session on Aug. 4, lawmakers said. The trade agreement sets 15 percent auto and "reciprocal" tariffs on Japan, lower than U.S. President Donald Trump had envisioned. It also includes a scheme for $550 billion worth of Japanese investment in the United States. "We have come to an agreement with the United States that protects the national interests of both nations," Ishiba told his fellow party leaders at the Diet. The tariff deal, following rounds of talks at the ministerial and summit levels, came at a sensitive time for Ishiba, with his LDP suffering its worst election performance in years, and the ruling camp, including its junior coalition partner, Komeito, now left without a majority in both houses of parliament. He has so far sought to brush aside calls from some LDP members to step down, saying that he should tackle the challenges facing the country. The lowering of the auto and reciprocal tariffs to 15 percent from a combined 27.5 percent, and a proposed country-specific 25 percent, respectively, gave some relief to Japanese automakers and other exporters, lifting Japanese share prices. Japanese products already taxed at 15 percent or higher will not be subject to additional duties, while taxes on those with lower rates will face a uniform 15 percent levy, according to the government. Among agricultural products, the tax rates on beef and green tea are currently 36.4 percent and 10 percent, respectively, reflecting the baseline tariff of 10 percent. Under the reciprocal tariffs, beef will be taxed at 26.4 percent as it was before the baseline tax was introduced, and the rate on green tea will be 15 percent. A day after the deal was announced, however, the United States said Japan will buy $8 billion in U.S. farm and food goods, such as corn, soybeans, fertilizer and bioethanol. It also said the Asian ally will increase purchases of U.S.-made commercial aircraft, including 100 Boeing planes, and defense equipment worth "additional billions of dollars annually." Japanese government officials have said there is no discrepancy between the two nations regarding the agreement. At a government task force meeting earlier in the day, Ishiba instructed officials to take all possible steps to cope with the impact of the U.S. tariffs, which economists expect will still slow the export-driven economy. Yoshihiko Noda, head of the Constitutional Democratic Party of Japan, said the tariff agreement should be formalized in writing at a bilateral summit. Speaking to reporters, Noda, who served as prime minister for around one year through late 2012, also revealed that he stressed the need for the government to draw up an economic package to address the tariff fallout. Ishiba did not make any mention of compiling a supplementary budget for the current fiscal year through next March or whether he will step down or not, according to Noda. © KYODO
Nikkei Asia
36 minutes ago
- Nikkei Asia
Japan firms may rethink US study abroad over Trump policy: survey
The Trump administration's policies are putting pressure on Harvard and other top U.S. universities. © Reuters YOHEI KAWAI TOKYO -- Nearly a third of major Japanese companies say they may consider changes to policies for sending employees to study in the U.S., a Nikkei survey shows, as universities come under fire from Washington. Top U.S. universities face growing pressure from the Trump administration, which has tried to stop Harvard University from accepting international students, leaving Japanese companies looking for alternatives.
The Diplomat
an hour ago
- The Diplomat
Japan Avoids 25 Percent Tariffs With Investment Pledge in Landmark US Trade Deal
The deal reduces tariffs on Japanese exports, including autos and auto parts, to15 percent, in exchange for Japanese investment and import commitments. Japan's Economic Revitalization Minister Akazawa Ryosei (right) greets U.S. Treasury Secretary Scott Bessent as both attend the U.S. National Day celebration at the Osaka World Expo, July 19, 2025. Japanese exporters narrowly avoided steep U.S. tariff hikes under a deal reached this week that will cap reciprocal tariffs at 15 percent and deliver $550 billion in Japanese investment aimed at bolstering U.S. infrastructure and industry. The agreement follows months of aggressive tariff posturing by the Trump administration. A 25 percent blanket tariff on some 4,000 individual Japanese product categories, initially scheduled to take effect on August 1, had threatened to destabilize Japan's economy. Under the landmark agreement, the reduction in tariffs from 25 percent to 15 percent, effective August 1, will also apply to Japanese automobiles and auto parts, which have been under sector-specific 25 percent tariffs since April and May 2025 – a major source of bilateral trade friction. But, Japan may have only found temporary relief. It remains vulnerable to economic retaliation, with U.S. Treasury Secretary Scott Bessent warning that if Japan fails to uphold its end of the deal, Washington could reinstate the 25 percent tariffs. Japan's implementation of the agreement will be assessed quarterly. According to Bessent, 'If President Trump is dissatisfied, tariffs on automobiles and other products will revert to 25 percent. At a 25 percent tariff rate, Japan's economy, especially its auto industry, would not be able to function.' Behind the scenes, Japan's negotiators, led by Economic Revitalization Minister Akazawa Ryosei, reportedly proposed what Bessent described as an 'innovative framework' for investment and tariff alignment. Japanese Prime Minister Ishiba Shigeru appointed Akazawa as lead negotiator in April. Akazawa took seven trips to the U.S. over the next three months, meeting with Bessent to discuss trade, non-tariff barriers, and economic security. After their White House meeting on Tuesday, Akazawa posted 'Mission Complete' on social media platform X. For Trump, the deal marked a personal accomplishment. He declared, 'I signed the largest trade deal in history. Japan sent its best people. We worked long and hard. This is a great deal for everyone.' During talks, U.S. officials made clear that lowering tariffs would not be enough. Japan must also begin dismantling its regulatory frameworks, which have long been criticized for shielding its domestic industries from foreign competition. The revised trade agreement comes with clear purchase and import obligations Japan has pledged to buy 100 Boeing aircraft, increase rice imports from the U.S. by 75 percent, and raise annual defense-related procurement from U.S. defense contractors from $14 billion to $17 billion Beyond rice, Washington is also pressing for greater access to Japan's beef, dairy, and processed food markets, where import restrictions, subsidies, and labeling requirements have been cited by U.S. trade negotiators as persistent obstacles. While no specific quotas or product categories were publicly confirmed beyond rice, Japanese officials have signaled openness to further liberalization in these areas as part of broader efforts to meet U.S. expectations. In the auto sector, Tokyo pledged not to introduce new quotas or technical restrictions that could hinder U.S. car and truck exports. This commitment addresses U.S. criticism that Japan's dealership networks and emissions rules have effectively kept foreign automobile brands out, even in the absence of high tariffs. Tokyo also reportedly secured assurances that if future U.S. tariffs are imposed on 'sensitive' goods such as semiconductors or pharmaceuticals, Japan would not be treated less favorably than other trading partners. Trump also announced a joint U.S. and Japan venture to develop the $44 billion Alaska LNG project, which involves a 800-mile pipeline and liquefaction terminal in Nikiski, Alaska. Although no formal agreement has been signed, Japanese energy companies have expressed interest in sourcing LNG from Alaska. The Trump administration has signaled that Japan will need to open its markets, rather than focus solely on investment, to maintain the lower tariff rate. The demand places renewed pressure on Tokyo to pursue deeper structural reforms in how it regulates imports.
