Latest news with #Japan-US
New Straits Times
4 days ago
- Automotive
- New Straits Times
Japanese tariff negotiator arranging seventh visit to US
TOKYO: Japan's tariff negotiator Ryosei Akazawa is arranging his seventh visit to the United States for as early as June 26, aiming to end tariffs that are hurting Japan's economy, two Japanese government sources said on Tuesday. The main focus of the visit is expected to be on US tariffs imposed on Japanese automobiles, which have a severe impact on the Japanese economy. Akazawa will also meet with Commerce Secretary Howard Lutnick and others who oversee this area, one of the sources said. The meeting would be the first ministerial-level tariff negotiation since the Japan-US summit held in Canada on June 16. Japanese Prime Minister Shigeru Ishiba and US President Donald Trump agreed to push ahead with trade talks when they met in Canada but failed to achieve a tariff deal. Last month, Japan's trade negotiator said US defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the US, Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry.
New Straits Times
4 days ago
- Business
- New Straits Times
Japan tariff negotiator arranging seventh US visit
TOKYO: Japan's tariff negotiator Ryosei Akazawa is arranging his seventh visit to the United States for as early as June 26, aiming to end tariffs that are hurting Japan's economy, two Japanese government sources said on Tuesday. The main focus of the visit is expected to be on US tariffs imposed on Japanese automobiles, which have a severe impact on the Japanese economy. Akazawa will also meet with Commerce Secretary Howard Lutnick and others who oversee this area, one of the sources said. The meeting would be the first ministerial-level tariff negotiation since the Japan-US summit held in Canada on June 16. Japanese Prime Minister Shigeru Ishiba and US President Donald Trump agreed to push ahead with trade talks when they met in Canada but failed to achieve a tariff deal. Last month, Japan's trade negotiator said US defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the US, Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry. Japan faces a 24 per cent tariff rate starting in July unless it can negotiate a deal with Washington.
Business Times
5 days ago
- Business
- Business Times
Japan says no US demand for defence spending worth 3.5% of GDP
[TOKYO] Japan denied a report that the US directly asked Tokyo to raise its defence spending to 3.5 per cent of annual gross domestic product, with its top government spokesperson saying that the amount of spending was less important than how Japan raises its military capabilities. 'Regarding defence spending, there's no truth to that,' Chief Cabinet Secretary Yoshimasa Hayashi said at a press conference on Monday (Jun 23) when asked about a Financial Times (FT) report that a senior Pentagon official had told Japan to boost military spending. The comments come as US President Donald Trump's administration ramps up pressure on its allies to boost defence spending amid mounting global security concerns. Tensions continue to build with conflict in the Middle East intensifying, Russia's war in Ukraine rumbling on and China continuing to intimidate its neighbours through military activity. US Defence Secretary Pete Hegseth said at a security conference in late May that US allies in Asia should boost total spending related to defence, warning that more urgency is needed to prepare for a potential Chinese invasion of Taiwan. 'Nato members are pledging to spend 5 per cent of their GDP on defence – even Germany,' Hegseth said at the Shangri-La Dialogue in Singapore. 'So it doesn't make sense for countries in Europe to do that while key allies in Asia spend less on defence.' A Pentagon spokesperson told Japanese media outlets last week that the 5 per cent goal should apply to Japan. Nato countries formally approved the plan at their summit meeting over the week, setting a target for defence spending at 5 per cent of GDP. Nato Secretary General Mark Rutte has framed that target as spending of 3.5 per cent on core defence items such as weapons, and an additional 1.5 per cent in defence-related spending such as cybersecurity and infrastructure. In his comments, Hayashi also pushed back against the FT's claim that Tokyo scrapped a meeting of US-Japan defence and foreign affairs ministers in response to the US demand. 'The date for the next Japan-US 2+2 meeting has yet to be decided,' the spokesperson said. According to the FT report, Tokyo decided to put off that meeting after the spending demand from a senior Pentagon official. That demand, reportedly issued by Elbridge Colby, undersecretary of defence for policy, comes as Japan is working towards raising its defence spending to 2 per cent of GDP by 2027 from its long-held stance of keeping it around 1 per cent. BLOOMBERG
Business Times
6 days ago
- Business
- Business Times
Japan's factory activity returns to growth after 11-month contraction: PMI
[TOKYO] Japan's manufacturing activity returned to growth in June after nearly a year of contraction, but demand conditions remain murky due to worries over US tariffs and the global economic outlook, a private-sector survey showed on Monday. Meanwhile, the service sector's expansion accelerated, pushing overall business activity to a four-month high, offering a counterbalance to the export-reliant factory sector amid diminished prospects for an early Japan-US trade deal. The au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) rose to 50.4 from May's final 49.4, ending 11 months of readings below the 50.0 threshold that indicate contraction. Among sub-indexes, factory output and stocks of purchases rebounded to growth from multi-month contraction, driving up the headline manufacturing PMI. However, new orders for manufactured goods, including from overseas customers, continued to decline, the survey showed. 'Companies indicated that US tariffs and lingering uncertainty over the global trade outlook continued to inhibit customer demand,' said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiled the survey. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Manufacturers' confidence about their year-ahead output remained mostly unchanged from May. By contrast, the au Jibun Bank flash services PMI increased to 51.5 in June from 51.0 in May, thanks to new business growth, although growth for export businesses slowed slightly. Combining both manufacturing and service activity, the au Jibun Bank flash Japan composite PMI rose to 51.4 in June from May's 50.2, reaching its highest level since February. Cost pressures across the private sector eased in June, with input prices rising at the slowest rate in 15 months, though output price inflation accelerated to a four-month high, the composite data showed. Employment was another bright spot, with workforce numbers increasing at the quickest pace in 11 months across both manufacturing and services sectors. REUTERS
Japan Forward
6 days ago
- Politics
- Japan Forward
Irresponsible for Diet to End Session Without Tackling Iran Crisis
The ruling and opposition parties are already prioritizing campaigning for the July House of Councillors elections. It seems that they will end the regular Diet session without properly debating the crisis in Iran and the Middle East. Yet, that region has a profound impact on Japan. As scheduled, the current session of the Diet ended on June 22. Yoshihiko Noda, leader of the Constitutional Democratic Party (CDP), announced on June 19 that he would not submit a resolution of no confidence in the Cabinet at this time. The interest of the ruling and opposition parties has now clearly shifted to the July Upper House election. But is that the right thing to do? Israel and Iran are now locked in fierce combat. Moreover, the United States has just bombed three nuclear sites in Iran. Yet, the Diet has not been conducting intensive deliberations on this situation in any of its relevant committees, including the budget, foreign affairs, and defense-related committees. Shouldn't our elected representatives engage in necessary discussions for the sake of the nation and its people, even if it means slightly extending the Diet session? Iranian Foreign Minister Araghchi (©Reuters via Kyodo) Japan is dependent on the Middle East for 90% of its petroleum. The impact of the conflict on national security, energy security, and the economy will be enormous. Meanwhile, US forces are currently being deployed near the Middle East. Closer to home, there is a risk that China could exploit any gaps in defense preparedness to intensify its military pressure in Northeast Asia. Noda said that "there should be no political vacuum" due to the Japan-US tariff negotiations and the situation in the Middle East. Therefore, it seems that they recognize tariffs as such a critical issue. So, why don't the opposition parties call for an extension of the Diet session to discuss that and other international crises? The same holds true for Prime Minister Shigeru Ishiba. Is he unwilling to answer questions from representatives of the people and openly exchange opinions with them? In fact, the Prime Minister has not even delivered a report to the Diet on the G7 Summit. Nor has he taken questions from Diet members regarding the same. Is the government, as well as the ruling and opposition parties, oblivious to the international situation? Their attitude is very disappointing. The current Diet session has also left many other issues unresolved. One is ensuring that the Imperial family has a sufficient number of members to provide for stable succession to the throne. Yet, the Speaker and Vice-Speakers of the Lower and Upper Houses of the Diet have postponed this discussion. It is imperative to reach a consensus within the legislative branch based on the paramount principle of male-line succession. The Emperor and Empress, Princess Aiko, and Crown Prince and Princess Akishino at the Imperial Palace on June 10. (Pool photo) Regarding constitutional reform, it was encouraging that five political parties — including the Liberal Democratic Party (LDP), Komeito, Ishin no Kai, and the Democratic Party for the People — presented a draft constitutional reform outline to the Lower House executive committee of the Commission on the Constitution. This plan would allow for the extension of terms for Diet members in emergencies. Nonetheless, it is problematic that the CDP rejected the LDP's proposal to set up a drafting committee for constitutional amendments. There was lively debate within the Diet about measures to combat rising prices. But it was intolerable that each political party rushed to gain popularity with the electorate in anticipation of the upcoming House of Councillors election by offering handouts or a cut in the consumption tax. On the defense of Japan, there was far from sufficient discussion on how China should be perceived or how to improve deterrence. That gap was allowed, despite Chinese fighter jets' dangerous maneuvers toward a Japan Maritime Self-Defense Force patrol aircraft. A Chinese J-15 fighter jet makes an abnormal approach to a Japanese Maritime Self-Defense Force P3C patrol aircraft over the Pacific Ocean on June 8. (Photo courtesy of the Ministry of Defense) Finally, although the pension reform law was passed, it was disappointing that there was no in-depth discussion on raising the basic pension. This was another disappointment from the just-ended Diet session. (Read the editorial in Japanese .) Author: Editorial Board, The Sankei Shimbun
