Latest news with #RyoseiAkazawa
2 hours ago
- Business
Japan, U.S. to Continue Tariff Talks as July Deadline Nears
News from Japan Economy Jun 28, 2025 14:28 (JST) Washington, June 27 (Jiji Press)--Japanese chief tariff negotiator Ryosei Akazawa met with U.S. Commerce Secretary Howard Lutnick on Friday, agreeing to continue negotiations to reach a deal that serves the national interests of both sides. Their meeting, which preceded the July 9 expiration of a suspension of the additional U.S. reciprocal tariffs, marked the seventh round of bilateral ministerial talks on high tariffs imposed by U.S. President Donald Trump. Through his repeated visits to the United States, Akazawa, economic revitalization minister, has been urging the U.S. side to review the Trump tariffs. Japan released a statement that the two sides had "a fruitful discussion." But it is unlikely that they filled their gap over key issues including automotive tariffs on imports from Japan. During Friday's 65-minute meeting, Akazawa and Lutnick discussed bilateral trade expansion, nontariff barriers and cooperation in economic security. [Copyright The Jiji Press, Ltd.] Jiji Press
Kyodo News
8 hours ago
- Business
- Kyodo News
Kyodo News Digest: June 28, 2025
KYODO NEWS - 17 minutes ago - 09:00 | All, Japan, World The following is the latest list of selected news summaries by Kyodo News. ---------- Japan, U.S. agree to continue tariff talks as July deadline looms WASHINGTON - Japanese and U.S. negotiators agreed Friday to continue talks toward a tariff deal that will be beneficial to both countries. Japan's government said its top tariff negotiator, Ryosei Akazawa, and U.S. Commerce Secretary Howard Lutnick held talks in Washington, with each side reaffirming its position during "fruitful" discussions on trade expansion, nontariff measures and economic security cooperation. ---------- Japan gov't asks operators to address disinformation before election TOKYO - Japan's government on Friday asked major platform operators to help counter harmful social media posts in an effort to prevent disinformation and defamation targeting candidates ahead of a nationwide parliamentary election next month. The request by the Ministry of Internal Affairs and Communications came as both the ruling and opposition camps emphasized the need to address disinformation during elections, though they have yet to agree how strictly the issue should be regulated. ---------- Nobel committee chair to visit Hiroshima, Nagasaki in July TOKYO - Jorgen Watne Frydnes, chair of the Norwegian Nobel Committee, will visit the atomic-bombed cities of Hiroshima and Nagasaki next month and may meet with atomic bomb survivors, a source close to the matter said Friday. Frydnes will arrive in Hiroshima on July 21 and later head to Nagasaki, likely visiting memorial museums and other sites related to the bombings, according to the source. ---------- Senior China military officer removed from top defense body BEIJING - China's parliament has voted to remove senior military officer Miao Hua from the nation's top defense body during its session through Friday, the official Xinhua News Agency said. In November, Miao was suspended from his position as a member of the Central Military Commission for "serious violations of discipline." The Chinese military leadership has been engulfed in a corruption scandal since around the summer of 2023. ---------- U.S. State Secretary Rubio's 1st visit to Japan eyed for July TOKYO - Japan and the United States are arranging for U.S. Secretary of State Marco Rubio to make his first visit to Japan early next month, a Japanese government source said Friday, with U.S.-imposed tariffs and the Middle East situation expected to be key topics. The trip is being arranged as part of Rubio's travel to Asia to attend a series of foreign ministerial meetings related to the Association of Southeast Asian Nations in Malaysia from July 8 to 11, according to the source. He also plans to visit South Korea. ---------- Iran envoy urges A-bombed Japan to stand against U.S. attacks TOKYO - Iranian ambassador to Japan Peiman Seadat has urged Tokyo to stand against U.S. and Israeli strikes on nuclear facilities in his nation after President Donald Trump's remark likening the U.S. attacks to the 1945 atomic bombings of Hiroshima and Nagasaki. The ambassador said in a recent interview with Kyodo News that the comment is an "insult" not only to Iran, but also to Japan, the world's only country to have suffered atomic bombings. ---------- U.S. tariff rate hits historic level of 25.9%: Japan trade report TOKYO - The effective U.S. tariff rate on all imports rose to as high as 25.9 percent under President Donald Trump, surpassing levels not seen since the protectionist policies of the Great Depression, the Japanese government's annual trade report showed Friday. The U.S. tariff measures as of early April, including an increase in the levies on China to 145 percent, reached a "historic scale," the Japanese trade ministry said, adding that frequent changes in Trump's trade policy are creating "heightened uncertainty." ---------- Rice imports to Japan surge in May, 3.5 times FY 2024 total TOKYO - Private sector imports of tariffed rice to Japan in May were 3.5 times the total volume brought in during all of fiscal 2024, revised government trade data showed Friday, as soaring prices of domestic rice have spurred demand for cheaper alternatives. According to the Finance Ministry's trade statistics, revised from a preliminary report issued earlier this month, 10,605 tons of tariffed rice were imported in May, a sharp increase from 115 tons in the same period last year. The United States, which accounted for 7,894 tons, was the largest source, followed by Taiwan, Thailand, and Vietnam. Video: Masahiro Matsuoka from disbanded pop group Tokio meets the press
2 days ago
- Business
US stocks drift near their record after erasing almost all their 20% springtime drop
NEW YORK -- U.S. stocks are drifting closer to their record. The S&P 500 rose 0.4% Thursday and is just 0.5% below its all-time high, which was set in February. The Dow Jones Industrial Average added 133 points, and the Nasdaq composite gained 0.5%. McCormick helped lead the market after the seller of cooking spices delivered a better-than-expected profit report. Treasury yields held relatively steady in the bond market following a couple of better-than-expected reports on the U.S. economy, including on jobless claims and orders for long-lasting manufactured goods. Stock indexes were mixed across much of Europe and Asia. THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below. World shares were mixed on Thursday and the U.S. dollar weakened as investors caught their breath following recent bouts of volatility. Traders were turning to U.S. updates on durable goods orders, jobs and consumer spending and what say about how President Donald Trump's higher tariffs are affecting the economy, analysts said. Germany's DAX surged 0.7% to 23,661.67. In Paris, the CAC 40 edged 0.1% higher to 7,565.46. Britain's FTSE 100 also gained 0.1% to 8,729.71. The future for the S&P 500 was up 0.3% while that for the Dow Jones Industrial Average rose 0.2%. On Wednesday, the S&P 500 barely budged, closing just 0.8% below its all-time high set in February. The Dow dipped 0.2%, while the Nasdaq composite rose 0.3%. Tokyo's Nikkei 225 climbed 1.7% to 39,584.58 as attention shifted to a July 9 deadline for trade agreements to help stave off higher U.S. tariffs imposed by President Donald Trump. Japan's lead trade negotiator, Ryosei Akazawa, was due to visit Washington for another round of talks, with 25% U.S. import duties on Japanese vehicles a main point of contention. Chinese markets were mixed. The Hang Seng in Hong Kong fell 0.6% to 24,325.40, while the Shanghai Composite index slipped 0.2% to 3,448.45. In South Korea, the Kospi dropped 0.9% to 3,079.56 as traders sold shares to lock in recent gains. Australia's S&P/ASX 200 slipped 0.1% to 8,550.80. Taiwan's Taiex gained 0.3% and the SET in Bangkok also gained 0.2%. In the oil market, which has been the center of much of this week's action, crude prices have stabilized after plunging by roughly $10 per barrel earlier this week. Benchmark U.S. crude lost 10 cents early Thursday to $64.82 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago. Brent crude, the international standard, gave up 5 cents to $66.38 per barrel. A fragile ceasefire between the two countries appears to be holding, at least for the moment. In the bond market, Treasury yields held relatively steady, and the yield on the 10-year Treasury eased to 4.27% from 4.30% late Tuesday. Yields had dropped a day earlier after the chair of the Federal Reserve told Congress it is waiting for the right moment to resume cutting interest rates. By lowering rates, the Fed could give the economy a boost, but it could also fuel inflation. Fed Chair Jerome Powell reiterated to a Senate committee Wednesday that he wants to wait and see how Trump's tariffs affect the economy and inflation before committing to its next move. He added it's possible that tariffs won't increase inflation by very much. Trump has pushed for rate cuts to help reduce interest costs the federal government pays on its debt and he has sharply criticized Powell for not reducing borrowing costs, calling him a 'numbskull' and a 'fool,' adding to speculation that he will move to replace the central bank's chair to seek more influence over the Fed. That has helped pull the U.S. dollar lower. Early Thursday, the dollar was trading at 143.79 Japanese yen, down from 145.26 yen. The euro rose to $1.1739 from $1.1661.
Barnama
2 days ago
- Automotive
- Barnama
Japan Reiterates That Higher US Auto Tariffs Are Unacceptable
FILE PHOTO: Japan's Economic Revitalization Minister Ryosei Akazawa speaks to the press upon his arrival at Haneda Airport, a day after ministerial talks on tariffs, with U.S. President Donald Trump joining the negotiators, in Tokyo, Japan, April 18, 2025. REUTERS/Issei Kato/File Photo TOKYO, June 26 (Bernama-Kyodo) -- Japan's chief negotiator on Thursday set off for another round of tariff negotiations with the United States (US), reiterating before his departure that the 25 per cent additional auto tariffs imposed by Washington remain unacceptable, Kyodo News Agency reported. Minister in charge of economic and fiscal policy Ryosei Akazawa said he still hopes to convince the United States to review the duty, especially as the 90-day pause on part of the so-called reciprocal tariffs imposed on Japan and other countries expires on July 9. The auto tariffs are "not something we can accept," Akazawa told reporters at Tokyo's Haneda Airport before leaving for Washington, referring to import taxes that have weighed heavily on Japan's large automotive industry. bootstrap slideshow The seventh round of ministerial-level tariff negotiations this week are likely to involve US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, as previous rounds have. The auto tariffs have been the key sticking point in the bilateral negotiations that began in April. The latest visit is Akazawa's first since Prime Minister Shigeru Ishiba was unable to strike an agreement with US President Donald Trump over the tariffs at their summit on June 16 in Canada. The leaders agreed to have talks continue at the ministerial level. In addition to increasing the tariff rate for passenger cars to 27.5 per cent from 2.5 per cent, the Trump administration raised other sector-based and country-specific duties, in a bid to reduce the trade deficit with Japan, which Trump says primarily results from "unfair" trade practices. Under the reciprocal tariff regime, combined with a baseline rate of 10 per cent covering nearly all goods imported by the United States, Japan faces an additional country-specific tariff of 14 per cent, for a total rate of 24 per cent. To facilitate negotiations, Trump paused tariffs set above 10 per cent for 60 trading partners, including Japan, for 90 days. -- BERNAMA-KYODO
Business Standard
2 days ago
- Automotive
- Business Standard
Nikkei ends up 1.65% led by tech stocks
Japanese stocks bucked the weak regional trend as tech stocks surged fueled by Nvidia's record high close overnight amid positive sentiment around AI adoption. The Nikkei average closed up 1.65 percent at 39,584.58, after having hit 39,615.59 in intraday trading, a level last seen on January 31. The broader Topix index settled 0.81 percent higher at 2,804.69. Advantest, Tokyo Electron and SoftBank Group surged 4-6 percent. Automakers ended mostly lower as Japan's top trade negotiator Ryosei Akazawa reiterated that U.S. auto tariffs are unacceptable and it is in the national interest to protect the auto industry.
