Latest news with #YoshinobuTsutsui
The Mainichi
7 days ago
- Automotive
- The Mainichi
Business leaders laud Japan-US trade deal, admit ongoing challenges
TOKYO (Kyodo) -- Japanese business leaders on Wednesday praised the government for reaching a trade deal with the United States under which tariff rates on Japanese cars and other products will be set at 15 percent, while acknowledging it will still cause hardship for firms. "The persistent negotiations paid off," Yoshinobu Tsutsui, chairman of the Japanese Business Federation, the country's most powerful business lobby also known as Keidanren, told reporters, adding his group has "high regard" for the outcome. The tariffs under the deal, which was first announced by U.S. President Donald Trump on Tuesday, are lower than initially proposed. They were agreed before an Aug. 1 deadline set by the United States to impose a "reciprocal" 25 percent tariff on Japanese goods. "I have yet to look into the details, but would like to provide support (from Keidanren) on multiple fronts," Tsutsui said. While some companies have expressed hope that the potential adverse effects of the levies would be eased, others said challenges were likely to persist as they nevertheless remained high. "The evasion of even higher tariffs across the board may act as a crucial breakwater for companies," said Takeshi Niinami, chairman of the Japan Association of Corporate Executives. "We must work toward rebuilding a free-trade system," he added, also warning of the spread of the "America First" approach. While saying the deal helped remove U.S. tariff uncertainties, Ken Kobayashi, chairman of the Japan Chamber of Commerce and Industry, called the 15 percent tariffs "regrettable." "The effects of this new burden of tariffs will hit not just exporter firms, but also those that shoulder the domestic supply chain and are largely made up of small and medium-sized firms that are responsible for supplying parts and logistics," he said in a statement. The Trump administration's 25 percent additional auto tariff was one of the biggest sticking points in the trade talks. Combined with the 2.5 percent rate already in place, a total tariff of 27.5 percent was imposed on imported passenger vehicles in April. Following the latest announcement, a source from a major automaker expressed dismay at the deal, noting tariffs prior to Trump's inauguration had stood at just 2.5 percent. Meanwhile, a source from an electronics manufacturer noted that "compared with the 25 percent tariff that was slated to hit on Aug. 1, 15 percent is slightly better."
Yomiuri Shimbun
7 days ago
- Automotive
- Yomiuri Shimbun
Japan Business Group Chair Welcomes Outcome of Tariff Talks, But Also Say 15% Reciprocal Tariff ‘By No Means Low'
Yoshinobu Tsutsui, the chairperson of Keidanren (Japan Business Federation), on Wednesday praised the outcome of Japan-U.S. tariff negotiations as the result of long-running, persistent talks focused on national interests. 'The parties concerned made earnest efforts within the framework of the negotiations and achieved a successful outcome,' Tsutsui told reporters. Tsutsui said he was greatly concerned about automobile tariffs, as they will have a significant impact on the broad-based automobile industry, including related businesses. 'But I want to praise the reduction in the tariffs as a positive outcome of the talks,' he said. At the same time, however, Tsutsui said a 'reciprocal tariff' of 15% is 'by no means low, considering the domestic economy.'
Asahi Shimbun
7 days ago
- Automotive
- Asahi Shimbun
Business leaders praise tariff agreement reached with U.S.
Business executives overall praised the agreement reached with the United States that will lower tariffs on automobiles to 15 percent from the planned 25 percent. Yoshinobu Tsutsui, the Keidanren (Japan Business Federation) chairman, said, 'Persistent negotiations over a long period that focused on national interests bore fruit.' While he added that the 15-percent reciprocal tariff would have some effect on the domestic economy, he said the effort at negotiations had produced results and called for domestic economic measures to help those companies that will be impacted by the tariff. Tatsuo Yasunaga, who chairs the Japan Foreign Trade Council, described the agreement as a 'major milestone' and said the clearing away of uncertainty about what sort of agreement would be reached would provide a sense of stability to companies. However, he added it would be difficult to clearly assess the specific effects on corporate activities given what is now known about the tariff agreement. Takeshi Niinami, chairman of Keizai Doyukai (Japan Association of Corporate Executives), issued a statement that expressed gratitude for the government's efforts and said the avoidance of an across-the-board increase in tariffs could serve as a bulwark for companies. His praise came while also pointing out that the agreement did not mean the United States had changed its "America First" stance and said Japan should work toward rebuilding an international cooperation framework to strengthen the resilience of the Japanese economy. Masayoshi Matsumoto, who chairs the Kansai Economic Federation, said the lower tariff was closer to the range at which the industrial sector could survive through its own efforts. Despite this, he additionally called for support measures for those small and midsize companies as well as those directly affected by trade with the United States that may be facing difficulties. Kazuhiko Fujii, president of Kaneka Corp., which manufactures materials for car interiors, said the auto industry would be able to persevere through its own efforts with the 15-percent tariff, saying it was not extremely disadvantageous compared to those imposed on exports of other foreign nations. Fujii did, however, touch upon the possibility that the reciprocal tariffs could push up U.S. consumer prices. A cooling of consumer sentiment in the United States due to a decrease in disposable income there would have an effect on the global economy, including Japan, Fujii said.
Japan Today
21-07-2025
- Business
- Japan Today
Japan businesses call for stable politics after LDP's election defeat
Business leaders on Monday called for political stability to keep the Japanese economy on a sustainable growth path, after the ruling parties lost their majority in the House of Councillors following the weekend election. "We face a slew of structural issues that need to be tackled from a medium- to long-term perspective," Yoshinobu Tsutsui, head of Japan's biggest business lobby Keidanren, said, citing measures to address elevated prices, tax reforms to fund soaring social security costs and promotion of a free and open international economic order. "We strongly hope for a stable political environment," centering on the ruling coalition of the Liberal Democratic Party and its junior coalition partner Komeito, added Tsutsui of the Japan Business Federation. The upper house election defeat for the ruling parties followed their setback in last October's election for the more powerful House of Representatives, raising the specter of policy gridlock if they fail to secure cooperation from opposition forces. Takeshi Niinami, chairman of the Japan Association of Corporate Executives, called the ruling coalition's setback "a sign of growing public anxiety over the government's handling of state affairs." During the election campaign period, the LDP sought to woo voters with pledges to distribute cash handouts to ease the pain of the cost-of-living struggles, while opposition parties called for tax cuts. Niinami said the oppositions parties that made significant gains in the election should "present more concrete and feasible policies and responsibly fulfil the expectations of the public." Meanwhile, Ken Kobayashi, chairman of the Japan Chamber of Commerce and Industry, warned that the political situation will become "fluid" following the upper house election. But he noted, "We cannot expect sustainable economic growth without political stability." Regardless of any change in ruling coalition structure, it should be one that gains confidence from inside and outside the country, he said. Masanori Katayama, chairman of the Japan Automobile Manufacturers Association, expressed that the ruling and opposition parties join hands to "move various policies forward quickly toward solving difficult tasks in and outside the country." The upper house election, which is held every three years, came at a critical time for Japan as it proceeds with negotiations with the United States on tariffs, with the deadline for President Donald Trump's so-called reciprocal levies looming on Aug. 1. Among the tariff measures already implemented by Trump, a 25 percent levy on U.S.-bound cars is seen as a heavy blow to Japan's economy, in which the auto sector is a major driver of growth. © KYODO
Asahi Shimbun
29-06-2025
- Business
- Asahi Shimbun
New Keidanren chairman shows that nice guys can finish first
Yoshinobu Tsutsui in Tokyo's Chiyoda Ward on May 1 (Photo by Kotaro Ebara) Yoshinobu Tsutsui's humble beginnings and the social norms he learned during childhood helped to propel him to the top of Keidanren (Japan Business Federation), the most powerful business lobby in the country. The 71-year-old on May 29 became the first Keidanren chairman from a financial institution. Tsutsui took over as president of Nippon Life Insurance Co. in April 2011, three weeks after the Great East Japan Earthquake and tsunami disaster. He immediately set a policy of quickly paying insurance money to victims, thereby setting an overall direction for the insurance industry. 'Whatever headwind we may face, we must fulfill our corporate mission of protecting our customers and supporting people's livelihoods,' he said in an address to employees at the time. Tsutsui grew up in a plebeian neighborhood along the Hanshin Electric Railway Co. line in Kobe. He was the youngest of five brothers under a factory worker father and a full-time homemaker mother. 'I wore hand-me-downs,' Tsutsui said. 'Food was supposed to be divided equally, but it was, in fact, allocated with more weight to my older brothers.' He said there was a solemn sense of hierarchy in his family. 'I acquired this habit of studying the faces of my older brothers and carefully assessing the mood at all times,' Tsutsui said. His mother would take him to a nearby street day after day to go shopping. He would listen to the casual conversations that she exchanged with storekeepers. 'Those days nurtured my social sensibilities,' Tsutsui said. Masakazu Tokura, Tsutsui's predecessor as Keidanren chairman, also attached importance to keeping tabs on social issues, such as widening disparities and collapsing ecosystems. Tokura said he named Tsutsui as his successor based largely on his 'social' viewpoint. 'Tsutsui begins by listening to the accounts of others and respects their decisions, no matter how much younger they are,' a former subordinate of Tsutsui said. 'He is consistent in that stance.' Tsutsui also believes that 'a company embodies people.' 'It sums up the behaviors of individuals,' he said. 'People matter more than anything else. And they become big powers only through cohesion.'
