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Japanese Prime Minister Ishiba Shigeru is set to nominate Economy Minister Akazawa Ryosei as the lead negotiator for trade talks with the U.S., following a recent agreement with President Trump to discuss tariffs. Akazawa expressed uncertainty about the nomination, while U.S. Treasury Secretary Scott Bessent's involvement has raised concerns about potential pressure on Japan to weaken the yen to facilitate U.S. exports. The Bank of Japan's interest rate policies may also be influenced by these developments as they aim to achieve a stable inflation target.
Japanese Prime Minister Ishiba Shigeru announced plans to urge U.S. President Donald Trump to reduce tariffs on Japanese goods, acknowledging that results will not be immediate. He expressed disappointment over the tariffs, which could reduce Japan's economic growth by up to 0.8%, and emphasized the need for measures to support domestic firms and protect jobs. Ishiba is open to visiting the U.S. for discussions, provided Japan prepares a comprehensive proposal.
Japan’s Finance Minister Kato Katsunobu announced that the country has aligned its views on foreign exchange rates with the United States. He emphasized that both nations agree exchange rates should be market-determined and that excessive fluctuations can negatively impact economic and financial stability.
US President Donald Trump warned Japan and China against further devaluing their currencies, stating it unfairly disadvantages American manufacturers. His comments led to a rise in the yen and a drop in Japan's stock market, while Japanese officials denied pursuing a currency devaluation policy. The situation complicates the Bank of Japan's potential interest rate hikes amid ongoing economic recovery efforts.
The Japanese yen may strengthen as the Bank of Japan is expected to adopt a hawkish tone amid rising wage growth and persistent inflation above 2%. With USD/JPY stabilizing near 158, a bearish reversal could occur if it exits an "ascending wedge," targeting a drop to 150. Japanese authorities are keen to prevent further yen depreciation, adding to market dynamics.
Global stocks showed mixed results as Wall Street rebounded from holiday lows. Japan's Nikkei 225 fell 1.5% amid concerns over U.S. investment policies, while South Korea's Kospi surged 1.9% driven by gains in tech stocks. The S&P 500 and Dow Jones saw modest increases, reflecting ongoing economic resilience despite high interest rates.
Asian stocks showed mixed results as Tokyo and China markets declined following Wall Street's recovery from holiday lows. Japan's finance minister emphasized economic growth through wage increases, while concerns lingered over potential trade policy changes under President-elect Trump. Despite a report of growth in China's services sector, markets reacted cautiously, with the Nikkei 225 down 1.6% and the Hang Seng and Shanghai Composite both slipping 0.5%. In contrast, South Korea's Kospi rose 1.8%, buoyed by gains in major tech stocks.
Katsunobu Katō
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