Japan negotiator rules out currency as topic in U.S. tariff talks
Japan’s minister in charge of tariff negotiations with the United States on Monday ruled out taking up currency issues, saying they should be discussed by the nations’ finance chiefs.
Economic revitalization minister Ryosei Akazawa made the remark in parliament after his counterpart in the talks, U.S. Treasury Secretary Scott Bessent, said on social media he is looking forward to a productive engagement on tariffs, nontariff barriers, currency issues and government subsidies.
“Currency issues should continue to be closely discussed by Finance Minister (Katsunobu) Kato and (Treasury) Secretary Bessent,” Akazawa told a session of the Budget Committee of the House of Representatives.
Economic revitalization minister Ryosei Akazawa (standing) speaks in parliament in Tokyo on April 14, 2025. (Kyodo)
Akazawa, who is expected to travel to the United States this week for bilateral tariff talks, said the point was made clear when Prime Minister Shigeru Ishiba met with Bessent in February during his visit to the United States for a summit with President Donald Trump.
“I will devote myself (in the negotiations) to prioritizing what is most appropriate and effective for Japan’s interests,” he said.
Ishiba tasked Akazawa with leading the tariff negotiations to produce “the best results” for Japan, after agreeing with Trump over the phone to launch ministerial talks.
While part of the 24 percent “reciprocal” tariff that Trump imposed on Japanese goods has been put on hold for 90 days, a baseline 10 percent duty remains in place, in addition to levies on cars, steel and aluminum.
Yoshihiko Noda, leader of the main opposition Constitutional Democratic Party of Japan, warned during the committee session that the United States may push for a weak dollar under Trump and aim for an agreement akin to the Plaza Accord in 1985, when major economies including Japan agreed to help depreciate the U.S. currency.
“There is no doubt that the United States will use (currency issues) as a bargaining chip in the forthcoming negotiations,” said Noda, who served as Japan’s prime minister between 2011 and 2012.
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