Japan’s Akazawa: We won’t fixate on July 9 in US trade talks
Japan's top trade negotiator Ryosei Akazawa said on Friday that Japan will not fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, per Bloomberg. Akazawa added that trade negotiations with the US "remained in a fog" despite efforts by both sides to seek the deal.
Key quotes
To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the US.
It is also possible that the US side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-US negotiations.
This is truly the case for both sides. We are not solely doing the tariff negotiations.
Both Japan and the US have national interests that can’t be compromised.
Protecting the profits of the automotive industry, which is our key industry, is in Japan’s interest.
We're looking for the possibility of a deal in ministerial-level negotiations. But the outlook remains in a fog.
Market reaction
At the time of writing, the USD/JPY pair is trading 0.09% lower on the day to trade at 145.30.
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