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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. Japanese Yen FAQs The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013…

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Filed under: News - @ June 20, 2025 6:25 am