Press Conference by Minister Muto (Excerpt)

*Note: This is a provisional translation for reference purposes only.

8:42 to 8:46 a.m.
Tuesday, February 4, 2025
In front of the Cabinet Room, 2nd floor, National Diet Building

Opening Remarks

None

Question-and-Answer Session

President Trump’s policy of strengthening tariffs

Q: I would like to ask you about Mr. Trump's tariff policy. Concerning the additional tariffs against Mexico and Canada that he intended to put into effect on February 4, President Trump announced earlier that he will pause the tariff imposition against these countries for one month. He also showed his intention to hold discussions with China, too, on the additional tariffs against the country, which the U.S. is scheduled to impose. Please tell me about your reaction to this series of actions.

A: I recognize that the U.S. held discussions with Mexico and Canada earlier and that it decided to pause the tariff measures against these countries. If we learn that the U.S. decides to actually impose the tariff measures, while paying close attention to the situation of discussions between the U.S. and the relevant countries, we will carefully examine the impact of the measures on Japanese companies and strive to take appropriate measures.

On February 2, METI opened the Consultation Desk on U.S. Tariff Measures for Japanese Companies at JETRO. We will continue to work closely with JETRO, which has a network of offices in relevant countries and throughout Japan, to provide careful and meticulous support to Japanese companies, including SMEs.

Buyout offer for Seven & i Holdings

Q: I would like to ask you about the buyout offer for Seven & i Holdings Co., Ltd. proposed by a major convenience store chain in Canada.

Concerning this issue, last week, Mr. Kiuchi, Minister in charge of Economic Security, pointed out at the meeting of the Budget Committee of the House of Representatives that the leakage of customer information held by the distribution and retail industries could pose a risk to economic security. Could you offer your views on what measures METI should take to address this proposed acquisition, including the viewpoint from the Foreign Exchange and Foreign Trade Act?

A: I recognize that convenience stores play an important role as social infrastructure supporting regional distribution and working as bases in the event of disasters or contact counters for administrative services. We are also paying close attention to the development of the proposed acquisition from the perspective of its impact on these social infrastructure functions that they serve. METI will continue to work closely with the relevant ministries and agencies.

Generally speaking, if we receive a prior notification of an inward direct investment from an overseas company, we will appropriately address it based on the Foreign Exchange and Foreign Trade Act.

New company for generative AI to be established by SoftBank Group and OpenAI

Q: Yesterday, SoftBank Group and OpenAI, a U.S. company, announced that they agreed to establish a new generative AI company in Japan. They are calling for the participation of large companies, and Chairman Son stated that this initiative is an extension of the Stargate Project, to which he came to agreement with U.S. President Trump, or words to that effect. Could you comment on how METI sees this issue and also on your thoughts about support and cooperation, if any?

A: Generative AI also works as an engine of economic growth. I welcome the further vitalization of related investment in Japan. I strongly expect that the cutting-edge AI to be developed and provided by the company that will be established will make a significant contribution to the sophistication of AI in Japan.

METI will strive to encourage strategic investment in the field of generative AI while making use of certain frameworks based on AI and the semiconductor industry.