Press Conference by Minister Muto (Excerpt)

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

8:35 to 8:41 a.m.
Tuesday, March 4, 2025
In front of the Cabinet Room, 2nd floor, National Diet Building

Opening Remarks

Bill for the Act on the Procedures for Coordinating Businesses’ Debts to Financial Institutions for their Smooth Business Restructuring

Today, a Cabinet Decision was made on the bill commonly known as the “Bill for the Act on Prompt Business Restructuring.” The bill aims to develop a new system for helping businesses that are at risk of falling into financial difficulty to promptly undertake business restructuring in order to avoid reduction of their business value and the loss of their technology and human resources.

Specifically, the bill stipulates procedures that allow such businesses to undertake actions related to their financial debts if they obtain majority agreement of obligees and approval from the court. Please make inquiries with the administrative staff for details of the bill.

Question-and-Answer Session

U.S. reciprocal tariffs

Q: I would like to ask you about the U.S. tariff policy. The U.S. Treasury Secretary stated that the U.S. intends to release an outline of its reciprocal tariffs on April 2. He also suggested that these tariffs may be removed depending on the response of partner countries. Could you comment on the responses of the Government of Japan to this action?

A: I am aware of the statements you highlighted. Regarding the reciprocal tariffs, the government has been advancing communication with the U.S. On February 15, Foreign Minister Iwaya conveyed to Secretary of State Rubio that Japan should not be subject to the tariffs.

Based on this, if I receive approval from the Diet, I will visit the U.S. as early as possible and hold discussions with the country to develop a win-win relationship between Japan and the U.S. in a manner that serves both of our national interests. To this end, we are currently making the necessary arrangements.

U.S. additional tariffs against Canada, Mexico, and China

Q: Regarding the previous question, the U.S. is scheduled to announce today, March 4, that it will impose additional tariffs against Mexico and Canada. As for China, the U.S. will impose an additional 10% tariff, I wonder how the consultation desk provided at JETRO is working to address the impact of such tariffs on Japanese companies, which you mentioned before. Could you comment again on the impact of these measures on Japanese companies and how the government will specifically respond to them?

A: Regarding the tariffs against Canada and Mexico, I would like to refrain from making any comments based on assumptions at this point. In any case, as I mentioned earlier, we will respond appropriately to this to develop the national interests of both Japan and the U.S. in a win-win manner.

Regarding the JETRO consultation desk that you mentioned, since its establishment last month, we have received around 200 inquiries from companies, including inquiries about whether their products are subject to the tariff measures and confirmation about the applicable tariff rates to their products.

We will continue to work closely with JETRO, which has a network of offices in relevant countries and throughout Japan, to provide meticulous support to Japanese companies, including SMEs, based on the needs of individual companies.

Japan-UK economic 2+2 meeting

Q: I found information that the Japan-UK economic 2+2 meeting will be held on March 7 this week. I suppose that international trade and commerce, including Mr. Trump’s tariffs just mentioned now, are attracting much attention. Could you provide a renewed explanation of the significance and purpose of holding this meeting at this time?

A: No schedule has been decided yet at this point for a Japan-UK economic 2+2 meeting.

I recognize that this meeting aims to enrich close economic collaboration with the UK, an important partner that we share fundamental values with, while discussing a wide variety of issues that Japan and the UK face. Moreover, I also recognize that the meeting is an opportunity to discuss a wide variety of economic issues, instead of focusing exclusively on issues related to one country.