Press Conference by Minister Muto (Excerpt)

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

9:22 to 9:33 a.m.
Friday, June 13, 2025
Press Conference Room, METI Main Building

Opening Remarks

Enforcement of the amended Shoko Chukin Bank Limited Act

The amended Shoko Chukin Bank Limited Act will be enforced today. The Shoko Chukin Bank, Ltd. will make a fresh start as a financial institution operated by small and medium-sized enterprises (SMEs) for SMEs in the genuine sense. Based on the amended Act, the Government of Japan will examine the business status of the Shoko Chukin Bank within two years of enforcement of the amendment. To this end, the government will launch a Study Group for Examining the Status of the Shoko Chukin Bank Reform in July 2025 to verify and assess the status of business model establishment and governance. The Ministry of Economy, Trade and Industry (METI) will conduct necessary supervision to ensure that the Shoko Chukin Bank fulfills its role of supporting SMEs in accordance with the purpose of the reform.

Question-and-Answer Session

Japan-U.S. tariff negotiation

Q: Mr. Akazawa Ryosei, Minister in Charge of Economic Revitalization, is visiting the United States for the sixth round of Japan-U.S. tariff negotiations, while the G7 summit—an expected milestone for reaching a certain level of bilateral agreement—is also approaching. Minister Akazawa said that there was no clear path in sight toward an agreement. How do you perceive the current status of the Japan-U.S. negotiations that are about to reach a critical phase? Do you think that some kind of an agreement can be reached at the Japan-U.S. summit talks coinciding with the G7 summit, or during this visit to the United States by Minister Akazawa? Please share your understanding.

A: Minister Akazawa will be visiting the United States from today for his sixth round of talks with the United States’ side. I understand that nothing has been decided yet on the Japan-U.S. summit talks.

I would like to refrain from speculating about the prospects for an agreement, but I have an expectation that further progress will be made in Minister Akazawa’s Japan-U.S. talks toward an agreement that benefits both sides.

Q: Mr. Scott Bessent, U.S. Secretary of the Treasury, has referred to a possible extension of the temporary suspension of reciprocal tariffs, which is set to expire early next month, although the final decision will be made by U.S. President Donald Trump. How do you perceive his remarks, and what impact do you think they will have on the Japan-U.S. negotiations?

A: I am aware of Mr. Bessent’s remarks that you mentioned. Once again, I would like to refrain from making any speculative comments about his remarks or their impact on the Japan-U.S. talks going forward. Both sides are, at any rate, on the same page with regard to their intention to aim for the conclusion of an agreement and its announcement by both leaders at the earliest possible timing. The Government of Japan’s policy remains unchanged: to devote its full, concerted efforts to the tariff negotiations as its top priority so that an agreement that benefits both sides can be reached.

Nippon Steel’s plan to acquire U.S. Steel

Q: Regarding Nippon Steel’s plan to acquire U.S. Steel, President Trump talked about the Government of the United States holding a “golden share” in U.S. Steel and the Americans holding a 51% ownership interest in the U.S. steelmaker. These remarks may have a significant impact on Nippon Steel’s plan to complete a full acquisition. How do you perceive his comments?

A: As I said before, I am aware of the President’s remarks. However, once again, I would like to refrain from making any comments, as the matter concerns the business management of individual companies, and no official announcement has been made. I would like to wait for an official announcement by the Government of the United States. I understand that relevant stakeholders in the private sector are examining and coordinating the specific investment plan, and the Government of Japan intends to facilitate communication among stakeholders as necessary.

U.S. President Trump’s remarks about raising automobile tariffs

Q: Once again regarding the Japan-U.S. tariff negotiations, news reports said that President Trump told reporters at the White House about the possibility of raising tariffs on automobiles in the near future. Japan is negotiating to eliminate tariffs, and his remarks may affect the Japan-U.S. negotiations. Please share your views on his comment.

A: I am aware of President Trump’s remarks that you mentioned, but I must refrain from making speculative comments on his remarks or their impact on the Japan-U.S. negotiations. As I said earlier, the Government of Japan is strongly urging the Government of the United States to reconsider its series of tariff measures, and will continue to do so going forward.

Procurement of U.S.-produced LNG by JERA

Q: JERA Co., Inc., a power generation company, announced yesterday in the United States that it will procure up to 5.5 million tonnes per year of liquefied natural gas (LNG) produced in the United States over the next 20 years. JERA says that it had already been in discussions to conclude agreements with U.S. companies before the Japan-U.S. negotiations started, and therefore these arrangements have no direct association with the bilateral talks. However, given the U.S. side’s ongoing request during the bilateral negotiations to reduce U.S. trade deficits, will the agreements affect the Japan-U.S. talks? What are your thoughts?

A: I am aware that JERA has concluded contracts and heads of agreement with U.S. suppliers to procure approximately five million tonnes per year of LNG from the United States. I will refrain from commenting on contracts concluded by individual companies, but generally speaking, long-term LNG procurement contracts stabilize both supply and prices for consumers. I therefore recognize that the agreements will help Japan secure a stable supply of energy. I will refrain from making speculative comments on their impact on the Japan-U.S. talks.

Honda’s investment in Rapidus

Q: There have been news reports that Honda Motor Co., Ltd. has decided to invest in Rapidus Corporation. Does METI keep track of such information and activity? Rapidus is aiming to secure an investment of 100 billion yen from the private sector by the end of this fiscal year. How does METI perceive this in terms of the progress in their plan?

A: I am aware of the news reports. As the reports are not based on an official announcement by Rapidus, I will refrain from making any comments. That said, I would like to add that the amended Act on Facilitation of Information Processing will allow Rapidus to draw on the financial support from the Government of Japan when receiving investments from investors selected through the public solicitation process. In addition, METI also supports design and development of semiconductors to help expand demand for leading-edge semiconductors. Through such measures, METI will support Rapidus in its fundraising and customer acquisition efforts.

Israel’s attack against Iran

Q: U.S. media have reported that the State of Israel carried out attacks against the Islamic Republic of Iran, which is a piece of breaking news I’ve just received. I believe tensions have persisted in the Middle East. Please share any points of concern, including how the situation will affect Japan’s energy security and other aspects.

A: The Middle East is a key region in terms of sustaining the world’s energy supplies, although there have been numerous problems involving gasoline in the region. We consider that the de-escalation of tensions and stabilization of situations in the region are of paramount importance for the national interests of Japan. Although I do not recognize any negative impact on Japan’s stable energy supplies at this point, we will keep a close watch on the situation with a high level of vigilance.