Press Conference by Minister Akazawa (Excerpt)

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

6:23-7:05 p.m.
Tuesday, October 28, 2025
Press Conference Room, METI Main Building

Opening Remarks

Visit to the Republic of Korea

From tomorrow, Wednesday, October 29, to Friday, October 31, I will visit the Republic of Korea to attend the APEC Ministerial Meeting, where the revitalization and sustainable growth of trade and investment in the Asia-Pacific region will be discussed. To strengthen the rules-based trade order, I intend to call for reform of the World Trade Organization (WTO), reinforcement of regulations in the digital field, and actions against unfair economic practices. I will also emphasize the importance of cooperation in advancing innovations in AI and digital technologies and promoting their use to achieve region-wide sustainable growth. Through such initiatives, we will implement “hybrid diplomacy,” aiming to step up initiatives to promote free trade and the rule of law in collaboration with like-minded nations, while also engaging with the United States. Taking this opportunity, I will also hold talks with several countries and regions.

Fifth Sanriku/Joban Week

We will hold the Fifth Sanriku/Joban Week project from Saturday, November 1, to Sunday, November 30, to promote the appeal of fishery products from the Sanriku/Joban region and encourage their consumption as a way to address the reputational damage related to the discharge of ALPS treated water into the sea. During this period, we will drive consumption at company cafeterias and food trucks to support local producers by utilizing the Sanriku Joban Mono Network, which has more than 1,300 member companies. The Government of Japan will also purchase bento lunch boxes at its ministries and agencies and host promotional events. This past weekend, I visited the site where ALPS treated water is safely discharged. I would also like to support the consumption drive by enjoying the delicious products and promoting them. Details will be shared by the administrative staff later.

Question-and-Answer Session

Agreement at the Japan-U.S. summit meeting; Joint Fact Sheet for Japan-U.S. Investment

Q: At today’s summit meeting, Prime Minister Takaichi Sanae and President Donald J. Trump signed a document on the Japan-U.S. tariff agreement and a document concerning rare earths. The Japan-U.S. Joint Fact Sheet on investment in the United States was also announced just now. What are your thoughts on the agreement reached by the leaders? The fact sheet shows that many Japanese companies are interested in making investments in the United States. How do you perceive this situation? In relation to the fact sheet, I would like to ask about the process by which each investment project comprising Japan’s 550-billion-dollar U.S. investment will be finalized and implemented.

A: First, in the fact sheet released during President Trump’s visit to Japan, the Government of Japan and the Government of the United States of America touch on the specific interests expressed by individual companies, while welcoming interest from companies of both countries in launching projects mainly in the energy and AI areas. Both governments express strong hope for the advancement of various business efforts that contribute to strengthening supply chains in both countries in the future, including projects applicable to the 550-billion-dollar strategic investment determined in the Memorandum of Understanding (MOU) between the two countries. I understand that the simple aggregation of the scale of business indicated in the fact sheet amounts to approximately 400 billion dollars. The MOU is posted to the Cabinet Secretariat website, which clearly indicates that the projects applicable to the 550-billion-dollar strategic investment will first be screened by the Consultation Committee and/or the Investment Committee and then selected by the U.S. President. In this respect, there has been no change whatsoever to the explanation we have been providing.

Q: I assume that documents have been signed to advance rare earths and tariff agreements. Could you tell us about this?

A: During today’s talks with President Trump, we discussed further expanding investments by Japanese companies in the United States. The leaders of Japan and the United States also confirmed their governments’ commitment to the steady implementation of the agreement, including the Japan-U.S. investment initiative. They signed a document on the framework for securing the supply of critical minerals and rare earths. This framework aims to strengthen the critical minerals supply chains for both countries by supporting mining and smelting projects. In collaboration with the United States, we intend to proceed with concrete initiatives, including the development of new supply sources of critical minerals. The semiconductor tariff was not discussed during the meeting. The leaders of both countries have signed a document to reaffirm their commitment to implementing the agreement, so even if the Government of the United States imposes tariffs on semiconductors, Japan is expected to be treated no less favorably than other countries. The Executive Order dated September 4 exclusively addressed automobile tariffs and reciprocal tariffs for Japan. Although interpretations may vary, basically, sectoral tariffs will be announced through Executive Orders for countries around the world pursuant to Section 232. When these Executive Orders are issued, I understand that Japan will receive most-favored nations treatment and receive the most favorable conditions.

Cooperation in the rare earths field

Q: I would like to ask again about critical minerals and rare earths. The Government of Japan and the Government of the United States have decided to cooperate in this field. What are the advantages and significance for Japan, and what specifically led to this decision?

A: There are quite a few areas that are critically important for economic security, with no particular restrictions. Typical areas include semiconductors, pharmaceuticals, steel, automobiles, aircraft, ships, and quantum technologies, with critical minerals being included as one of these. When a country decides to decrease exports or production in one of these areas, companies in Japan and the United States will face disruptions in production. Such risks undermine predictability in their businesses, and they must somehow overcome the challenge. In this sense, the vital role of the Japan-U.S. investment initiative is to address these risks by establishing basic supply chains, among other measures. In the case of rare earths, certain countries, in fact, secure a significant global share at every stage of the entire production process—from mineral production, smelting, and refining, to the manufacturing of processed products and ultimately end products. We share the desire to minimize the influence of such countries, which is the backdrop to our decision to cooperate.

President Trump’s reaction to Japan’s U.S. investment and challenges ahead

Q: Regarding Japan’s investment in the United States, you mentioned interest from various Japanese companies. Did President Trump seem satisfied with the initiative? Also, what challenges do you anticipate ahead?

A: I would like to refrain from commenting on President Trump’s statements, as they involve diplomatic matters. The investment initiative is a new effort. The Government of the United States aggressively imposed hefty tariffs on over 200 countries, expecting them to lower their tariffs meekly in response. However, Japan countered this by refusing to reduce its tariffs while asking the United States to eliminate its tariffs. I mentioned earlier that this was as difficult as threading a needle, but in addition, Japan proposed the investment initiative, which the U.S. side acknowledged as meaningful. In U.S. Secretary of Commerce Howard Lutnick’s words, Japan is a “great partner,” and he described its approach as a “game changer.” Mr. Scott Bessent, U.S. Secretary of the Treasury, also said that the Japanese investment initiative has become a model for agreements between the United States and the European Union (EU) and between the United States and the Republic of Korea. As such, our action is so original that we cannot make predictions based on experience, which is why Japan and the United States have agreed to join forces. President Trump has a strong sense of urgency about the decline of the manufacturing industry in the United States and about the great suffering of overlooked individuals. He wants to improve the situation, especially in areas that are critical to economic security. Japan and the United States intend to accomplish this new challenge as special partners, working with firm determination to achieve results. This will not be easy. Various difficulties lie ahead. We cannot build alternative supply chains instantly in diverse areas, but we will work together to overcome such issues.

Alaska LNG project

Q: Regarding the stable energy supply you just mentioned, were there any discussions about the Alaska LNG project during the Japan-U.S. talks?

A: Yes. In our view, having highly competitive LNG supplied from Alaska which is relatively close to Japan helps diversify supply sources. We will monitor the progress of specific discussions about the project’s implementation structure with U.S. companies, while also continuing to discuss economic feasibility and the production timing, and take appropriate measures in consideration of the circumstances. With relevant members of the Government of Japan and the private sector, we will continue close talks with the U.S. side to ensure that the project benefits both Japan and the United States. Given the diplomatic nature of today’s interaction, I would like to refrain from detailed comments.