Thread: A new PM for Japan

A bit long winded and irrelevant unless your a jap

Japan-U.S.-ROK Summit Meeting (Summary)

On November 15th, commencing around 2:45 p.m. (local time, on November 16th, 4:45 a.m. Japan time), for approximately 40 minutes, H.E. ISHIBA Shigeru, Prime Minister of Japan, visiting Lima for the APEC Leaders' Meetings, held a Japan-U.S.-Republic of Korea (ROK) Summit Meeting with the Honorable Joseph R. Biden, Jr., President of the United States of America and H.E. YOON Suk Yeol, President of the ROK. The overview of the meeting is as follows.

　After the meeting, the Japan-U.S.-ROK Joint Leaders’ Statement was released.

1. At the outset, the three leaders confirmed that, given the security environment surrounding their countries is becoming increasingly severe, strategic collaboration among Japan, the U.S. and the ROK has become more important than ever in effectively responding to the complex international challenges, and that trilateral cooperation has been expanding globally across a wide range of fields. On this basis, the three leaders concurred to establish the Trilateral Coordinating Secretariat and to continue working closely together including through this Secretariat in various fields such as policies toward North Korea.

2. The three leaders shared serious concerns about the advancement of North Korea’s nuclear and missile activities and of the military cooperation between Russia and North Korea including the deployment of North Korea’s troops to Russia, and reaffirmed that they would continue to work closely together. Prime Minister Ishiba also expressed his appreciation for continued support from President Biden and President Yoon on the abductions issue.

3. The three leaders also exchanged views on regional issues including unilateral attempts to change the status quo by force and concurred that they would continue trilateral collaboration among Japan, the U.S., and the ROK.

S Korea, US, Japan unveil secretariat establishment, slam N Korea-Russia on Ukraine war expansion

The leaders of South Korea, the US and Japan announced the establishment of a secretariat for trilateral cooperation and condemned North Korea and Russia’s decision to “dangerously expand” Moscow’s war in Ukraine as they met on the margins of a multilateral summit in Peru.

South Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Shigeru Ishiba issued a joint statement after they held a trilateral meeting in Lima on the margins of the Asia-Pacific Economic Cooperation (APEC) summit, Yonhap news agency reported.

During the last such gathering before Biden leaves office in January, the leaders reaffirmed their commitment to the trilateral partnership, which remains critical to countering regional security threats and fostering stability in the Indo-Pacific.

“Today, we announce the establishment of the Trilateral Secretariat responsible for coordinating and implementing our shared commitments,” the three leaders said in a joint statement.

“This new secretariat will seek to ensure that the work we do together further aligns our objectives and actions to make the Indo-Pacific a thriving, connected, resilient, stable, and secure region,” they added.

Touching on the envisioned launch of the secretariat, the leaders stressed the three countries’ partnership as one that is “built to last.”

The three leaders also used the meeting to decry the North’s troop dispatch to support Russia’s war against Ukraine.

Seoul and Washington have confirmed that North Korean troops, deployed to Russia’s western front-line Kursk region, have begun engaging in combat operations against Ukrainian forces.

S Korea, US, Japan unveil secretariat establishment, slam N Korea-Russia on Ukraine war expansion

PM meeting with Prime Minister Ishiba of Japan: 18 November 2024 - GOV.UK

The Prime Minister met the Prime Minister of Japan Shigeru Ishiba at the G20 Summit in Brazil today.

The two leaders were pleased to meet in person for the first time and agreed they both shared high ambition for the UK-Japan relationship across a wide range of areas – including trade and investment, climate and security.

They agreed to launch today a new Japan-UK Foreign and Trade Ministers’ meeting, known as the Economic 2+2. This will further advance the UK and Japan’s bilateral cooperation on international trade, economy, and geopolitical issues that are vital to growth and prosperity in both of our countries.

Moving on, they agreed the security of the Euro-Atlantic and the Indo-Pacific is indivisible at a time of increased global volatility. The Prime Minister then reiterated his commitment to the partnership between the UK, Italy and Japan on the Global Combat Air Programme, which will be crucial for keeping our people safe and secure for generations to come.

Both agreed that now was the time to double down on support for Ukraine, noting Putin’s increasing desperation highlighted in recent weeks by his decision to deploy North Korean troops in his illegal invasion.

They looked forward to deepening their partnership further and speaking again soon.

Ishiba Seeks to Strengthen Free Trade Environment

Japanese Prime Minister Shigeru Ishiba on Friday sought to strengthen a free and fair trade and investment environment to ensure the stability and growth of the Asia-Pacific region.

It is important for the region to maintain and strengthen a rules-based, free, open, fair and transparent trade and investment environment, Ishiba said at a summit of the Asia-Pacific Economic Cooperation forum in Lima, Peru.

Ishiba also called for promoting high-quality infrastructure investment.

Japan, as a country that has experienced many disasters, will help the region overcome vulnerability to disasters, he said.

He also stressed the need for women's participation in decision-making in all public and private organizations.

Prime Minister Ishiba’s Meeting with People of Nikkei and Japanese Residents in Rio de Janeiro (Summary)

On November 19, from 9:43 a.m. (local time; 9:43 p.m. on November 19, JST), for approximately 20 minutes, Mr. ISHIBA Shigeru, Prime Minister of Japan, who is visiting Rio de Janeiro, Brazil to attend the G20 Rio de Janeiro Summit, had a meeting with people of Nikkei (Japanese immigrants and descendants) and Japanese residents in Rio de Janeiro.

1. Prime Minister Ishiba stated that Brazil has the largest Nikkei community in the world and that he was proud that the Nikkei community in Brazil have overcome great difficulties and established themselves as an important member of Brazilian society. He also stated that the Nikkei community in Rio de Janeiro is engaged in activities such as Japanese culture events and judo education for children in deprived areas, and that the Japanese government will continue to cooperate with Nikkei communities.

2. Mr. Fukasawa, President of the Cultural and Sports Association of Japanese-Brazilians in Rio de Janeiro State, welcomed Prime Minister Ishiba's visit, saying that the Nikkei community in Brazil would continue to contribute to strengthening friendly and cooperative relations between Brazil and Japan. Mr. Nishimori, President of the Brazil-Japan Parliamentary League, expressed his desire to continue to work for closer relations between the two countries as a Nikkei member of the Brazilian Congress.

Prime Minister Ishiba’s Meeting with People of Nikkei and Japanese Residents in Rio de Janeiro (Summary) (Diplomatic Relations) | Prime Minister's Office of Japan

Japan Ruling Camp, DPFP Reach Agreement on Economic Package

Japan's ruling coalition and the opposition Democratic Party for the People on Wednesday reached an agreement on the government's planned comprehensive economic package.

The ruling Liberal Democratic Party, and its junior coalition partner, Komeito, agreed to clearly state that the minimum annual taxable income will be raised from the current 1.03 million yen as part of annual tax system reform for fiscal 2025.

On the gasoline tax, the policy chiefs agreed to clearly state that the abolition of its temporary rate will be discussed as part of a broader review of automobile-related taxes.

The government aims to adopt the economic package on Friday and enact a supplementary budget to finance it at an extraordinary parliamentary session to be convened on Nov. 28.

The policy chiefs agreed to make efforts to ensure the passage of the extra budget by the end of this year.

Japan Ruling Camp, DPFP Reach Agreement on Economic Package | Nippon.com

_________

Japan set to approve $87 bln economic stimulus this week

Japan's ruling coalition on Wednesday agreed with a key opposition party on the draft of an economic stimulus package, clearing a major hurdle for the $87 billion package designed to help cushion the blow to households from rising prices.

The agreement among the Liberal Democratic Party (LDP), its ruling coalition partner Komeito and the Democratic Party for the People (DPP) meant the package is now likely to be approved by the cabinet of Japanese Prime Minister Shigeru Ishiba on Friday.

The coalition camp now needs DDP's cooperation after the Oct. 27 election left the LDP and Komeito leading a fragile minority.

The LDP and Komeito agreed to reflect some of DPP's key policy initiatives, including raising the basic tax-free income allowance and lowering the gasoline tax, as "top priorities" in the package, a DPP executive said at a news conference.

The stimulus package will also provide 30,000 yen ($193) to low-income households that are exempt from residential taxes and 20,000 yen per child for households with families, sources familiar with the matter have told Reuters.

The parliament will start discussions next month on a supplementary budget to fund the package, which is reportedly worth about 13.5 trillion yen ($87 billion).

reuters.com

Japan PM vows to include tax cuts for crypto in stimulus package

Japan Prime Minister Shigeru Ishiba promises to include discussions of tax cut proposals from the opposition party in his economic stimulus package, involving tax cuts for gasoline and crypto assets.

According to a Bloomberg report published on Nov. 20, Ishiba received the green light for his economic stimulus package after vowing to include annual tax reform proposals from the opposition party, the Democratic Party for the People.

The main parties also agreed to raise the budget to fund the stimulus package by the end of December. The economic stimulus package is scheduled to come out this week.

Makoto Hamaguchi, a senior official in Japan’s DPP, said his party’s proposal includes an annual tax reform for the next fiscal year which would include raising tax-free income from 1.03 million yen ($6,650) to 1.78 million yen ($11,435) and to carry out several tax cuts.

The DPP is asking the ruling party to consider cutting sales tax rates to 5% temporarily until wages increase by 2%. The party is also proposing tax cuts for companies that raise salaries, investment in developing industries such as semi-conductors and artificial intelligence, and profits gained from crypto assets.

“That’s progress for us. We have no intention to waver on our goal to raise it to 1.78 million yen,” said Hamaguchi, adding that Japan’s tax-free income bar has not moved in the past 30 years. His party is determined to change that.

Hamaguchi stated that the DPP aims to finish these tax reform discussions by the end of this year.

In their policy statement, the DPP proposed taxing crypto gains by 20%, a move that would place virtual assets on the same level as taxes on profits accumulated from the stock market. Under current Japanese regulations, crypto falls under “miscellaneous income” which means Japan’s crypto tax could reach up to 55% depending on personal income.

Meanwhile, profits earned from stock trading receive a maximum tax rate of 20% under Japanese law.

A minor opposition party in Japan, the DPP generated enough votes from the nation’s election in October to hold influence in the current chamber. So far, the party has maintained a strong hold on debating against the ruling party on proposed policies on a case-by-case basis, acting as a power balance to the incumbent whilst pushing their own policy proposals forward.

One of the main points within the DPP’s policy statement pre-election was “supporting token economy using crypto assets.” The party vowed to utilize non-fungible tokens as well as cryptocurrency to boost Japan’s economy if it gets elected.

On the other hand, support for crypto and blockchain technology can also be found within the ruling party’s figureheads.

After his win on Oct. 1, President of the Liberal Democratic Party Shigeru Ishiba’s policy document indicated that he wants to use blockchain technology and NFTs to boost Japan’s economy.

Masaaki Taira, the current chief of LDP’s Web3 task force and Minister of Digital Affairs proposed to apply Japanese intellectual property laws to NFTs. He is also in favor of boosting crypto startups by reforming Japan’s tax system.

Japan PM vows to include tax cuts for crypto in stimulus package

Japan growth slows as new PM readies stimulus

Japan's growth slowed in the third quarter, official data showed Friday, as Prime Minister Shigeru Ishiba seeks to jumpstart the world's fourth-largest economy.

One of the fiercest typhoons to hit Japan in decades and a government "megaquake" warning weighed on factory production and other economic activity this summer.

That dragged on gross domestic product (GDP) and the country saw growth of 0.2 percent between July and September, according to a preliminary reading by the Cabinet Office.

The data met market expectations, but marked a slowdown from a revised 0.5 percent in the previous three months.

Compared with the same period a year earlier GDP grew 0.9 percent, much slower than the downwardly revised 2.2 percent in April-June.

The government is expecting a "gradual recovery" of the economy -- beset for decades by stagnation and harmful deflation -- chief cabinet secretary Yoshimasa Hayashi said on Friday.

"Our country is at an important crossroads as it's about to transition into a growth-based economy driven by wage hikes and investment," he told a regular briefing.

"To realise that, we will implement all possible economic and fiscal policies, including a package currently under consideration."

Ishiba kept his job in a parliamentary vote on Monday, despite last month leading the ruling coalition to its worst general election result in 15 years.

The 67-year-old has unveiled plans for the government to support the AI and semiconductor sectors with more than 10 trillion yen ($64 billion) by 2030.

He also hopes to win over opposition parties this month to pass a draft supplementary budget for a new stimulus package -- reportedly to include cash handouts for low-income households and families.

Higher spending on cars, as production resumed after disruption related to a domestic testing scandal, helped boost output during the quarter, analysts said.

Wage hikes and temporary income tax cuts were also positive factors.

But this was tempered by Typhoon Shanshan and the "megaquake" alert -- issued after a magnitude 7.1 jolt to ready people for the risk of an even bigger quake that ultimately did not occur.

Factory production was also hit when Shanshan descended in late August, forcing the cancellation of trains and flights.

Earlier the same month, "tourism demand was weighed down" by the megaquake alert, issued by the weather agency for the first time under a new warning system.

This prompted consumers to stock up on emergency supplies, leading to shortages of rice in supermarkets, while thousands cancelled holidays during the week-long advisory.

"The economy lost momentum in the third quarter and we think that GDP growth will remain around trend over the coming quarters," Marcel Thieliant, head of Asia-Pacific at Capital Economics, said in a note on Friday.

However, the Bank of Japan "will be encouraged by the strength in consumer spending and we still expect it to press ahead with another rate hike at its meeting next month", he predicted.

LDP decides to say goodbye to ‘mystery-use’ policy funds

The Liberal Democratic Party decided on Nov. 19 to abolish “policy activity expenses,” the highly criticized funds distributed by political parties to individual lawmakers with no obligation to disclose how they are spent.

The decision will be included in a proposal currently being reviewed by the LDP’s political reform headquarters. The ruling party will finalize the proposal by Nov. 21.

Following discussions with junior coalition partner Komeito and opposition parties, the LDP aims to revise the Political Fund Control Law by the end of the year.

Policy activity expenses are said to be used to expand the party’s influence and to develop policy. But no one really knows how the funds are spent except for the recipient lawmakers.

The absence of any requirement to disclose the use of the funds came under the spotlight amid public outrage over reports that LDP factions and their members had failed to properly report huge amounts of money accumulated from fund-raising parties.

In response, the government revised the Political Fund Control Law in June. A supplement to the revised law called for releasing receipts over how policy activity expenses were used 10 years after they are spent.

However, the supplement only stated that details, such as the timing of implementation, would be “considered at an early date.”

After the LDP’s loss of seats in the Lower Hose election in October, Prime Minister Shigeru Ishiba instructed the party to discuss the possible abolition of policy activity expenses.

By Oct. 15, the LDP’s draft proposal for the law revision included options for both abolishing and maintaining policy activity expenses. But subsequent discussions led to the decision to abolish them to prevent their distribution to individual lawmakers.

The proposal was confirmed during a meeting of senior members of the LDP’s political reform headquarters on Nov. 19.

Under the LDP’s plan, expenditures involving diplomatic secrets or matters affecting the privacy of recipients will not be fully disclosed. Instead, these expenses will be audited by third parties.

LDP decides to say goodbye to ‘mystery-use’ policy funds | The Asahi Shimbun: Breaking News, Japan News and Analysis

Japanese PM Ishiba urges respect for international law, reforms to UN in G20 address

Prime Minister Shigeru Ishiba emphasized the importance of respecting international law in his address and called for reforms to the U.N. at a summit of the Group of 20 countries held in Rio de Janeiro on Monday afternoon.

“The world is at a historical turning point. In order to have a cooperative international community, it is vital to maintain and strengthen a free and open international order based on the rule of law,” Ishiba said.

Ishiba also voiced concern about Russia’s aggression in Ukraine and military cooperation between Moscow and Pyongyang. Ishiba asserted that Russia’s aggression was “in clear defiance of [international] order.”

Concerning the situation in the Gaza Strip, Ishiba called once again for a ceasefire and the immediate release of hostages. He also said that all involved parties should restrain themselves and comply with international laws, including humanitarian laws.

With these issues in mind, Ishiba pointed out, “The U.N. Security Council has not been able to handle the many issues that have come with the current situations.”

Ishiba called for an increase in the number of both permanent and non-permanent member countries on the council. “Japan will contribute to strengthening the functions of the United Nations,” he said.

Japan Govt Adopts Economic Package; Including Plans to Raise ¥1.03 Million Threshold

he Japanese government on Friday adopted an economic package focusing on benefits for low-income households, subsidies for utility bills and aid for the disaster-hit Noto Peninsula in central Japan.

The economic package also includes assistance for cutting-edge industries and plans to raise the minimum annual taxable income from ¥1.03 million in order to increase take-home pay.

The government will assemble a fiscal 2024 supplementary budget to finance the economic package, earmarking around ¥13.9 trillion in general-account spending. Including related spending by the private sector, the economic package is worth around 39 trillion.

The package comprises three pillars—overcoming inflation, securing citizens’ safety and security, and promoting growth in the Japanese and regional economies.

For the latest package, the amount of general-account spending and its total size both exceed those in last year’s package.

Total fiscal spending, including under special government accounts, is expected to reach about ¥21.9 trillion .

Among measures to tackle inflation, the government will offer subsidies for household electricity and city gas bills in January-March 2025. It will pay ¥2.5 per kilowatt-hour of electricity and ¥10 per cubic meter of city gas in January and February before reducing the amounts in March. It will keep its gasoline subsidies in place beyond the end of this year, albeit on a smaller scale.

The government will give ¥30,000 each to low-income households exempted from residential tax payments, with an additional ¥20,000 for each child.

The package also includes support for the reconstruction of the Noto Peninsula, which was hit by a massive earthquake and torrential rains this year.

Under the package, the government will promote the stockpiling of makeshift beds and the introduction of air conditioning equipment at school gymnasiums that can be used as disaster evacuation centers.

The government will provide ¥10 trillion or more in aid by fiscal 2030 to promote the development of advanced semiconductors and artificial intelligence. It will also provide new grants to boost regional economies.

Under the package, the government said that it will raise the income tax threshold as part of fiscal 2025 tax system reform, as agreed by the ruling coalition and the opposition Democratic Party for the People.

It also said the government will discuss a gasoline tax cut, as part of a review of overall automobile-related taxation in line with the agreement by the ruling bloc and the DPFP.

The Cabinet Office estimates that the economic package will raise the country’s gross domestic product by about ¥21 trillion and lower consumer inflation by some 0.3 percentage point in February through April next year.

Japan Govt Adopts Economic Package; Including Plans to Raise Y=1.03 Million Threshold - The Japan News

Japan PM Ishiba aims to double grants for regional revitalization

Japan's Prime Minister Ishiba Shigeru says he aims to double government grants for regional revitalization in a draft budget for next fiscal year, which starts in April.

Ishiba on Friday was speaking at an inaugural meeting of a task force for reinvigorating regional economies. All Cabinet members attended.

He stressed that such revitalization is his Cabinet's top issue and will bring results that give people in urban areas more choices for work, learning and leisure.

Ishiba also announced a plan to launch a panel of experts to draw up basic ideas for regional revitalization this year.

The panel will be made up of people from the business world, public office, academia including students, the financial sector, labor unions and media.

Ishiba indicated that the government will also provide grants during the current fiscal year to support projects designed to add more value to the agriculture, forestry, fisheries and tourism industries.

The prime minister added that he hopes the ministers and panel members will visit regional communities as much as possible.

Japan PM Ishiba vows effort to arrange summit with N.Korea for abductees' return

Japanese Prime Minister Ishiba Shigeru has stressed that he will spearhead efforts to hold a summit with North Korea, so as to realize the early return of Japanese nationals abducted by North Korean agents decades ago.

Ishiba spoke at an event organized by abductees' families and supporters in Tokyo on Saturday. About 800 people took part.

Ishiba said the abductions were a violation of national sovereignty. He pledged that the government will tackle the issue with firm resolve to secure the return of all the abductees.

Ishiba noted that the situation is becoming more complicated because of the growing mutual distrust between the two countries.

He said it is important to go back to the basis of the 2002 Pyongyang Declaration between Japan and North Korea, and realize what was declared 22 years ago "from a broad perspective."

Ishiba said he will urge North Korean leader Kim Jong Un to not miss an opportunity.

He also said "it does not help to criticize someone without actually meeting that person."

He added "history shows actions based on strategic decisions by leaders move the times."

The head of a group of abductees' families, Yokota Takuya, also spoke at the event. His sister, Megumi, was abducted when she was a first-year junior high school student.

He said his sister and all the other abductees are waiting to be rescued. He noted that the situation remains unchanged since the 2002 Japan-North Korea summit.

Yokota added that he hopes the Japanese government is keenly aware that time is running out, as many of the parents who had been waiting for the return of their loved ones have passed away.

The Japanese government says at least 17 of its citizens were abducted by North Korean agents in the 1970s and 1980s. Five were repatriated in 2002, but the other 12 remain unaccounted for.

Japan PM Ishiba vows effort to arrange summit with N.Korea for abductees' return | NHK WORLD-JAPAN News

1st Ishiba Cabinet Members' Assets Average 72.45 M. Yen

he average value of assets held by 19 ministers in Japanese Prime Minister Shigeru Ishiba's first cabinet stood at 72.45 million yen, the government said Friday.

According to data on assets held by the cabinet ministers and their family members as of Oct. 1, when the administration was launched, five ministers had assets exceeding 100 million yen, of whom three had over 200 million yen.

Ishiba has since formed a new cabinet, following a general election on Oct. 27.

Then land minister Tetsuo Saito, who later became leader of Komeito, the junior party in the ruling coalition led by Ishiba's Liberal Democratic Party, was the top asset holder at 238.38 million yen.

Ishiba himself came in 12th at 33.77 million yen. His assets included 15.55 million yen in real estate in his home city of Tottori, western Japan, one automobile and a total of 23,925 shares of seven firms including Mitsubishi Heavy Industries Ltd. and Tokyo Electric Power Company Holdings Inc. His wife held 9.31 million yen in real estate and 8.9 million yen in financial assets.

1st Ishiba Cabinet Members' Assets Average 72.45 M. Yen | Nippon.com

Ex-PM Kishida Launches New Group in Ruling LDP

Former Japanese Prime Minister Fumio Kishida has launched a new group within the ruling Liberal Democratic Party, apparently hoping to maintain his influence as current Prime Minister Shigeru Ishiba leads a minority government.

The Kishida-led group, which aims to promote asset management in the country, held its inaugural meeting at the Diet building on Friday, attended by some 20 LDP lawmakers including former LDP Secretary-General Toshimitsu Motegi, as well as LDP Election Strategy Committee chief Seiji Kihara and others who belonged to a now-disbanded LDP faction that was led by Kishida.

Touting achievements of his three years at the helm of the government, Kishida said in a speech at the meeting, "We have begun to see encouraging signs of a new economic phase, including the highest wage increases in 33 years."

"We must show the world our strong commitment to continuing efforts to make Japan a major asset management nation," he said, calling again on his successor to maintain related policies.

The meeting's participants also included lawmakers who belonged to an LDP faction once led by former Prime Minister Shinzo Abe and members of a faction led by former party Vice President Taro Aso.

Ex-PM Kishida Launches New Group in Ruling LDP

Japan PM's special advisor meets US officials close to Trump

Japanese ruling party lawmaker Nagashima Akihisa, who is also a special advisor to Prime Minister Ishiba Shigeru, says he met officials close to US President-elect Donald Trump during his visit to the United States.

Nagashima, who handles national security issues, spoke to NHK at Tokyo's Haneda Airport on Sunday. He returned from a five-day trip to Washington that started Wednesday.

The lawmaker of the Liberal Democratic Party said he met Senator Bill Hagerty, who served as US ambassador to Japan during the previous Trump administration, among others.

Nagashima said he asked them how the transition of government is proceeding.

He also requested the next US administration to take over the policy of deepening the bilateral alliance, as well as strengthening coordination with like-minded partners for peace and stability of the Indo-Pacific region.

Nagashima said he was told that Trump and people associated with him are fully aware of the importance of such relations.

Referring to an in-person meeting between Ishiba and Trump, Nagashima said it is difficult to select the right time for Ishiba to visit the US, as a budget committee meeting will continue at the beginning of next year's ordinary Diet session.

He said it's best for the two leaders to meet at an appropriate time, when both of them are prepared.

________


Japan Governors Want Regional Consideration in Tax Talks

Japanese prefectural governors asked the central government Monday to have consideration for regional finances in discussions between ruling and opposition parties over raising the minimum annual taxable income and lowering the gasoline tax.

The National Governors' Association made the request at a meeting hosted by the government at the prime minister's office.

Prime Minister Shigeru Ishiba said he wants to discuss the matter carefully, adding, "It's undesirable for the burden to be placed disproportionately on someone."

"We will secure the total general revenue needed, so that local governments can provide administrative services in a stable way," he continued.

The ruling Liberal Democratic Party, its junior coalition partner, Komeito, and the opposition Democratic Party for the People have agreed to review the 1.03-million-yen income threshold. The government said in its comprehensive economic package adopted Friday that raising the threshold would be discussed as part of annual tax system reform for fiscal 2025.

Japan Governors Want Regional Consideration in Tax Talks | Nippon.com

Exclusive: Japan PM Ishiba urges Biden to approve Nippon-US Steel deal, sources say

Japanese Prime Minister Shigeru Ishiba has sent a letter to President Joe Biden asking him to approve Nippon Steel's acquisition of U.S. Steel, to avoid marring recent efforts to strengthen ties between the countries, according to two sources familiar with the matter.

Biden joined a powerful U.S. labour union in opposing the $15 billion takeover of the storied American firm by Japan's top steelmaker and referred it to the Committee on Foreign Investment in the United States (CFIUS), a secretive government panel that reviews foreign investments for national security risks.

The deadline for the CFIUS review is next month, before President-elect Donald Trump - who has vowed to block the deal - takes office on Jan. 20. CFIUS could approve the deal, possibly with measures to address national security concerns, or recommend that the president block it. It could also extend the review.

"Japan stands as the largest investor in the U.S., with its investments showing a steady upward trend. Continuing this upward trend of Japanese investment in the U.S. benefits both of our countries, showcasing the robustness of the Japan-U.S. Alliance to the world," Ishiba said in the letter, according to a copy of the text seen by Reuters. The sources confirmed it was sent to Biden on Nov. 20.

"Under your presidency, this Alliance has reached unprecedented strength. We respectfully ask for the U.S. government to approve the planned acquisition by Nippon Steel so as not to cast a shadow on the achievements you have accumulated over the past four years," the letter said.

The U.S. embassy in Japan declined to comment. Ishiba's office deferred questions to the foreign ministry, which said it could not comment on the matter since it involved the management of an individual company.

Nippon Steel declined to comment and U.S. Steel did not immediately reply to a request for comment outside of U.S. business hours.

CHANGE IN APPROACH

Ishiba's direct approach appears to mark a shift in the Japanese government's stance on the deal, which became a political hot potato in a key U.S. swing state in the lead-up to the Nov. 5 presidential election.

Ishiba's predecessor, Fumio Kishida, had sought to distance his administration from the controversial takeover, casting it as a private business matter even as U.S. political opposition mounted.

The tie-up appeared set to be blocked when CFIUS alleged in a letter sent to the companies on Aug. 31 that the transaction posed a risk to national security by threatening the steel supply chain for critical U.S. industries.

But the review process was eventually extended until after the election to give the panel more time to understand the deal's impact on national security and to engage with the parties, a person familiar with the matter said.

Before Ishiba took office on Oct. 1, he said any U.S. move to block the deal on national security grounds would be "very unsettling" given the close relations between the allies.

Ishiba and Biden met for the first time as leaders on the sidelines of an international summit in Peru earlier this month.

Ishiba's letter said the pair were not able to dive into discussions on the economic relationship at that meeting due to time constraints, and that he wanted to follow up to bring his attention to the deal at a "critical juncture".

Nippon Steel has made various guarantees and investment pledges in order to win approval.

Ishiba reiterated in his letter to Biden that the deal would benefit both countries.

"Nippon Steel is deeply committed to protecting U.S. Steel workers and opening up a prosperous future together with U.S. Steel and its workers," Ishiba said.

"The proposed acquisition will enable Japanese and U.S. steel companies to combine advanced technologies and increase competitiveness, and will contribute to enhancing steel production capacity and employment in the United States."

It was not clear if Biden had replied to the letter.

reuters.com

Ministerial Meeting on Improving the Treatment and Working Environments and Establishing New Lifetime Career Plans of Self-Defense Forces Personnel

Prime Minister Ishiba held the 3rd Ministerial Meeting on Improving the Treatment and Working Environments and Establishing New Lifetime Career Plans of Self-Defense Forces Personnel at the Prime Minister’s Office.

At the meeting, the participants engaged in discussions on the status of efforts to improve the treatment of Self-Defense Forces personnel.

Ministerial Meeting on Improving the Treatment and Working Environments and Establishing New Lifetime Career Plans of Self-Defense Forces Personnel (The Prime Minister in Action) | Prime Minister's Office of Japan

Ishiba to Say He Will Build Broad Consensus, Raise Income Barrier in Tax Reforms, According to Policy Speech Outline

Prime Minister Shigeru Ishiba is expected to say he will build a broad consensus among both the ruling and opposition parties, according to an outline of his policy speech. He will deliver the speech Friday at the extraordinary Diet session.

Looking ahead to Diet debates as the leader of the minority ruling bloc, Ishiba is to say, “I will work sincerely and humbly to build the broadest possible consensus by listening carefully to the opinions of other parties.”

With the Democratic Party for the People urging a raise to the “annual income barrier of ¥1.03 million,” he is to declare that the government will increase the threshold through debate on tax system reforms for fiscal 2025.

As to the decline in tax revenues for both central and local governments, Ishiba plans to say, “We will continue to study the issue and decide on a solution.”

According to the outline, he will also mention the “dark part-time jobs” that have become a social problem. He is expected to express concern in the speech that “this could undermine the values and morals cherished in Japanese society.”

He plans to push for more security cameras to be installed and to support the activities of community volunteers in patrol cars, while calling for a crackdown and the removal of harmful information, according to the outline.

After this summer’s rice shortage, Ishiba plans to insist that “even with a declining population, we will strengthen our production base and guarantee stable imports and stocks to ensure food security.”

Ishiba to Say He Will Build Broad Consensus, Raise Income Barrier in Tax Reforms, According to Policy Speech Outline - The Japan News

Japan's opposition DPFP leader submits basic energy plan requests to PM Ishiba

Tamaki Yuichiro, leader of Japanese opposition Democratic Party for the People, has asked Prime Minister Ishiba Shigeru to reflect its proposals in the government's new basic energy plan.

Tamaki handed a set of requests to Ishiba on Wednesday evening.

The government is currently working on compiling a draft of the basic plan by the end of this year.

Tamaki said supplying inexpensive and stable electricity is essential for stably developing the Japanese economy amid rising power demand. He asked the prime minister to realize a well-balanced energy supply.

Ishiba said providing an inexpensive and stable power supply is extremely important, and that the government will tackle the issue with this in mind.

In its requests, the DPFP called for maximizing the use of power sources that will promote decarbonization and that are less dependent on other countries, such as renewables.

It also asked for securing human resources and maintaining and enhancing technology to cope with drastic increase in electricity demand.

The party also requested that the government clarify that Japan needs nuclear power and will safely operate nuclear power plants while replacing decommissioned ones and building new ones.

Tamaki told reporters after the meeting that he and Ishiba had agreed on the need for a reasonable and stable power supply. He expressed hope for the government to come up with a plan to achieve the best energy mix for the future.

Ishiba's Liberal Democratic Party and its coalition partner, Komeito, lost their Lower House majority last month. So he is seeking cooperation from the DPFP to push forward his policies.

Japan's opposition DPFP leader submits basic energy plan requests to PM Ishiba | NHK WORLD-JAPAN News

Japan’s PM Ishiba Plans to Visit S. Korea in January; Trip Will Be His 1st Foreign Visit for Bilateral Diplomacy

Japanese Prime Minister Shigeru Ishiba is planning to visit South Korea in January to meet President Yoon Suk Yeol, according to government sources. Ishiba intends to call on Yoon to also visit Japan soon as a way of boosting reciprocal visits between the two leaders to solidify the trend toward improved bilateral relations.

As next year marks the 60th anniversary of the normalization of relations between Japan and South Korea, Ishiba aims to strengthen cooperation in a wide range of fields, including private-sector exchanges.

The most likely time for the meeting is early January, before the ordinary Diet session convenes, the sources said Wednesday. This would be his first visit to a foreign country for the purpose of bilateral diplomacy — excluding visits for international conferences — signaling the importance he places on South Korea.

The agenda for the summit meeting is expected to include measures to expand defense cooperation between the two countries in light of the new military coordination between Russia and North Korea and the increasing activities of the Chinese military. The leaders are also expected to affirm the trilateral unity of Japan, South Korea and the United States in anticipation of the inauguration of the administration of U.S. President-elect Donald Trump on Jan. 20.

In South Korea, there is a simmering dissatisfaction that Yoon, who emphasizes diplomacy with Japan, is making concessions to Japan on the history issue. The two leaders are expected to exchange views on measures to promote personal and cultural exchanges between the two countries on the occasion of the 60th anniversary so that both nations’ citizens can feel the improvement in relations.

The prime minister met Joo Ho-young, chairman of the Korea-Japan Parliamentary Federation, at the Prime Minister’s Office Wednesday and signaled his desire to strengthen relations between the two countries. Referring to the absence of the South Korean side from a memorial ceremony at the Sado Island Gold Mines World Cultural Heritage site in Sado, Niigata Prefecture, Joo quoted Ishiba as saying, “Although we have different ways of thinking, we must develop the Japan-South Korea relationship with an eye on the future.”

Japan’s PM Ishiba Plans to Visit S. Korea in January; Trip Will Be His 1st Foreign Visit for Bilateral Diplomacy - The Japan News

Japan and U.K. to Prepare for Economic 2+2 in Tokyo in 2025; Economic Ministers Agree on Continued Cooperation on Trade

Foreign Minister Takeshi Iwaya met with U.K. foreign secretary David Lammy on Monday during a visit to Rome and expressed his desire to prepare for the first ever Japan-U.K. economic two-plus-two ministers’ meeting in Tokyo as early as possible next year.

Prime Minister Shigeru Ishiba and U.K. Prime Minister Keir Starmer agreed to establish an economic two-plus-two between the countries during a bilateral summit in Brazil on Nov. 18. The aim is to promote cooperation in matters of trade and economic security.

During the Monday meeting, Lammy declared that he would like to collaborate with Iwaya to further strengthen Japan-U.K. relations, which he said are already very good.

The two ministers also confirmed that Japan and the United Kingdom will continue to collaborate on economic matters, as the Protocol on the Accession of the United Kingdom to the Trans-Pacific Partnership Agreement (TPP) is due to take effect next month. Both ministers also reaffirmed the importance of the cooperative development of next-generation fighter aircraft by the U.K., Japan and Italy.

The ministers exchanged views on regional affairs such as the advancement of Russia-North Korea military cooperation and the situations in Ukraine and the Middle East, and agreed they would continue to work together closely.

Japan and U.K. to Prepare for Economic 2+2 in Tokyo in 2025; Foreign Ministers Agree on Continued Cooperation on Trade - The Japan News

Japanese PM says he will have ‘frank’ Trump discussions

Japanese Prime Minister Shigeru Ishiba yesterday said that he would have “frank discussions” with US president-elect Donald Trump, saying that cooperation between them was vital to ensuring a “free and open Pacific.”

“I will have frank discussions with incoming president Trump and lead the alliance to new heights,” Ishiba said in parliament in a key policy address. “Naturally, the US has its own national interest and Japan has its own national interest. That is why I think exchanging opinions frankly and enhancing the national interests of both countries in a synergetic way will help realize a free and open Indo-Pacific.”

Beijing has displayed increasingly assertive behavior in territorial disputes in the Asia-Pacific region, including around Taiwan.

Tokyo is also alarmed by nuclear-armed North Korea’s expansion of its missile activities. Trump met North Korean leader Kim Jong-un during his first term.

Ishiba, a self-confessed defense “geek,” has called for the creation of an Asian NATO with its principle of an attack on one being an attack on all.

“The Japan-US security alliance is the foundation of Japan’s diplomacy and security,” Ishiba said. “At the same time, however, the United States receives great strategic benefits from the existence of facilities and areas [controlled by] US forces in Japan.”

In Trump’s first term, then-Japanese prime minister Shinzo Abe appeared to have warm personal relations with the US president, playing golf together several times.

Ishiba and the US president-elect had what the Japanese prime minister called a “very friendly” telephone conversation after Trump’s election win earlier this month.

Key allies Japan and the US are each other’s top foreign investors, and 54,000 US military personnel are stationed in Japan, mostly in Okinawa, east of Taiwan.

Japan has been shedding its strict pacifist stance, moving to obtain “counterstrike” capabilities.

US President Joe Biden and Ishiba’s predecessor, former Japanese prime minister Fumio Kishida, announced a “new era” in defense in April.

Japan is already in the process of doubling its military spending to the NATO standard of 2 percent of GDP, but Trump’s “America First” approach could mean that in his second term he could provide less cash and press Japan to do more.

Trump also caused panic among some of the biggest US trading partners on Monday when he said he would impose tariffs of 25 percent on Mexican and Canadian imports, and 10 percent on goods from China.

Many Japanese exporters, including automakers Toyota and Honda, have plants in Mexico and in Canada. Both firms’ shares fell sharply this week.

Japanese government officials have declined to comment on Trump’s tariff threats, and Ishiba did not address the issue directly yesterday, but Masakazu Tokura, chairman of Japan’s most influential business organization, Keidanren, on Tuesday said that the impact on Japanese firms could be “enormous.”

Trump could also press Japan to join expanded US efforts to limit exports to China, such as semiconductor equipment and artificial intelligence chips, which could hurt Japanese firms.

Japanese PM says he will have ‘frank’ Trump discussions - Taipei Times