Japan picks economy minister Akazawa to head trade talks with US
Conrad EslavaJapan's Economy Minister Ryosei Akazawa has been appointed as trade negotiator with the United States, the government's top spokesperson said on Tuesday.
Bilateral discussions on exchange-rate moves will continue to be managed by Japan's finance minister and the U.S. treasury secretary, Chief Cabinet Secretary Yoshimasa Hayashi told a news conference.
Japanese Prime Minister Shigeru Ishiba is considering another visit to the United States for discussions with U.S. President Donald Trump "at the most appropriate timing", with progress in ministerial-level talks being a key consideration, Hayashi said.
The appointment, made by Ishiba, came after the Japanese prime minister and Trump agreed to initiate bilateral discussions on tariffs in a telephone meeting on Monday.
Trump has designated Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer to oversee trade negotiations with Japan, Bessent said on social media.
"The fact the treasury secretary was appointed (to lead trade talks with Japan) may suggest the U.S. administration has a strong interest in areas he oversees," Akazawa told a news conference on Tuesday.
Bessent's appointment as the head of U.S. trade talks with Japan has heightened speculation among some investors that Washington may pressure Tokyo to help weaken the dollar against the yen, as part of a deal to reduce U.S. tariffs on Japan.
A weaker dollar could enhance U.S. exports, while a firmer yen might help moderate rising import costs that have hurt Japanese consumers, some analysts say.
"Pressure from Trump, coupled with the Japanese government's intention to prop up the yen against the dollar, could have an influence on the likelihood of further interest rate hikes by the Bank of Japan," Yasunari Ueno, chief market economist at Mizuho Securities, wrote in a research note.
The BOJ raised interest rates to 0.5% in January and its officials have signaled their readiness to hike rates further if Japan makes progress toward durably achieving its 2% inflation target, or if the risk of excessively high inflation materialises.
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