- Trump Tariffs
- Fuji Television
- Choice of Separate Surnames for Married Couples
- Expo 2025 Osaka, Kansai, Japan
Trump Tariffs
(In response to a question about the deepening level of disarray in the global economy stemming from the reciprocal tariffs announced by US President Donald Trump) The series of measures rolled out by President Trump could have a severe impact not only on economic ties between Japan and the US but on the global economy as a whole, as well as the system of free trade. I have to question whether these US actions are consistent with the spirit and letter of WTO rules. This is an extremely lamentable situation.
Following World War II, it was none other than the US that took the lead in fostering the development of the global economy through the system of free trade. But the same US has implemented these tariff hikes, prompting its trading partners to announce countermeasures and escalating a shift toward protectionism. I have this foreboding sense that we have reached a critical crossroads that could decide whether the international system of free trade can be sustained.
As a nation with a small domestic market, Japan must stake its survival on its status as a major power in the spheres of trade and investment. As such, it should persist in touting the importance of maintaining and strengthening the free and open international order, join hands with like-minded nations, and assume a leadership role.
(In response to a question regarding the impact that tariffs may have on this spring's labor-management wage negotiations, which are now entering their main phase among SMEs) According to the results of the third tally compiled by the Japanese Trade Union Confederation (RENGO), wage hikes among its affiliated labor unions on the whole have reached 5.42%, as well as 5.00% among small and medium-scale labor unions with less than 300 members. These are both high numbers, higher even than the results from the second tally. The impact from President Trump's tariff measures is unpredictable, but I can only hope it does not stifle prospects for further wage increases.
(In response to a question regarding the current global decline in stock prices) The first step that should be taken in the short term is for the public and private sectors to gather, analyze, and share the data on the recent string of tariff measures. This should help relieve the current state of anxiety to a certain extent.
Over the medium and longer term, I definitely want to see Japan assume the reins of leadership in protecting the system of free trade.
(In response to a question regarding efforts by corporations to adjust their supply chains) First of all, it will be necessary for the public and private sectors to promptly gather, analyze, and share information and carefully assess President Trump's true intentions and future trends.
After all, international trade is and should be based on the principle of comparative advantage.
These latest tariff actions will probably make it easier for companies that already have established supply chains in the US to decide whether to raise their US-side production ratios. On the other hand, companies striving to build their manufacturing frameworks in the US from scratch will not only need time to make the necessary investments and develop their manufacturing infrastructure, but also could face challenges in securing a highly skilled workforce. Corporate decisions to revamp domestic supply chains or build manufacturing frameworks within the US will vary depending on the industrial sector, business category, and circumstances of each company concerned.
(In response to a question regarding expectations toward the government and Bank of Japan and the necessity of lowering policy interest rates amid fears of an impending recession) I am aware that some have stressed a need to cut the interest rate or launch bold measures in fiscal stimulus, but decisions regarding such actions should be weighed comprehensively. Despite the need to reinforce its fiscal foundations in preparation for unexpected events, Japan currently faces dire fiscal circumstances. Although this nation will have to take necessary steps in fiscal stimulus, it should also be thorough about spending wisely and act to ensure fiscal discipline.
Moreover, given that real interest rates are still in negative territory, it will be necessary to carefully examine whether cutting the policy rate will actually be an effective measure in economic stimulus now that inflation is trending up.
Fuji Television
(In response to a question seeking the Chairman's views on the report released by the Third-Party Committee concerning its investigation into a string of scandals at Fuji Television and Fuji Media Holdings, as well as his thoughts on the resumption of advertising by commercial sponsors) The report noted that the gathering tied to the case of sexual victimization took place as an extension of Fuji Television's business and cited deficiencies in internal governance for a lack of appropriate countermeasures by the company. In response to the committee's report, Fuji Television has announced plans to overhaul its management. While corporate views may differ on this matter, any decision to resume advertising through Fuji Television is something that its individual sponsors make. That said, despite these developments, it is important to keep in mind that this company has many employees that are working hard to produce high-quality news and program content. I want to see Fuji Television reliably implement its plan and work to restore internal and external trust in its operations as a company and news media enterprise as quickly as possible.
Choice of Separate Surnames for Married Couples
(In response to a question related to the creation of a system allowing separate surnames for married couples, seeking the Chairman's take on the point made that most of the issues attributed to the use of one's former surname have already been resolved) I appreciate that problems stemming from the use of one's former surname in a business context have decreased thanks to the efforts of the individuals involved.
However, that is not to say all the problems have been resolved. Although the findings of a government survey point out that 70% of banks already allow depositors to open accounts using their former surname, approx. 30% of all banks and most credit unions and credit associations still do not allow former surnames to be used for account opening or securities transactions. Moreover, many problems remain even if one is allowed to open a bank account, including the hassle associated with procedures requiring the submission of documented proof of personal identity.
A system allowing separate surnames for married couples will always be voluntary. We need to realize that it is an issue pertaining to the identity of those who opt to use a separate surname, and that this choice should not be debated solely from the perspectives of whether it is a matter of convenience or should be okay if the inexpedient aspects are eliminated.
(In response to a question regarding the necessity of updating the examples of problems cited in the [June 2024] proposal presented by Keidanren) This is a matter that should be settled through public discourse. We stated that we first wanted to see the issue brought up for debate. It is great that this has now begun within the Liberal Democratic Party and the chambers of the Diet.
Looking ahead, we will be prepared to update our examples of problems surrounding the surname issue, if necessary. However, the debate over this issue is taking time, and the situation relating to those problems will naturally evolve during that process. I want to see our lawmakers move swiftly to deepen their discussions on this matter.
Expo 2025 Osaka, Kansai, Japan
(In response to a question regarding expectations toward Expo 2025, which is slated to open April 13) Thanks to the cooperation and support of all involved, this event is finally ready to get underway. That is the way I feel about it.
The most important thing is to make this Expo a safe and pleasant experience that everyone can enjoy with peace of mind. We want to resolve any issues discovered during the test run (from April 4 to April 6) and ensure that all Expo operations will be ready to run smoothly from the opening date. This will be an extended event, lasting 184 days. Though I imagine some problems demanding attention may crop up along the way, we plan to deal with them decisively.
In a world increasingly marked by divisions and confrontation, the Expo will have major significance as an event that upholds the ideals of respect for diversity and bringing people from all over the world together in a spirit of cooperation and harmony. I am hopeful it will foster deeper discussion of these themes. Considering the countless lives lost during the COVID-19 pandemic, Russia's invasion of Ukraine, and heightened tensions in the Middle East, I want this to be an opportunity to reflect on the preciousness of "life," one of the themes of this event. May the Expo be a meaningful experience in this regard.
In closing, let me take this opportunity to express my sincere gratitude to all of the many companies that have assisted in making the Expo happen, including through donations of funding for the construction of the venue and its facilities and advance ticket purchases.