- Minister Akazawa Visits the U.S. for Second Round of Tariff Negotiations
Minister Akazawa of Economic and Fiscal Policy and Economic Revitalization visited the United States this Wednesday and held the second round of tariff negotiations with the U.S. on May 1.
The Japanese side is believed to have entered the talks with negotiation cards including the expansion of agricultural imports and the enhancement of special measures for imported automobiles.
In addition, Japan emphasized its track record of investment in the United States and called for the elimination of a series of tariff measures imposed on automobiles, steel, and other products, in addition to mutual tariffs.
In the first round of negotiations, the U.S. side appeared to focus its trade-related demands on three main points, i.e.;
l Market liberalization for agricultural products such as American beef,
l Elimination of regulations referred to by the U.S. as "non-tariff barriers," including Japan’s automobile safety standards, and
l Reduction of the trade deficit
Yomiuri Online reported this morning that on the evening of May 1 (morning of May 2 Japan time), the Japanese and U.S. governments held their second round of tariff negotiations in Washington, D.C.
Akazawa, chief negotiator for the Japanese side, spoke to the press after the meeting.
He stated that the discussions had deepened on three main topics: (1) the expansion of trade between the two countries, (2) the review of non-tariff barrier measures, and (3) cooperation on economic security.
He explained that in order to reach an early agreement, intensive ministerial-level discussions would be held starting in mid-May.
Currency issues and security matters were reportedly not discussed during the meeting.
Participants on the U.S. side included Treasury Secretary Bessent and U.S. Trade Representative (USTR) Greer, among others.
The talks lasted for more than two hours.
- Prime Minister Ishiba Holds Talks with President Marcos in Manila, Agrees to Launch ACSA Negotiations
On the 29th, Prime Minister Ishiba held a meeting with Philippine President Ferdinand Marcos Jr. at the presidential palace in Manila.
The two leaders agreed to begin negotiations for the conclusion of an Acquisition and Cross-Servicing Agreement (ACSA), which would enable the Japanese Self-Defense Forces and the Philippine military to share supplies such as food and fuel.
With China's increasingly assertive, hegemonic actions in mind, the two countries aim to deepen security cooperation and move toward establishing a "quasi-alliance" relationship.
3. Japan-China Parliamentary Friendship League Meets Top Chinese Legislator, Requests Early Resumption of Imports and New Panda Loan
The bipartisan Japan-China Parliamentary Friendship League, currently visiting China, held a meeting on the 29th at the Great Hall of the People in Beijing with Zhao Leji, the third-ranking member of the Chinese Communist Party and Chairman of the Standing Committee of the National People's Congress (NPC).
The Japanese delegation called for the prompt resumption of imports of Japanese seafood and beef, and, in light of the recent decision to return giant pandas, also requested the loan of new pandas.
During the meeting, LDP Secretary-General Moriyama, who chairs the parliamentary league, stated, “In order to gain public understanding and support, it is important to reduce the number of outstanding issues and demonstrate progress.”
He urged action on various matters, including the resumption of imports, the detention of Japanese nationals, and export controls on rare earth elements.
Regarding the import issue, Zhao responded only by saying that “positive exchanges are underway among the relevant departments.”
Currently, six giant pandas are housed in Japan—in Shirahama, Wakayama Prefecture, and at Ueno Zoo in Tokyo—but the four in Wakayama are scheduled to be returned to China around the end of June. According to sources accompanying the delegation, the Chinese side responded, “Pandas are symbols of friendship between Japan and China.
Communication between the responsible departments should be possible.”
4. JOGMEC to Begin Survey for Naturally Occurring Hydrogen in Japan in FY2025
According to Nikkei, the Japan Organization for Metals and Energy Security (JOGMEC) will launch a survey in fiscal year 2025 to identify sites in Japan where naturally occurring underground “natural hydrogen” is generated.
The study will analyze geological conditions such as underground rock formations, temperature, and water to locate areas with potential for extraction.
If promising sites are discovered, Japan could gain access to a low-cost supply of next-generation hydrogen fuel, which emits no carbon dioxide (CO2) when burned—contributing significantly to decarbonization efforts.
Natural hydrogen requires no raw materials and generates no CO₂ emissions, which has led to growing exploration activities globally, especially overseas.
In Japan, it has been known that hydrogen is emitted from hot springs in Hakuba Village, Nagano Prefecture.
Rocks such as peridotite and serpentine, which are particularly associated with hydrogen generation, are also found in Japan’s geological formations.
There is growing expectation that locations exist domestically where hydrogen is generated and could be feasibly extracted.
JOGMEC plans to integrate various data—such as geological formations, underground temperatures, and gas composition information gathered during past oil and natural gas test drilling—and organize them into a map to identify locations with potential for hydrogen extraction.
If promising sites are found, the data will be used to inform the development of regulatory frameworks for exploratory drilling and resource development.
Currently, Japan’s Mining Act covers resources such as oil, natural gas, and minerals like copper, but hydrogen is not yet recognized as a resource under existing legislation.