Japan introduces emergency economic measures to cushion impact of US tariffs

Japan's government on Friday introduced a package of emergency economic measures to ease the impact of higher US tariffs, local media reported.

The package consisted of five pillars, including support for corporate financing and steps to stimulate consumption, in a bid to alleviate concerns that the US tariffs could weigh on Japan's exports, potentially taking a heavy toll on the broader economy, Kyodo News reported.

The government also pledged to reduce gasoline and diesel prices by 10 yen per liter, provide subsidies for energy bills and consider expanding the scope of low-interest loans for smaller companies from next month, the report said.

During a meeting to map out the relief package, Prime Minister Shigeru Ishiba said the US levies could "substantially hurt domestic industries that underlie our nation, such as automobiles and steel."

"It is extremely important for us to clearly convey to the United States the fact that Japanese enterprises have been making a significant contribution to the US economy through investment and job creation," Ishiba added.

Economic Revitalization Minister Ryosei Akazawa, Japan's chief representative in tariff negotiations with the administration of US President Donald Trump, was planning a three-day trip to the US from next Wednesday for a second round of talks with US officials.

Akazawa's second official visit to Washington was viewed as an opportunity for Japan to push for exemptions or revisions to the sweeping tariffs imposed by the US administration, although the US side told Akazawa during the first round that it would grant no exemptions nor preferential treatment, the report said.