Tokyo: Japan needs to focus on strengthening the yen to address the rising living costs faced by households, according to Itsunori Onodera, chair of the Liberal Democratic Party’s Policy Research Council. Speaking on Sunday, Onodera emphasized that the current weakness of the yen is significantly contributing to increased costs of living for ordinary citizens. To combat this, he proposed that the country work to enhance its industrial competitiveness, which would, in turn, help stabilize the currency.
Onodera’s comments come at a time when the yen’s depreciation has been a point of concern for both policymakers and the public. In addition to discussing currency matters, Onodera also addressed the suggestion that Japan retaliate against the U.S. tariffs by selling its holdings of U.S. Treasury bonds. He firmly rejected this idea, emphasizing that as a close U.S. ally, Japan should not consider using its significant U.S. debt holdings as a bargaining chip in trade negotiations.
“As a U.S. ally, the government shouldn’t think about intentionally using U.S. Treasury holdings,” Onodera stated in a program on public broadcaster NHK. His remarks were made in response to an opposition lawmaker’s suggestion that Japan use its large stash of U.S. government debt as leverage in bilateral trade discussions with the United States.
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Onodera’s stance underscores Japan’s commitment to maintaining stable and diplomatic relations with the U.S., despite the ongoing tensions in trade negotiations.
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