Japan’s Chief Trade Negotiator Ryosei Akazawa said on Tuesday that Tokyo is in active discussions with the United States to reduce its reliance on Russian energy and strengthen cooperation in the critical minerals sector.
“We aim to implement the trade deal faithfully and swiftly,” Akazawa told reporters, adding that Japan intends to “work with the US on critical minerals” and is “exchanging views to cut Russia energy reliance.”
Akazawa also noted that Japan’s ¥550 billion ($3.7 billion) fund for economic cooperation is not limited to Japanese companies, signaling broader international engagement.
Market Reaction
The Japanese Yen (JPY) strengthened across major currencies following Akazawa’s remarks, with USD/JPY trading 0.6% lower near 152.00 during European hours. The Yen outperformed most peers amid renewed demand for safe-haven assets.
Japanese Yen Performance Today
| Base Currency | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|---|---|---|---|---|---|---|---|
| USD | -0.10% | +0.16% | -0.61% | +0.05% | -0.01% | -0.05% | -0.23% |
| EUR | +0.10% | +0.26% | -0.51% | +0.14% | +0.10% | +0.02% | -0.13% |
| GBP | -0.16% | — | -0.75% | -0.11% | -0.16% | -0.22% | -0.40% |
| JPY | +0.61% | +0.51% | — | +0.66% | +0.60% | +0.55% | +0.37% |
The data shows the Japanese Yen was strongest against the British Pound, reflecting its broad-based strength in the currency market.