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Japan intends to closely monitor the impact of U.S. President Donald Trump’s new tariffs on the yen and is worried about the international fallout on trade, Finance Minister Katsunobu Kato said.
“We need to carefully see how the exchange rate and other factors will be affected and what form U.S. monetary policy will take in the future,” Kato said Sunday in an interview with Fuji Television. He also said Japan is very concerned about how the tariffs may impact the global economy.
Kato spoke as nations and companies brace for potential repercussions after Trump unleashed the first salvo of his tariff war, with general levies of 25% on Canada and Mexico and 10% on China. Trump signed the orders for the tariffs which will take effect on Tuesday, though it’s unclear whether the period in between provides a last-chance window for a deal.
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