The Overview of Japan, US, and the Euro area is renewed once a year after the Flow of Funds Accounts is released in June.
The Bank of Japan retroactively revises data for the Flow of Funds Accounts (FFA), in principle once a year, to reflect information updates, such as newly obtained source data and institutional changes, and to incorporate revised estimation methods. The retroactive revision of 2026 was implemented on June 25 and data from the first quarter of 2005 onward has been updated accordingly. The majority of the revision contents are unchanged from the Planned Retroactive Revision to the Flow of Funds Accounts [Archived PDF] released on May 25, 2026.
Imagine your childhood. You’re looking out a window in the early afternoon. You see the clouds in the sky, the passers-by and traffic down the street. You have no trouble differentiating a police car from an ambulance. A summary of this can be expressed in the philosophical quote, “your version of the world shows up for you, like a friend at the bus stop.”
We are unknown to ourselves, we knowers, we ourselves, to ourselves, and there is a good reason for this. We have never looked for ourselves, — so how are we ever supposed to find ourselves? How right is the saying: ‘Where your treasure is, there will your heart be also’;1our treasure is where the hives of our knowledge are. As born winged-insects and intellectual honey-gatherers we are constantly making for them, concerned at heart with only one thing — to ‘bring something home’. As far as the rest of life is concerned, the so-called ‘experiences’, — who of us ever has enough seriousness for them? or enough time? I fear we have never really been ‘with it’ in such matters: our heart is simply not in it — and not even our ear! On the contrary, like somebody divinely absent-minded and sunk in his own thoughts who, the twelve strokes of midday having just boomed into his ears, wakes with a start and wonders ‘What hour struck?’, sometimes we, too, afterwards rub our ears and ask, astonished, taken aback, ‘What did we actually experience then?’ or even, ‘Who are we, in fact?’ and afterwards, as I said, we count all twelve reverberating strokes of our experience, of our life, of our being — oh! and lose count … We remain strange to ourselves out of necessity, we do not understand ourselves, we must confusedly mistake who we are, the motto2 ‘everyone is furthest from himself’ applies to us for ever, — we are not ‘knowers’ when it comes to ourselves…
‘Jeder ist sich selbst der Fernste’ is a reversal of the common German saying, ‘Jeder ist sich selbst der Nächste’ ‘Everyone is closest to himself’ i.e. ‘Charity begins at home’, cf. also Terence, Andria IV. 1.12.
Go back to our initial example of the childhood window. On one hand, our version of the world shows up for us. On the other, since “we are not ‘knowers’ when it comes to ourselves”, we show up as an opaque version of ourselves. As he states at the beginning of the preface, we are unknown to ourselves. If asked, you would most likely not remember the point at which you could differentiate the police car from an ambulance. Imagine meeting a friend during that same period, and instead of thinking of the enjoyable conversation you will have, but the concern that all of these things are impermanent.
The DanishthinkerSøren Kierkegaard teaches us that the reason we are opaque to ourselves is that the self is a synthesis waiting to be made. This synthesis would connect the momentary pleasures of time with friends and the impermanence of these things.
Consider the opacity built into science. Science claims that ultimately, there is a logical, mathematical way of understanding what you see while looking out the window. Contrast this with the DutchhistorianPieter Geyl’s assertion that history is an “argument without end.” It could be that scientific inquiry is also a quest without end.
What is the great takeaway from all of this? On Kierkegaard’s side, we face the opacity wall and on the materialist side, we still have the opacity of what we have yet to understand. With each discovery, we continue to see more that we do not yet understand.
Preliminary determination of Anti-Dumping Duty Investigation of Nickel-added cold-rolled stainless steel coil, sheet, and strip originating in the People’s Republic of China and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu
Note: An alloy steel containing 10.5% or more of chromium and containing by weight more than 0.6% nickel. The characteristics of this product are that it combines corrosion resistance, the functionality of steel, and a beautiful and clean design by manufacturing methods. Also, it is used in various fields of demand.
MOF and METI will continue the investigation in accordance with the provisions of the international rules under the WTO Agreements and related domestic laws and regulations, providing the interested parties with an appropriate opportunity to present evidence and express their views relating to the preliminary determination.
Following the further investigation, the Government of Japan will determine whether or not the product has been imported into Japan at dumpedprices and if such dumpedimports have caused material injury to the domestic industry, and make a decision whether or not to impose a definitive anti-dumpingduty on the product.
The interim report on preliminary determination offers details of the investigation.
Extension of the Period of Investigation of Nickel-added cold-rolled stainless steel coil, sheet and strip originating in the People’s Republic of China and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu
Note: An alloy steel containing 10.5% or more of chromium and containing by weight more than 0.6% nickel. The characteristics of this product are that it combines corrosion resistance, the functionality of steel, and a beautiful and clean design by manufacturing methods. Also, it is used in various fields of demand.
MOF and METI have been conducting the investigation since July 22, 2025. The investigation was to be concluded within one year, but the period can be extended by six months at most if it is found necessary for special reasons.
Working Session on “Reviving a Balanced, Shared and Sustainable Economic Growth”
On June 17, commencing at 10:30 a.m. (local time. 5:30 p.m. on June 17, Japan time.) for approximately 120 minutes, Ms. TAKAICHI Sanae (高市 早苗), Prime Minister of Japan, attended the G7Evian Summit Working Session on “Reviving balanced, inclusive, and sustainable economic growth for the benefit of all”. The overview of the session is as follows.
Prime MinisterTAKAICHI stated that the G7 and like-minded countries should maintain close communication to reduce uncertainty in the global economy. Prime MinisterTAKAICHI also stated that it is a common challenge for many countries to promote self-sustaining growth, by addressing non-market policies and practices (NMPPs) and the resulting excess capacity which are drivers of widening global imbalances.
Furthermore, Prime MinisterTAKAICHI stated that G7 members and the countries participating in this session should also demonstrate their contribution to reducing imbalances for their own balanced growth as well as for the stability of the global economy and financial markets. Prime MinisterTAKAICHI added that making use of data-driven, objective analyses and policy advice by the IMF and the OECD is extremely beneficial in advancing these efforts.
Prime MinisterTAKAICHI expressed her hope that the G7 and like-minded countries would lead the global economy through frank discussions. She also stated that she looked forward to discussions at the G20, chaired by PresidentDonald Trump of the United States, on reducing uncertainty in the global economy and becoming stronger and more prosperous together.
Situation in Iran (Signing of a Memorandum of Understanding between the United States and Iran)
Hereafter, it is important that free and safe navigation through the Strait of Hormuz is swiftly reestablished through the steady implementation of this MoU by all parties. Japan also considers it of critical importance that vessels be able to transit the Strait of Hormuz without being subject to additional costs, as has been the case thus far.
After the conclusion of a final agreement, Japan intends to play an active role in the reconstruction and recovery of the region. Japan will also continue to make every diplomatic effort, in close coordination with the international community, toward the realization of peace and stability throughout the Middle East region.
Parliamentary Vice-Minister for Foreign Affairs ERI’s Visit to the United States
During her visit, Parliamentary Vice-Minister ERI will attend the United Nations General Assembly High-Level Meeting on HIV/AIDS and deliver a statement in the meeting. She will also hold meetings with representatives of international organizations.
At this dialogue, following the enactment of Japan’s Cyber Response Capability Strengthening Act and Necessary Arrangement of Relevant Acts last year, as well as the adoption of its new Cybersecurity Strategy, the two sides exchanged views on broad range of topics, such as each country’s respective cybersecurity strategy and policy, and cooperation at both the bilateral and multilateral levels.
Both sides confirmed that they will continue to work closely together in the field of cyber, including through the Japan–Australia Cyber Policy Dialogue.
In “Cabaret” the character Sally Bowles sings, “Start by admitting from cradle to tomb / It isn’t that long a stay / Life is a cabaret, old chum…” She asserts that life is so short that one shouldn’t take it seriously and should be treated as boisterous fun.
Earlier, she sang:
I used to have this girlfriend known as Elsie With whom I shared four sordid rooms in Chelsea She wasn’t what you’d call a blushing flower As a matter of fact, she rented by the hour
The day she died the neighbors came to snicker: “Well, that’s what comes from too much pills and liquor” But when I saw her laid out like a queen She was the happiest corpse I’d ever seen
Does the idea of a happy corpse ring true? As a corollary of this, is it plausible that a smile survives hours after death?
While “Cabaret” compares life to the titular cabaret, there are many other songs with simplified comparisons of life, none of which cover the full breadth of human experience. The French philosopherMaurice Merleau-Ponty wrote that the world is inexhaustible, and to extend this, so too is life.
In “Is That All There Is?” each question has several levels. When confronted with the fire that claims her childhood home, the disappointment of the circus and finally the loss of her love, the song echoes “Cabaret” with the chorus:
Is that all there is? If that’s all there is my friends, then let’s keep dancing Let’s break out the booze and have a ball
Much like the way “Cabaret” repeats “Life is a cabaret, old chum / Come to the cabaret”.
In “More Than a Woman” by the Bee Gees, they sing, “We can take forever, just a minute at a time”. Can we visualize this in the concrete terms of the song? In Western tradition, we often associate the search for forever with young love. What does it mean to fuse the momentary and the forever?
The Bee Gees song gives us an entry to the changing sense of time experienced by a living person, as contrasted to the objective time of a fossil carbon-dated by a paleontologist.
In any public place, you’re likely to be surrounded by faces reflecting an unshakeable puzzlement of people who have sleepwalked through life. Songs capture this perplexity. Take “Hier encore” by Charles Aznavour, which has subsequently been translated into a myriad of languages and covered by many artists.
Yesterday, when I was young The taste of life was sweet as rain upon my tongue I teased at life as if it were a foolish game The way the evening breeze may tease a candle flame The thousand dreams I dreamed, the splendid things I planned I always built, alas, on weak and shifting sand I lived by night and shunned the naked light of day And only now I see how the years ran away
Yesterday, when I was young So many drinking songs were waiting to be sung So many wayward pleasures lay in store for me And so much pain my dazzled eyes refused to see I ran so fast that time and youth at last ran out I never stopped to think what life was all about And every conversation I can now recall Concerned itself with me, me and nothing else at all
Yesterday, the moon was blue And every crazy day brought something new to do I used my magic age as if it were a wand And never saw the waste and emptiness beyond The game of love I played with arrogance and pride And every flame I lit too quickly, quickly died The friends I made all seemed somehow to drift away And only I am left on stage to end the play
There are so many songs in me that won’t be sung I feel the bitter taste of tears upon my tongue The time has come for me to pay for yesterday When I was young Young, young…
Imagine that one is aware of this trend early enough to avoid it and attempts to sidestep this fate. However, there’s a danger on the other side of mindless snarling rebellion, in the vein of Billy Idol’s “Rebel Yell”.
Finally, there are musical styles such as Portuguesefado, characterized by mournful tunes and lyrics that straddle the loss of one’s true love and the loss of Portuguese influence in the world, such as Latin America supplanting Portugal as the center of Portuguese culture. In all of these, the “once upon a time” is at the level of youth, one’s romance and eventually life, which “never comes again”.
Perhaps the most sobering line in popular music is “all we are is dust in the wind” (from “Dust in the Wind” by Kansas). One might benefit from a moment of quiet reflection on this lyric.
