Month: June 2026

Japan-Watching: Ministry of Finance, Japan

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

  1. Upon receipt of an application from NIPPON STEEL CORPORATION [日本製鉄株式会社], Nippon Yakin Kogyo Co., Ltd. [日本冶金工業株式会社], NAS Stainless Steel Strip MFG. Co., Ltd. [ナス鋼帯株式会社の画像] and NIPPON KINZOKU CO., LTD. [日本金属株式会社] on May 12, 2025, the Ministry of Finance (MOF) [財務省] and the Ministry of Economy, Trade and Industry (METI) [経済産業省] began conducting an investigation since July 22, 2025, to determine whether or not to impose an anti-dumping duty on Nickel-added cold-rolled stainless-steel coil, sheet, and stripa originating in the People’s Republic of Chinab and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu.
    1. 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.
    2. Note: Excluding the regions of Hong Kong and Macau.
  2. MOF and METI have explored objective evidence collected from interested parties, including suppliers in the People’s Republic of China and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu, providing opportunities for them to present evidence and to express their views. As a result, MOF and METI today made a preliminary determination in the anti-dumping investigation of the product, presuming the fact of the importation of the dumped product and the fact of the material injury to the domestic industry caused by such importation. (Public Notice on June 19, 2026)

    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 dumped prices and if such dumped imports have caused material injury to the domestic industry, and make a decision whether or not to impose a definitive anti-dumping duty on the product.

    The interim report on preliminary determination offers details of the investigation.
Reference

Public Notice on June 19, 2026 [Archived PDF]

Interim report on preliminary determination [Archived PDF]

[Provisional Translation, June 19, 2026, Ministry of Finance, Ministry of Economy, Trade and Industry]

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

  1. With regard to the Anti-Dumping Duty Investigation on Nickel-added cold-rolled stainless-steel coil, sheet, and stripa originating in the People’s Republic of Chinab and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu, the Ministry of Finance (MOF) [財務省] and the Ministry of Economy, Trade and Industry (METI) [経済産業省] have decided to extend the period of investigation by three months until September 21, 2026. The purpose of this extension is to carefully review the evidence and relevant documents submitted by interested parties, while ensuring full transparency and fairness throughout the investigation process.
    1. 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.
    2. Note: Excluding the regions of Hong Kong, China, and Macau, China.
  2. 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.
Reference

Notice of the Ministry of Finance Relating to the Extension of the Period of Investigation (No. 178, June 19, 2026) [Archived PDF]

[Provisional Translation, June 19, 2026, Ministry of Finance, Ministry of Economy, Trade and Industry]

Issues Re-opened through Liquidity Enhancement Auction on June 19, 2026

SecuritiesIssue NumbersRe-opened Amounts (billion yen face value)
10-Year363133.7
10-Year3648.4
10-Year36534.8
10-Year36927.7
10-Year37048.9
20-Year12875.1
20-Year129110.6
20-Year1329.0
20-Year1332.5
20-Year1364.9
20-Year14216.0
20-Year1436.8
20-Year1532.0
20-Year1549.9
20-Year1590.7
30-Year65.0
30-Year70.1
30-Year135.0
30-Year140.1
30-Year1514.1
30-Year160.2
30-Year1725.6
30-Year194.9
30-Year2053.0
30-Year238.6
30-Year2432.4
30-Year268.9

Result of Liquidity Enhancement Auction on June 19, 2026 (For JGB Market Special Participants)

Auction DateIssue DateAmounts of Competitive Bids (billion yen)Amounts of Bids Accepted (billion yen)Highest Accepted Spread*Allotment for Bids at the Highest Accepted SpreadAverage Accepted Spread*
6/196/221,897.8648.9+0.020%98.6666%+0.016%
Note

These columns indicate the spreads from the reference rate.

Auction Result of Treasury Discount Bills on June 19, 2026

Issue NumberAuction DateIssue DateMaturity DateAmounts of Compet. Bids (billion yen)Amounts of Bids Accepted (billion yen)Lowest Accepted Price (per 100 yen)Yield at the Lowest Accepted PriceAllotment for Bids at the Lowest Accepted PriceWeighted Average Price (per 100 yen)Yield at the Average PriceAmounts of Non-price compet. Auction Ⅰ* (billion yen)
13896/196/229/249,637.503,150.3899.76300.9224%79.2411%99.76600.9107%949.60
Note

For JGB Market Special Participants.

Interest Rate (June 2026)

Date1Y2Y3Y4Y5Y6Y7Y8Y9Y10Y15Y20Y25Y30Y40Y
6/11.123%1.4%1.558%1.775%1.948%2.094%2.243%2.397%2.538%2.682%3.225%3.567%3.871%3.863%3.8%
6/21.114%1.38%1.522%1.722%1.889%2.019%2.157%2.31%2.447%2.577%3.141%3.493%3.801%3.81%3.742%
6/31.126%1.401%1.56%1.767%1.943%2.077%2.219%2.373%2.508%2.645%3.183%3.521%3.817%3.817%3.748%
6/41.148%1.417%1.579%1.787%1.966%2.105%2.242%2.395%2.535%2.671%3.225%3.554%3.835%3.833%3.749%
6/51.14%1.412%1.574%1.778%1.955%2.096%2.233%2.391%2.532%2.669%3.222%3.551%3.838%3.841%3.753%
6/81.144%1.42%1.588%1.793%1.978%2.128%2.274%2.432%2.575%2.715%3.269%3.604%3.878%3.876%3.789%
6/91.146%1.42%1.582%1.784%1.962%2.101%2.242%2.398%2.537%2.669%3.217%3.543%3.824%3.823%3.759%
6/10%1.147%1.426%1.594%1.796%1.971%2.112%2.257%2.412%2.549%2.681%3.218%3.538%3.806%3.811%3.739%
6/111.149%1.427%1.592%1.792%1.963%2.108%2.258%2.411%2.551%2.682%3.23%3.554%3.821%3.823%3.774%
6/121.15%1.417%1.579%1.772%1.938%2.077%2.218%2.373%2.511%2.643%3.189%3.508%3.77%3.767%3.713%
6/151.141%1.409%1.556%1.743%1.901%2.039%2.175%2.322%2.46%2.589%3.143%3.461%3.73%3.725%3.674%
6/161.147%1.414%1.585%1.783%1.945%2.084%2.227%2.382%2.522%2.655%3.206%3.52%3.763%3.747%3.692%
6/171.139%1.398%1.552%1.745%1.897%2.034%2.182%2.335%2.479%2.613%3.17%3.49%3.741%3.709%3.654%
6/181.146%1.4%1.553%1.746%1.898%2.045%2.193%2.353%2.497%2.628%3.19%3.512%3.765%3.737%3.68%

Treasury Discount Bills to Be Auctioned on June 26, 2026

1. Auction Date:June 26, 2026
2. Issue Date:June 29, 2026
3. Maturity Date:September 28, 2026
4. Offering Amount:About 4,100 billion yen
5. Others:The above offering amount may be changed. In such a case, the revised amount will be announced on the day before the auction date.

[Provisional Translation, June 19, 2026, Ministry of Finance]

Japan-Watching: Ministry of Foreign Affairs of Japan

First Meeting of the Study Group on Strengthening Japan-Africa Economic Partnership

At TICAD 9 held last August, Mr. ISHIBA Shigeru (石破 茂), then Prime Minister of Japan, announced the establishment of the “Study Group on Strengthening Japan–Africa Economic Partnership” as one of the concrete initiatives of the Japanese Government’s policy on Africa. The first meeting of this study group is scheduled for June 18 in a hybrid format.

Under the framework of a “Free and Open Indo-Pacific (FOIP)”, this study group will address African economic integration, a top priority for the African Union (AU). Through strengthening economic cooperation between Japan and Africa, the study group aims to support business expansion of Japanese companies in the African market. To this end, the study group will discuss various topics including measures to promote regional economic integration in Africa, review of trade and investment between Japan and Africa, and the strengthening of economic relations between Japan and Africa. The study group will prepare a report by the end of the fiscal year 2027, which will be submitted to the Minister for Foreign Affairs.

(Reference 1) Japanese Members

Prof. WATANABE Yorizumi (渡邊 頼純), Professor Emeritus, Keio University; Dr. KIMURA Fukunari (木村 福成), President, JETRO Asian Economic Research Institute; Mr. FUJITA Ryoji (藤田 亮二), Executive Officer, Toyota Tsusho Corporation (Representative from Keidanren); WATANABE Tatsuro (渡邉 達郎), Managing Executive Officer, Mitsui O.S.K. Lines (Representative from Keizai Doyukai); IGARASHI Katsuya (五十嵐 克也), Director and Head of International Department, the Japan Chamber of Commerce and Industry; and representatives from the Ministry of Foreign Affairs, Ministry of Finance, Ministry of Agriculture, Forestry and Fisheries, and Ministry of Economy, Trade and Industry.

(Reference 2) African Members

Mr. Lacina Koné, Director General and CEO, Smart Africa Alliance; Mr. Kulekani Mathe, CEO, Business Unity South Africa (BUSA); Dr. E. Olawale Ogunkola, Professor of Economics, University of Ibadan, Nigeria; and representatives from the United Nations Economic Commission for Africa (UNECA), the African Continental Free Trade Area (AfCFTA) Secretariat, and the African Union Commission (AUC).

(Note) In addition, relevant Ministries, agencies, and individuals with expertise are expected to attend depending on the agenda.

(Reference 3) Attachment

Establishment of the Study Group on Strengthening Japan-Africa Economic Partnership [Archived PDF]

G7 Evian Summit

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 G7 Evian Summit Working Session on “Reviving balanced, inclusive, and sustainable economic growth for the benefit of all”. The overview of the session is as follows.

  1. Prime Minister TAKAICHI stated that the G7 and like-minded countries should maintain close communication to reduce uncertainty in the global economy.
    Prime Minister TAKAICHI 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.
  2. Furthermore, Prime Minister TAKAICHI 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 Minister TAKAICHI 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.
  3. Prime Minister TAKAICHI 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 President Donald 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)

(Message from Foreign Minister MOTEGI Toshimitsu [茂木 敏充])

On June 18 (Japan Standard Time), the United States and Iran signed a Memorandum of Understanding and the cessation of hostilities was declared. Japan once again welcomes the fruition of the diplomatic efforts made by the parties as well as the countries that played a role in mediation.

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.

Japan strongly hopes that a final agreement on matters such as Iran’s nuclear issue will be achieved as soon as possible through further negotiations between the United States and Iran. Japan will also support the peaceful resolution of the Iranian nuclear issue including through coordination with the International Atomic Energy Agency (IAEA).

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

From June 21 to June 24, Ms. ERI Arfiya (英利 アルフィヤ), Parliamentary Vice-Minister for Foreign Affairs of Japan, will visit New York, 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.

(Reference) Schedule
June 21Departure from Tokyo
 Arrival at New York
June 22Participation in the United Nations General Assembly High-Level Meeting on HIV/AIDS, etc.
June 23Meetings with representatives of international organizations, etc.
 Departure from New York
June 24Arrival at Tokyo

The 7th Japan-Australia Cyber Policy Dialogue

On June 18, the 7th Japan–Australia Cyber Policy Dialogue was held in Tokyo, Japan.

  1. This whole-of-government meeting was co-chaired by Mr. MIYAKE Fumito (三宅 史人), Ambassador in charge of Cyber Policy and Deputy Director-General of the Foreign Policy Bureau, Ministry of Foreign Affairs (MOFA) of Japan, and Ms. Jessica Hunter, Ambassador for Cyber Affairs and Critical Technology, Department of Foreign Affairs and Trade (DFAT), Australia, with the participation of officials from, on the Japanese side, MOFA, National Cybersecurity Office (NCO), National Police Agency (NPA), Ministry of Defense (MOD), Ministry of Internal Affairs and Communications (MIC) and Ministry of Economy, Trade and Industry (METI), and on the Australian side, DFAT, Department of Industry and Australian Signals Directorate (ASD)’s Australian Cyber Security Centre (ACSC) and Department of Home Affairs (DHA).
  2. 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.
  3. Furthermore, building on the “Japan–Australia Strategic Cyber Partnership” which Ms. TAKAICHI Sanae (高市 早苗), Prime Minister of Japan and the Hon. Anthony Albanese, Prime Minister of Australia concurred on launching at the Japan–Australia Summit Meeting in May of this year, the two sides exchanged views on efforts and cooperation in a wide range of areas including the defense and deterrence of cyber threats, capacity-building, public-private partnerships, and artificial intelligence (AI) and cybersecurity.
  4. Both sides confirmed that they will continue to work closely together in the field of cyber, including through the Japan–Australia Cyber Policy Dialogue.

[from the Ministry of Foreign Affairs of Japan, 18-19 June, 2026]

Songs and Tweaking Our Understanding, Part 2

Let’s look at three songs: “Cabaret” (from the musical of the same title), “Is That All There Is?” and “More Than a Woman” by the Bee Gees.

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 philosopher Maurice 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.

Songs and Tweaking Our Understanding

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…

Notice that “Yesterday, when I was young” is a poetic conceit discussing his youth. Orbiting this thought is a song by Crosby, Stills & Nash, the first of which is “Wasted on the Way”, regretting the singers’ wasted lives. Another is “We May Never Pass This Way (Again)” by Seals & Crofts. These songs tweak our understanding by reminding us in a painful, yet melodious way, that we are all swept along by life’s pressures and events.

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 Portuguese fado, 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.