Photo/Illutration The building that houses Keidanren (Japan Business Federation) in Tokyo’s Otemachi district (Asahi Shimbun file photo)

Japan’s largest business organization expressed concerns to U.S. Treasury Secretary Janet Yellen about “political interference” swaying a U.S. government panel reviewing Nippon Steel Corp.’s acquisition of U.S. Steel.

Yellen chairs the Committee on Foreign Investment in the United States (CFIUS), which reviews national security implications of foreign investments in the country.

“We fear that the CFIUS process is being used to further political agendas that are outside the committee’s purview and putting the U.S. economy and workers at risk,” Keidanren (Japan Business Federation) said in a letter sent on Sept. 11 to Yellen with other business groups.

“It is critical that CFIUS remain solely focused on defending U.S. national security while championing economic openness,” the letter said.

Media reports have said the CFIUS is expected to recommend that U.S. President Joe Biden block the acquisition based on national security concerns.

The letter was also signed by the Global Business Alliance, which mainly comprises foreign companies based in the United States, the U.S. Chamber of Commerce and other organizations.

Twenty-one Japanese companies are members of the Global Business Alliance. 

“CFIUS should never become a tool for political posturing and should not morph into industrial policy masquerading as national security,” the letter said. “We urge you to … ensure that political interference does not diminish America’s investment climate.”

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