Photo/Illutration Economy minister Yoji Muto speaks on Jan. 8 in Tokyo at a meeting with the leaders of Keidanren, which represents Japan’s largest companies. (Hiroaki Kimura)

Economy minister Yoji Muto met with the nation’s business leaders on Jan. 8, pledging to address challenges facing Japanese investors in the United States.

“It is extremely important to create an environment where Japanese businesses can make investment decisions with confidence in the U.S.,” Muto told senior members of the Japan Business Federation (Keidanren).

“I will convey this message clearly to the next U.S. administration to further strengthen the bilateral economic relations in a way that benefits Japan’s national interests,” he added.

The comments follow the recent intervention by U.S. President Joe Biden blocking the acquisition of U.S. Steel by Japan’s Nippon Steel Corp.

Officials from Keidanren, Japan’s largest business lobby, expressed concerns about the incoming administration of Donald Trump, citing potential unilateral trade policies that could disregard international rules.

There were also discussions about the need to explore rules curbing trade restrictions imposed by the United States in the name of its national security.

With this spring’s nationwide annual labor negotiations approaching, Muto emphasized the importance of maintaining momentum for wage increases.

“This year is a critical time to solidify the movement for wage hikes,” he said. “I hope to see wage increases this year with the same drive that led to last year’s significant rise, the highest in 30 years.”

In response, Keidanren officials highlighted that more small and midsize businesses need to pass costs onto customers to secure the resources to fund wage hikes.

The meeting also covered a range of topics, including economic security, energy policies and measures to boost the nation’s global competitiveness.

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