Japan's Prime Minister Shigeru Ishiba attends his New Year's news conference in Ise, central Japan, January 6, 2025. [Photo/Agencies]
Japanese Prime Minister Shigeru Ishiba on Monday urged the White House to address the concerns of Japan's industrial sector and clarify the issue of "national security" cited in sinking Nippon Steel's acquisition plan for US Steel.
At a news conference in Ise, Mie Prefecture, Ishiba addressed a question regarding US President Joe Biden's decision against Nippon Steel's proposal, stating: "We take this matter very seriously and cannot afford to ignore it. While it would be inappropriate for the Japanese government to comment on individual corporate management cases under review based on US domestic law, we strongly urge the US government to address these concerns."
Biden on Friday justified the decision by citing risks for US national security and critical supply chains.
In response, Ishiba stressed the need for clarity: "As for why national security is cited as an issue, it must be clearly explained; otherwise, future discussions on the matter will not work. I believe that the points I have just made are very important for our future relationship, no matter how close we are as allies."
Biden's move is not a surprise but could have implications for future foreign investment in US companies, CNN reported.
On the same day, Japan's Minister of Economy, Trade and Industry Yoji Muto expressed strong disappointment over the decision, calling it "extremely regrettable".
Muto acknowledged the concerns raised by Japan's industrial sector in response to Biden's decision and emphasized the need to address them, including providing an explanation of the judgment made during the review process by the Committee on Foreign Investment in the United States.
"It is crucial to create an environment where companies can make investment decisions with confidence," Muto said.
Nippon Steel and US Steel have jointly filed lawsuits against the US government after Biden blocked the Japanese company's takeover of the US firm, NHK reported on Monday.
jiangxueqing@chinadaily.com.cn
