[Capture News] "I didn't know U.S. would do this to an ally's company"...The Japanese government's 'boiling'

Complaints are mounting in Japan after President Biden decided to disallow Japan Steel's acquisition of US Steel.

Japan's Economy, Trade and Industry Minister Yoji Muto issued a late-night comment, saying President Biden's judgment was difficult to understand and regrettable.

At the same time, he stressed that there are strong concerns in the Japanese industry about future investments between the U.S. and Japan, and that the Japanese government is taking them seriously.

In a joint statement, Japan Steel and US Steel also criticized the decision as an apparent political judgment.

The Yomiuri Shimbun has so far ordered the suspension of the acquisition based on the review of the Foreign Investment Review Committee under the U.S. Treasury Department,
In seven of the
cases, China-related companies were the subjects of the acquisition, and allies said there was no precedent.

He also said he prioritized President Biden's support base, labor union intentions, over economic rationality, and pointed out that it would leave a stir in U.S.-Japan relations.

Japan then ranked No. 1 in total investment in the U.S. for five consecutive years until 2023, and stressed that it will also adversely affect investment in the U.S.

The Asahi Shimbun also introduced the remarks of a Japanese economic ministry official who claimed that the acquisition was without any problems, saying that complaints were swirling in the Japanese government, which had supported the acquisition.

Nippon Steel is expected to file a lawsuit against the U.S. government to claim procedural defects in the no-take order.

However, it is unlikely that the U.S. court will actually accept Japan Steel's argument,

The struggles of Japan Steel and the Japanese government over future responses are expected to deepen.

I'm Kim Se-ho from YTN in Tokyo.

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