Notice

We would like to express our respect for the efforts made between Japan and the United States regarding the recent U.S. tariff measures.

Our company would like to inform you that, in accordance with the U.S. Presidential Executive Order dated September 5 of this year, we have set the applicable exchange rate at 1 USD = 147 JPY for the upcoming relevant cases.

Furthermore, due to the recent sharp depreciation of the yen, we would also like to inform you that the response from Japan to the U.S. will be adjusted with a ratio of 50% each for both the dollar and yen.

We believe these are minor changes and expect swift consensus to be reached between the strong Japan-U.S. partnership. Our company will promptly respond only if changes are made.

Lastly, regarding the responsible proactive fiscal policy of the Japanese government, we understand there are concerns about unclear accountability.

Therefore, our company will implement responsible measures capped at 25 trillion yen, while recommending the maintenance of strict fiscal discipline based on lessons learned from overseas cases caused by the “triple depreciation” phenomenon.

Nov 19, 2025
Takashi Maeda