Executives, Decision-Makers, and Colleagues,

Today, the Japanese team is meeting with Trump to conduct reciprocal tariff negotiations.

It is his first face.

It will set the pattern to come. A lot of uncertainty would vanish. New ones will emerge.

• Make exchange rate fair. Revalue it to a new level. Yen has already appreciated from 159 to 143 to USD. Need to move more? Perhaps another 10%.

• Make investments in the US in selected industries. In case of Japan, Toyota and others to expand in the US pronto along with supplier network. Other companies and products will be singled out.

• Work jointly to reduce costs. Compare marginal costs with China after stripping out their subsidies and unfair exchange states. Jointly we can out compete them.

• There will be no general tariff on the nation. It would be product by product. Reciprocity, reciprocity!

• Intent is to beat China and outcompete it in world markets.

• Gaining market share in world markets with competitive products and services is what balanced trade would be. A new globalization process.

• Japan and US need each other for political and military alliance. Chinese threat is at hand. Circling Australia, Philippines and almost near blockade of Taiwan.

• So some confidential agreements will be made.