Editorial

16:35 JST, July 2, 2025

Although it was confirmed that the economy remains robust, there is a possibility that the adverse effects of the tariff policy by U.S. President Donald Trump will appear in earnest in the future. It is important for Japanese firms to ascertain the development of the tariff policy and map out business strategies.

The Bank of Japan has released the results of its Tankan quarterly economic survey for June. The diffusion index indicates corporate business confidence. The index for large manufacturing companies — a leading indicator — was 13, up 1 percentage point from the previous quarter, marking improvement for the first time in two quarters.

This is the first Tankan survey since the U.S. government imposed “reciprocal tariffs” and additional tariffs on automobiles in early April. Therefore, many in the financial markets had expected a second........

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