AsianFin -- Leaders of Japan’s three major business organizations have openly expressed their dissatisfaction following the U.S. government's decision to block Nippon Steel’s acquisition of US Steel. The move, ordered by U.S. President Biden, has sparked concerns within Japan’s business community.
Japan Business Federation (Keidanren) Chairman Masakazu Tokura lamented the decision, noting that Japan is the largest investor in the US, and blocking such acquisitions on national security grounds could strain US-Japan relations. Japan Chamber of Commerce and Industry (JCCI) Chairman Takatoshi Kobayashi criticized the action, stating it could sow distrust in the US-Japan alliance.
Shinobu Kanemoto, Representative Director of the Japan Association of Corporate Executives (Keizai Doyukai), questioned the decision, highlighting that the acquisition would have been beneficial for both Japan and the U.S., particularly for the U.S. automotive industry’s need for high-quality steel. He urged Nippon Steel to “fight to the end” in its efforts.
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