Japan’s Industrial Output Falls 0.6% in July

Negotiations for a multilateral Pacific Rim free trade agreement may be halted if the 12 participating countries cannot strike a broad deal before a general election in Canada in October, Japanese Economic and Fiscal Policy Minister Akira Amari said Friday.

“After election campaigning starts in Canada, it will be difficult” to continue negotiations, Amari said in an interview with Kyodo News.

“Looking at the situation from the standpoint of all 12 countries, we don’t know what will be the outcome of the Canadian election,” Amari said, adding the start of U.S. presidential election primaries early next year would also affect momentum for concluding a Trans-Pacific Partnership deal.

But Japan is not pressed for time due to its domestic political schedule, and Tokyo is not planning to make easy concessions just because there will be a House of Councillors election next summer, said Amari, the Japanese minister in charge of the TPP negotiations.

Amari expressed hope for holding the next ministerial meeting by the end of September, mentioning telephone talks between Japanese Prime Minister Shinzo Abe and U.S. President Barack Obama on Wednesday in which the two leaders agreed to keep on working together for an early resolution of the TPP.

“If we cannot hold a ministerial meeting in August, it is natural to consider September. Who would offer (concessions) when there is no (deadline for negotiations)?” Amari said.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza