7 out of 10 Japanese Businesspeople Expect US Biden to Ease Sanctions on China

Survey Results from Representatives of 141 Major Companies

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Japanese business leaders are expressing expectations that the overall business environment will improve with the inauguration of the next U.S. administration under Joe Biden in January next year, including easing sanctions on China and strengthening relations among allied countries.

On the 29th, a survey conducted by Nihon Keizai Shimbun targeting chairpersons and presidents of 141 major Japanese companies showed that 68.2% responded that the Biden administration should ease sanctions on China, more than twice the 30.7% who preferred to maintain the status quo. Specifically, 72.3% said additional tariffs on Chinese products should be eased, the highest proportion, and 59.2% supported lifting visa restrictions on Chinese nationals.

A CEO of a major paper manufacturing company said, "Due to the slowdown in the Chinese economy, consumption is decreasing, inventory in China is increasing, and product prices are falling." Hirota Yasuhito, president of ASICS, stated, "Easing U.S.-China economic frictions will have a positive impact on the global economy."

Regarding individual policies of the next Biden administration, respondents evaluated international cooperation and environmental measures positively. 70.2% supported "rejoining the Paris Climate Agreement," 66% favored "strengthening relations with allied countries," and 61.7% backed "a $2 trillion investment in environmental infrastructure over the next four years." Nikaku Akihiro, president of Toray, said, "We expect to expand the contribution of our advanced technologies and materials by accelerating the realization of a society based on electric vehicles and renewable energy."

Regarding the Tokyo Olympics and Paralympics, postponed to next year due to the COVID-19 pandemic, 90.1% overwhelmingly responded that the events should be held in the summer of next year. Although the economic effects of the Olympics will be significantly reduced compared to before COVID-19, there were opinions that positive psychological effects can be expected.

This content was produced with the assistance of AI translation services.