President Donald Trump announced “significant progress” in tariff discussions with Japan on Wednesday. These talks marked one of the initial face-to-face meetings since his imposition of duties on global imports, which had previously unsettled markets and raised concerns about potential recession.

Japan did not anticipate President Trump’s direct involvement in Wednesday’s discussions, considering them as a basic, fact-finding exercise. This suggests that Trump intends to maintain strict oversight over negotiations with numerous countries in the upcoming days and weeks.

Tokyo also aimed to confine the discussions to matters of trade and investment. However, in his announcement early Wednesday, Trump stated that complex issues, such as Japan’s financial contributions to hosting US troops, would be included in the discussion.

“A Great Honour to have just met with the Japanese Delegation on Trade. Big Progress!” Trump posted on social media, without providing specific details of the discussions.

Representing Japan was Ryosei Akazawa, a close associate of Prime Minister Shigeru Ishiba, serving as the Minister of Economic Revitalisation.

Following the talks, Akazawa told reporters that both parties had agreed to a second meeting later in the month. He added that Trump emphasized the importance of reaching an agreement with Japan.

Akazawa clarified that exchange rates, which the Trump administration has accused Japan and other nations of manipulating for trade advantages, were not addressed during the discussions.

Following his remarks on forex, the dollar strengthened against the yen, increasing by approximately 0.5%. Tokyo has denied manipulating its yen currency to make its exports more competitive.

Akazawa held a 50-minute meeting with Trump at the White House, followed by another session lasting nearly an hour and a half with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer, according to Japanese accounts of the talks.

The Japanese Prime Minister, who had previously stated his intention to avoid rushing into a deal and making significant concessions, adopted a more cautious tone when speaking to reporters in Tokyo.

“Of course, the negotiations will not be easy going forward, but President Trump has stated that he wants to give top priority to the talks with Japan,” Ishiba stated.

Italian Prime Minister Giorgia Meloni is scheduled to visit the White House on Thursday to discuss tariffs imposed on the European Union with Trump, while Bessent has invited South Korea’s finance minister to Washington for discussions next week.