We start this hour on the dollar yen exchange rate. US President Donald Trump's renewed call for lower interest rates prompted investors to sell the dollar against the yen in Tokyo on Tuesday. The Japanese currency briefly rose to the 139 level to reach a seven-month high. There was also speculation in the market that US Treasury Secretary Scott Besant may favor a weaker dollar when he meets Japanese Finance Minister Kato Katsunobu. Kato is due to visit Washington this week.
Meanwhile, gold has soared to a record as Trump's comments boosted demand for the metal as a safe haven. Some investors are also moving money outside the US. At the Osaka Exchange on Tuesday, gold futures for delivery in February 2026 briefly topped 15,700 yen per gram, or about 112 dollars, the intraday record.
Japanese gold dealer Tanaka Precious Metal Technologies set its retail gold price at a record high of 17,160 yen per gram, that's roughly 122 dollars.
Now, President Trump is continuing to lash out at the chair of the Federal Reserve. He wants Jerome Powell to immediately slash interest rates to prevent the economy from slowing. He's even calling the Fed chief Mr. Too Late. Trump says many are calling for pre-emptive cuts. He claims there is virtually no inflation, with energy costs way down and food prices substantially lower. Trump has been repeatedly demanding in social media posts and comments that Powell cut interest rates. But Powell continues to maintain a cautious stance on an early rate cut, saying he needs to see how tariffs will impact prices. The Fed chair has said he and his fellow policymakers are well-positioned to wait for greater clarity before making any changes. A senior Trump administration official revealed on Friday the president is thinking about dismissing Powell before his term ends in May 2026. The Wall Street Journal says any attempt to oust Powell would almost certainly end up before the Supreme Court. Now for more on this tit-for-tat between the US president and the Fed chair, I earlier spoke with NHK senior economic commentator Sakurai Daiko.
Trump has been making a big flash over his economic approach. What really is his goal here?
Well, President Trump knows he desperately needs a strong, if not a solid, US economy, or he will lose the people's support. And in a sense, he has a deadline. Trump will mark his first 100 days in office later this month. More importantly, the midterm elections are coming up next year. But so far, the economy is on shaky ground.
His tariff policies have sent stocks tumbling, since higher tariffs mean bigger price tags for US consumers.
April's consumer sentiment was at its lowest since the pandemic. And investors are worried the US economy won't withstand the looming specter of inflation. This is where Trump's fight with Powell comes in. Powell gave a speech last week saying the Fed likely won't rush into a decision. He implied it won't lower interest rates immediately to support the economy, though Trump wishes it would.
But if the US economy is going to deteriorate, why not lower the rates?
Well, Powell said the scale of Trump's tariffs far exceeded expectations.
They're even larger than the US duties imposed during the Great Depression. And that may trigger what's known as stagflation, a mix of stagnation and inflation. As the name implies, that's when you have higher inflation and slower growth. Powell even went on to say that policy shifts from the White House may lead to changes in the supply chains, making inflation more persistent. In that case, it will be even harder for the Fed to lower rates. And that angered Trump, who likely felt it was a stab in the back when he wanted the Fed's unwavering support. The next monetary policy meeting will be coming up in two weeks. But realistically, it looks difficult for Trump to fire Powell. The market would probably react negatively. People may sell more US government bonds over fears the central bank will lose its independence.
Now, the Trump administration is trying to negotiate new trade deals with countries like Japan. But will that actually be enough to keep this country's economy going?
But the Japanese side may be reluctant, since they are facing an upper house election this summer. US officials are likely to press for a deal in that upcoming meeting Thursday.
They've been open about how they want to get these agreements done. Ironically, that might not be the best strategy.
The markets like common stability. The more vocal the US officials are about their demands, the more skittish the markets will get. And that will just slow US economic growth even more.
People around the world are mourning the passing of Pope Francis. The Vatican says his death was caused by a stroke and heart failure. He died on Monday at the age of 88.
It was very airy being in Rome when that happened. Yeah, it was very sad.
I'm just very shocked because we've been planning on coming here for like five, six months. And when he got sick, I was like, oh, please don't let him go. And then he'd go on the day we get here. Oh my God. It's very sad.
Francis was born in Argentina. He became the first Jesuit and Latin American pope when he became the leader of the Roman Catholic Church in 2013.
He was known for his modest lifestyle, friendliness, and reaching out on a personal level to the faithful. The Pope was a strong advocate for world peace. He called for peaceful resolutions to the ongoing conflicts in Ukraine and the Gaza Strip.
The Pope was a strong advocate for peace.
World leaders also pay their respects.
This was a man I want to emphasize once again, who had a highly positive attitude toward Russia.
Ukrainian President Volodymyr Zelenskyy posted on social mediasaying the Pope prayed for peace in Ukraine and for Ukrainians.
United Nations Secretary-General Antonio Gruterich also commented.
Pope Francis was a messenger of hope, humility, and humanity. He was a transcendent voice for peace, human dignity, and social justice. He leaves behind a legacy of faith, service, and compassion for all. Especially those on the margins of life or trapped by the horrors of conflict.
The Israeli President Isaac Herzog posted on social media saying he truly hopes the Pope's prayers for peace in the Middle East and for the safe return of hostages in Gaza will soon be answered. Reuters quoted the President of the Palestinian Authority, Mahmoud Abbas, as saying that he mourned the Pope as a loyal friend of the Palestinian people and a global advocate for peace and justice. US Vice President J.D. Vance had just met the Pope at the Vatican the day before his death. He said he was happy to see him, though he was obviously very ill, and added, May God rest his soul.
President Trump also paid tribute.
He was a good man, worked hard. He He loved the world.
Trump ordered the flags to fly at half mast in his honor. US media outlets say the funeral is expected to take place in four to six days.
The Pope is said to have requested a simple ceremony within 15 to 20 days. The Vatican will summon Cardinals Jerome to take part in a selection process known as a conclave, depict the new leader of the Roman Catholic Church.
Survivors of the atomic bombings in Japan are among those grieving the loss of the Pope. He was a strong advocate for abolishing nuclear weapons, and in 2019, he became the first pontiff to visit Japan in 38 years.
In Hiroshima and Nagasaki, Francis called for the abolition of nuclear weapons.
During the visit, survivor Kashimoto Yoshiko, now 94 years old, spoke with the Pope.
He was very warm, like a father. I remember clearly that he said people cannot call for peace while possessing nuclear weapons. I intend to pass on his message for as long as I can do so.
Wada Masako was exposed to radiation in Nagasaki. She's a member of the survivors' group Nihon Hidankyo, which won the Nobel Peace Prize last year.
She met the pope at a conference held at the Vatican in 2017. Wada said she found Francis to be as kind as he looked. She said he showed great empathy with the survivors and anyone else who was subject to discrimination.
She recalled that the Pope said the mere possession of nuclear arms was deplorable, and also asked that a photo of a young atomic bombing victim carrying his dead brother on his back be printed and distributed. Prime Minister IShiba Shigeru released a statement saying he was extremely saddened to hear the news. Ishiba says the pontiff delivered a powerful message of peace in Hiroshima and Nagasaki.
The prime minister also expresses his heartfelt condolences on behalf of the government and people of Japan.
Catholic monks at a Jesuit monastery mourned the pope's death together in Tokyo. A priest who had a close friendship with him led the service.
You know, we would like to pray for the Pope, who passed away yesterday.
Let's keep him in our hearts.
Juan Haidar studied under Pope Francis and is also from Argentina. He says the Pope greatly changed the church.
Pope Francis was my ideal senior and priest. He was a truly straightforward person and easy to talk with. I think he had a beautiful life.
Haidar says while many people think you need money or power to change the world, the Pope showed you can do so through kindness and good acts.
Japan's Prime Minister Ishiba has met with new US Ambassador to Japan George Glass. The Prime Minister hopes they can work hand-in-hand to strengthen the alliance between the two countries.
Ishiba met Glass at the Prime Minister's office on Tuesday. Glass arrived in Japan last week.
I want Japan and the US to deepen dialogue on ways to strengthen our alliance and whatever we can do for world peace and stability.
I truly appreciate your long history with the United States. I look forward to working with Japan to draw this friendship closer.
Ishiba and Glass discussed bilateral tariff negotiations, North Korea's abductions of Japanese nationals and the ongoing World Expo in Osaka. They also touched on a series of crimes and accidents involving US military personnel in Japan. Ishiba said it is vitally important to deal with such cases appropriately in order to increase confidence in the Japan-US alliance. He asked the ambassador to make efforts to prevent any further incidents.
Glass responded that he takes the issue seriously. He promised to fully cooperate. After the talks, the new ambassador said the most important topic was the economy.
We covered a number of topics. First and foremost, the economic talks that our two countries are having together. We've got the best and brightest from both our countries together, sitting down and talking about how we can make our economy stronger and work better together. And so I'm very optimistic on on the results of that.
He also said he's looking forward to maybe meeting with the families of the Japanese who were abducted by North Korea.
Russia says it is pleased with a peace plan reportedly made by the Trump administration that includes the US ruling out Ukrainian membership in NATO.
The Wall Street Journal reported on Sunday that Washington proposed a peace plan to Ukraine, including potential recognition of Russia's annexation of Crimea. The newspaper quoted Western officials as reporting that the ideas were outlined in a confidential document presented by senior Trump administration officials to their Ukrainian counterparts on Thursday. Kremlin spokesperson Dmitry Peskov said on Monday that the proposals coincide with his country's position that Ukraine should not be a member of NATO. He said President Putin and the Russian side remain open to seeking a peaceful solution and continuing to work with the US side, while declining to discuss a time frame. Putin said on Monday that combat activity by Ukraine decreased during the ceasefire he unilaterally declared for Easter.
There has been a reduction in activity. We welcome that and we are ready to look to the future.
Trump wrote in a social media post on Sunday that he hopes Russia and Ukraine will make a deal this week.
Harvard University has filed a lawsuit to block the US government from freezing billions of dollars in federal funding. It comes as the White House has demanded the school reform its student discipline policies and end all diversity, equity and inclusion programs.
Students and faculty have staged rallies in support of Harvard's resistance to the Trump administration after it announced the partial freeze last week. Harvard had rejected the new conditions imposed to continue receiving federal funding.
The White House claims the university's lack of action against alleged anti-Semitism on campus as justification for its demands.
Harvard filed suit with a federal court in Massachusetts on Monday. It accuses the administration of using the funding to try to gain control of academic decision-making at the university. It called the freeze unlawful and beyond the government's authority.
Harvard President Alan Garber said in a statement that the government's actions have what he called stark real-life consequences for students and researchers. He added that the global standing of American higher education would also be affected. The New York Times said the lawsuit represented a significant escalation of the ongoing fight between higher education institutions and Trump.
Now let's go to Gene Ohtani for business stories. Gene?
Thanks, Miki. Kicking off our business newscast this hour. Japan's trade minister says he will look into the country's electrical electric vehicle charging standards as a potential talking point with the US. He cited the Trump administration's concern about non tariff barriers.
My understanding is US EVs can still use an adapter in Japan's charging stations.
If the standards turn out to be a non-tariff barrier, as Washington says, they will likely be on the agenda for trade negotiations with the US. I think a review is necessary.
The Office of the United States Trade Representative said Japan's government subsidies for EV charging stations constitute a non-tariff barrier. They require compatibility with Japan's Chademo charging standards. Japanese government sources say President Trump was dissatisfied during the tariff talks with Japanese Economic Revitalization Minister Akazawa Ryosei. The president stated that there are no American cars running on Japanese roads.
Japanese Prime Minister Ishiba Shigeru is expected to discuss US trade tariffs during planned visits to Vietnam and the Philippines next week.
The leaders may talk about how the new levies announced by Trump could affect the world's economic end, the free trade system. They will likely share information on claims made by the US administration. Ishiba may also stress that it is important for Japan and the two nations to strengthen security cooperation in light of China's increasing maritime activities. Ishiba is expected to emphasize the importance of a free and open international order based on the rule of law. Amid tit-for-tat tariff announcements between Washington and Beijing,Chinese President Xi Jinping visited Vietnam, Malaysia and Cambodia last week. The Chinese leader appears to be deepening his ties with these countries to counter the Trump administration.
Ishikawa Prefecture on the Sea of Japan coast has become enormously popular with foreign visitors. The number of travelers has shot up in recent years, but for locals,It's not all good news, especially when it comes to providing accommodations. NHK World's Yamazaki Rina reports.
The city of Kanazawa goes by the nickname Little Kyoto. Like Japan's ancient capital, it boasts many historic streets and buildings.
According to the Japan Tourism Agency, About 2.3 million foreigners stayed at hotels and inns in the prefecture last year. That was more than double the year before. There was an especially sharp jump in those from Europe, notably Spain, Germany, and France.
That's our honeymoon. I'm seeing it. Ohh But yeah, it's really beautiful. That's the first city that we see. with historical buildings, because in Japan it's not that easy to to find, so yeah.
It's less crowded than Tokyo, easier to get around, easier to navigate.
At this five-star inn in Kanazawa, three-quarters of the guests were foreign tourists last year.
We have renovated our warehouse and added more rooms for accommodation. The inn has six rooms. The price per night, including meals, is around $500 per person.
I read about it in a travel book. We went to the Gold Leaf Museum today.
However, in some cases, even when rooms are available, reservations must be refused. That's because there just aren't enough staff. Before the COVID pandemic, the inn employed around 50 people. Now, it only has about 40.
During the peak season, it is impossible to accept the bookings for all the rooms.
At busy times, we have to cover not only the day's early shifts, but the whole day as well. So it can be very hard, very busy.
I have to keep turning down more and more bookings. I feel bad for customers that I have to turn people away.
The prefecture recognizes the problem that some facilities cannot accept overnight stays due to a shortage of staff, even though rooms are available.
An expert in local economies says this may be a case of supply constraints, where services cannot be offered due to lack of human resources.
In Ishikawa Prefecture, there are many small inns and hotels, so it is difficult to make efforts on an individual basis. They need to work together with nearby regions and tourist areas to get the people they need.
Overseas tourism is a key contributor to the local economy. Hotels and inns are an essential part of this. So, swift measures are needed to address an urgent problem. Yamazaki Rina NHK World.
OK, let's have a look at the markets.
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And that's it for business news.
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And it's time for a check of the weather with our meteorologist Jonathan Oh. So Jonathan, after a few days of sunshine, we're seeing more clouds and feeling a bit of breeze in Tokyo. What's up next for us Wednesday?
It's likely going to be a wet one. We have a couple of low pressure systems.
Coming out of China and the Korean Peninsula and that's helped to bring some rain back toward the West, the western portion of Japan also picking up on the precipitation. We go into Wednesday and pretty much the entire country looking at wet weather from Hokkaida down toward Okinawa because of a couple of these systems may still be on the breezy side as well. And the temperatures in Tokyo at least are going to be slightly cooler than what we've been seeing mid 20s down to around 20 for the daytime high, but with the clouds and the rain it may even feel a little bit cooler because of the. So looking at the next 24 hour showers spreading from the western portion of Japan and then all the way to the east and north. And so yeah, you're going to need those umbrellas. Here's a look at the forecast 16 for the highest Sapporo also in Sendai, 20 in Tokyo, 24 in Osaka, down to 17 Fukuoka with some rain. We should be seeing the skies drying up as we go toward Thursday and temperatures likely rebounding once again.
Speaking of wet weather, we're looking at what's happening acrossNorth America. We had some strong storms over the weekend down toward the Deep South. And as we go through the day on Tuesday, even extending into Wednesday, portions of the southern plains likely to see some strong to even possibly severe thunderstorms. And so for those of you located in the western portions of places like Oklahoma into Kansas and down toward Texas, look out for the major focal point of possible stronger storms as you go through Tuesday, rain to Denver, also into Houston, thunderstorms in Chicago with high of 21 for Tuesday.
Look at what's happening across Europe. We have one system that's moving across the South, a couple of that in fact, and we have another system coming in from the West. And so guess what, we're talking about some rain in places like Paris to Madrid and Rome. Athens looking high of 21 for Tuesday.
Hope you have a good day wherever you are.
♫～
And that is all for this edition of NHK Newsline. I'm Yamamoto Miki in Tokyo.
Thank you for staying with us on NHK World Japan and please stay tuned for more.
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