Kono Warns Against Political Interference in Business Deals

Taro Kono, a key figure in Japan's ruling party, advised against government interference in business acquisitions, referencing U.S. President Joe Biden's reported move to block Nippon Steel's purchase of U.S. Steel. Kono, currently campaigning for the leadership of the Liberal Democratic Party, emphasized that such buyouts can benefit companies and regions.

Taro Kono, a prominent executive in Japan's ruling Liberal Democratic Party, stressed on Thursday that government decisions should remain uninfluenced by attempts to gain favor from labor unions. This statement follows reports that U.S. President Joe Biden may obstruct Nippon Steel's acquisition of U.S. Steel.

During a press conference outlining his policy pledges for the Liberal Democratic Party's leadership race, Kono argued that governmental intervention in individual business deals is counterproductive, as such buyouts can be advantageous for both the target companies and their respective regions.

The winner of the Liberal Democratic Party's leadership race will assume the role of Japan's Prime Minister, making Kono's stance particularly significant.

(With inputs from agencies.)