Kono warns against political interference in business transactions

Taro Kono, a prominent executive at Japan’s ruling Liberal Democratic Party, stressed Thursday that government decisions should not be influenced by attempts to curry favor with labor unions. The statement comes after reports that U.S. President Joe Biden could block Nippon Steel’s takeover of U.S. Steel.

During a news conference where he outlined his policy promises for the Liberal Democratic Party leadership race, Kono argued that government interference in individual business deals is counterproductive because such buyouts can benefit both the acquired companies and their regions.

The winner of the Liberal Democratic Party leadership race will become prime minister of Japan, making Kono’s position particularly significant.

(Based on information from the agency.)