Nikkei hits 7-week high on relief over US-Japan summit outcome

Trump and Jinping meet business leaders in Beijing | Thomas Peter-Pool  Getty Images

Trump and Jinping meet business leaders in Beijing | Thomas Peter-Pool Getty Images

Speaking at a joint news conference at Trump's Mar-a-Lago resort in Florida, the US president said he and Abe "have agreed to intensify our trade and investment consultations".

However, the two leaders appeared to be divided over the way to intensify bilateral investment and trade.

Trump and Abe said on Wednesday they had agreed to intensify trade consultations between the two countries but there was no mention of the yen or any concrete measures aimed at reducing the United States trade deficit with Japan.

Although the White House had said golf was not on the official schedule for the leaders, Trump told reporters in a briefing on Tuesday that the pair were "going to sneak out tomorrow morning and play a round of golf, if possible, if we have the time".

But on trade, Trump made clear he would prefer a bilateral trade deal with Japan instead of rejoining the 11-nation TPP Pacific Rim trade pact. Economic Dialogue scheme led by Deputy Prime Minister Taro Aso, who also serves as finance minister, and Pence.

While Japan was aware of the United States' interest in a bilateral free trade deal, Japan continued to prefer the Trans-Pacific Partnership (TPP), a regional trade deal among Pacific Rim countries, Abe said.

"We are likewise fighting very diligently to get the three American citizens back", Mr Trump added. "Bilateral deals are far more efficient, profitable and better for OUR workers". Until recently seen as a shoo-in to win a third term as president of the ruling Liberal Democratic Party in September-giving him a shot at becoming Japan's longest serving premier-Abe is now facing predictions he may step down. For his part, Abe reiterated that the metal shipments posed no threat to USA national security and he'd continue to seek an exception.

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As well as eating, Trump and Abe enjoyed a round of golf, later being joined by their wives Melania Trump and Akie Abe, the Daily Mail reported.

He said maximum pressure must be maintained on North Korea over nuclear disarmament.

Trump said it was clear that Abe cares about the issue deeply.

"While Japan and South Korea would like us to go back into TPP, I don't like the deal for the United States. I gave you [Abe] that promise".

"Denuclearization will be a great thing for World, but also for North Korea!"

The summit was hastily put together after Trump accepted Kim's invitation for a meeting in the next two months, and as the president prepared to implement the metals tariffs. -North Korea summit talks are scheduled to be held, Abe stressed, "This is not a case where Japan will be left behind". According to the U.S. Department of Commerce, the trade deficit was $56.1 billion a year ago.

When asked why Japan wasn't exempted from steel and aluminum tariffs, Trump repeatedly alluded to the US trade deficit with Japan and barriers to USA exports.

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