In the recent turn of events, the economic minister of Japan flagged the potential foreign acquisition of its retail giant Seven & i. According to Reuters, the Japanese Economy Minister, Ryosei Akazawa, was the first senior official to comment on the $47 billion buyout offer by Canada’s Alimentation Couche-Tard.
Moreover, in September 2024, Seven & i was designated as “core” to Japan’s national security, prompting speculation about whether it was a defensive strategy. At the time, the finance ministry clarified that this classification would not impede a potential buyout. The owner of 7-Eleven convenience stores has declined Couche-Tard’s offer, with its founding family now exploring plans to take the company private to block the takeover attempt.
In the statement, Akazawa stated, “Speaking about a potential acquisition of Seven & i, I think the matter is heavily related to (national) security.” He further stated that the convenience stores and their distribution networks could serve as vital resources during disasters, helping deliver hot meals to people in affected areas. Akazawa shared this perspective when discussing the rise of global protectionism tied to national security, exemplified by U.S. President Joe Biden’s move to block Nippon Steel’s $14.9 billion bid for U.S. Steel.
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When asked about the possibility of Bank of Japan rate hikes, Akazawa expressed curiosity about whether current interest rate levels were normal while emphasising that decisions on monetary policy rest with the BOJ.
