Government to Establish First Postwar National Intelligence Agency on July 31, Centralizing Intelligence Functions

The government will launch the National Intelligence Agency on July 31, centralizing intelligence gathering and analysis functions. Meanwhile, the yen exchange rate has hit a 40-year low, and the Bank of Japan is considering an early interest rate hike. Ruling and opposition party consultations over a consumption tax reduction have not reached an agreement, and the decision is likely to be left to Prime Minister Takaichi. Emergency transport due to heatstroke has exceeded 10,000 people in one week, as a record heatwave continues.

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Government to Establish National Intelligence Agency as of July 31 Under the first director, it will be upgraded from the Cabinet Intelligence and Research Office and will be launched with about 700 personnel. It will serve as the secretariat for the Cabinet Intelligence Council and will strengthen intelligence functions, with an eye to establishing an external intelligence agency. 1 2

Yen Exchange Rate Hits 40-Year Low, BOJ Considers Early Rate Hike It has fallen to the 163 yen per dollar level, a yen depreciation level not seen since 1986. The Bank of Japan is internally discussing a rate hike earlier than market expectations, and the meeting at the end of this month is drawing attention. 3

Prime Minister's Secretary Denies Defamation Video Allegations, Submits Statement to Diet Prime Minister Takaichi submitted a sworn statement from her first publicly-funded secretary to the House of Representatives Budget Committee, denying the creation, dissemination, or request. The opposition parties demand a review during the Diet recess, saying it is insufficient to clear up the allegations. 4 5

Ruling and Opposition Parties Clash Over Consumption Tax Cut, Likely to Be Left to Prime Minister's Judgment At a working-level meeting of the National Council on Social Security, the ruling party's proposal to lower the tax rate on food by 1% clashed with the opposition party's proposal for cash handouts. In the interim report, both claims will be stated, and Prime Minister Takaichi is expected to make the final decision. 6 7

Heatstroke Transportations Exceed 10,000 in One Week, Record Heatwave Continues From July 13 to 19, 10,857 people were transported to hospitals across the country, breaking the 10,000 mark for the first time this year. Those aged 65 and over accounted for 60%, and 14 people died. Locations exceeding 40 degrees Celsius continue almost daily. 8 9