Japan’s central bank should raise rates when its policy board meets this week, and failure to do so will weaken the yen and exacerbate inflation, said Takeshi Niinami, chief executive officer of Suntory Holdings Ltd.

Japan last week struck a trade deal with the U.S. that lowers tariffs on cars and other goods to 15% in exchange for a U.S.-bound $550 billion Japanese investment package.

A magnitude-8.7 earthquake in Russia’s Far East early Wednesday prompted tsunami warnings in parts of Japan, Alaska and Hawaii.

William Sposato is a Tokyo-based journalist who has been a contributor to Foreign Policy since 2015. He has been following Japan’s politics and economics for more than 20 years, working at Reuters and the Wall Street Journal. He is also the co-author of a 2021 book on the Carlos Ghosn affair and its impact on Japan.

Japan said on Tuesday the trade agreement it struck with the U.S. cleared uncertainties on U.S. trade policies but continued attention needs to be given to risks of those policies putting downward pressure on the Japanese economy.