Joint Statement from Ambassador Jamieson Greer and Mexican Secretary of Economy Marcelo Ebrard

*US STARTS SECTION 301 PROBE OF GERMANY OVER PHARMACEUTICALS USTR Announces Initiation of Section 301 Investigation of Germany’s Persistent Underpayment for Innovative Pharmaceutical Products Today, U.S. Trade Representative Jamieson Greer initiated an investigation under Section 301 of the Trade Act of 1974 against Germany. This investigation will seek to determine whether persistent underpayment for innovative pharmaceutical products by Germany is unreasonable or discriminatory and burdens or restricts U.S. commerce. This investigation follows months of meaningful discussions with our German partners in an effort to resolve this issue. “President Trump has made clear that American patients should not be shouldering a disproportionate share of global pharmaceutical research and development,” said Ambassador Greer. “I am particularly concerned with news that Germany is fast-tracking legislation that would further reduce its spending on innovative pharmaceuticals. This is a serious step backwards at a time when our trading partners need to step up and start paying their fair share to fund innovative pharmaceutical research and development. We believe that the United States and Germany can find a path forward that expands access to the most innovative drugs for the German people while ensuring fair reimbursement for the pharmaceuticals made by American workers." “On April 2, 2026, the United States and the United Kingdom announced a ground-breaking arrangement on pharmaceutical pricing that will help drive investment and innovation in both countries. Germany should follow suit with constructive negotiations to address this imbalance.” “Fighting the war against disease is a shared burden across wealthy nations,” said U.S. Department of Health and Human Services Secretary Robert F. Kennedy, Jr. “The United States is calling on Germany to pay its fair share for the innovative treatments its people use. I commend Ambassador Greer for his leadership in confronting this imbalance. Fair reimbursement strengthens medical innovation and helps ensure the development of the next generation of lifesaving cures.”

The Bank had been conducting money market operations in accordance with the guideline for money market operations decided at the previous meeting on March 18 and 19, 2026.8 The uncollateralized overnight call rate had been in the range of 0.726 to 0.728 percent. Meanwhile, in March 2026, the Bank conducted Japanese government bond (JGB) purchases of about 2.9 trillion yen per month. In April 2026, it cut down the monthly purchase amount by about 200 billion yen, to about 2.7 trillion yen per month; this was in accordance with the JGB reduction plan decided at the June 2025 meeting. In the money market, the uncollateralized overnight call rate had been at around 0.75 percent. The general collateral (GC) repo rate had been at around the same level as the uncollateralized overnight call rate. As for interest rates on term instruments, yields on threemonth treasury discount bills (T-Bills) were more or less unchanged. The Tokyo Stock Price Index (TOPIX) had risen in line with stock prices in the United States and Europe, although the rise was more modest than in those markets, with attention being drawn to factors such as a deterioration in the terms of trade reflecting the rise in crude oil prices. Yields on 10-year JGBs ha BOJ April meeting minutes: many members want more time to assess Middle East impact on Japan’s economy, prices