After falling in 1996, the trade gap between America and Japan is now rising rapidly again.
Mr Takenaka hinted that he and his team needed to co-ordinate with the Bank of Japan, since rising prices would be more helpful than falling ones.
But analysts said that many of Japan's leading exports has been shifting production overseas over the past years, and as result, their shipments from Japan had not been rising.
Western Europe and Japan were seen as rising powers in the 1970s, and the assumption was that the trilateral partnership would become more powerful and effective as time passed.
Exports to Japan recovered somewhat, rising 2.2 percent from a -6.7 percent in August, and exports to southeast Asian countries rose to 25.5 percent year over year from 10.3 percent in August.
FORBES: Take That Hard Landing; China Exports Beat Consensus
Major equity indexes across the region jumped 3% to more than 5% Monday, led by financial stocks, with Japan's Nikkei 225 rising 3.6% and Hong Kong's Hang Seng gaining 4.3%.
Asian markets were mostly higher, with Japan's Nikkei Stock Average rising 0.7% and China's Shanghai Composite adding 0.1%.
The fears were that it would result in the yen rising again and hurt Japan's plans to spur growth.
Asian bourses also finished mostly higher, with Japan's Nikkei Stock Average rising 0.6%.
Asian bourses finished mostly higher, with Japan's Nikkei Stock Average rising 1.4% and South Korea's Kospi Composite gaining 0.6%, but China's Shanghai Composite fell 1.3% to post a third consecutive loss.
Japan's exports also moved swiftly up the value chain, but whereas this was not enough to support durable gains in its market share, China has the advantage of capital controls that will prevent its exchange rate rising as abruptly as Japan's did in the 1980s.
Some companies have been shifting production outside of Japan to lessen the impact of the rising currency.
Day after day in the headlines, there it is once more, like an old warrior rising in the mist: Japan!
John Richards, of the Royal Bank of Scotland in Tokyo, points out that since inflation is almost entirely due to dearer food and energy, both of which Japan imports, rather than because of rising domestic demand, it reflects an unwelcome worsening of the country's terms of trade.
ECONOMIST: Japan has long hoped for a bit of inflation��but not this sort
As Japan moved into higher-value exports, rising productivity pushed up wages, making old industries, such as textiles, uncompetitive.
Japan's Nikkei has continued its surge, rising above the 14, 000 mark for the first time since June 2008.
Since Mr Abe's election, Japan's stock market has taken off, rising by 30% in the last three months.
Its industrial-growth model has closely resembled Japan's in its post-war boom, rising on the same tide of an expanding workforce and export-led productivity gains.
With surveys showing that more than 80% of households feel inflation is rising, it is hard to argue that Japan any longer holds a deflationary mindset.
Problem is that the land of the rising sun has now become the the land of the rising yen which is making vehicles made in Japan more expensive for international customers.
In the short term that means plant closures, rising unemployment, and hence more gloomy headlines about Japan's economic prospects.
But the Bank could still prevent the yen from rising by printing money, something the Bank of Japan's governor, Masaru Hayami, has steadfastly refused to countenance.
It wasn't even about more down-to-earth but vital matters such as how to forge a new relationship with rising China, or rejuvenate the longstanding one with Japan.
Still, skeptics say that expectations for Japan's revival on the back of a weaker yen and rising shares prices under Prime Minister Shinzo Abe may be overblown.
Asian markets were broadly lower on the back of U.S. weakness Thursday, with Japan's Nikkei Stock Average losing 0.3% but rising 2.7% on the week, its third weekly gain in a row.
In Asia, Japan's Nikkei Stock Average dropped 0.4%, after rising more than 1% following the central bank's announcement, to finish at 9520.89.
Rising oil prices, however, present a silver lining for Japan, which has been struggling with deflation for years, says Jesper Koll, managing director of research of JP Morgan in Tokyo.
With unemployment rising in America and economic weakness ever more pronounced in Europe and Japan, economists are arguing about what counts as a recession (see article).
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