All Saturday morning national papers reported that the Commerce Department announced on Thursday that it is looking into the idea of imposing tariffs on goods from countries found to have undervalued currencies. “This change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm U.S. industries,” Commerce Secretary Ross reportedly said in a statement.

The dailies speculated that the Trump administration probably has Japan, China, and others in mind as it studies whether to impose what they described as a new trade restriction measure. Nikkei projected that if it is adopted formally, Japan would find it difficult to intervene in the forex market to stem the yen’s appreciation, adding that the U.S. auto industry has criticized Japan for devaluing its currency to promote auto exports to America.