A seven-page memorandum of understanding signed by Japan and the United States outlining the implementation of Japan's $550 billion pledge was described over the weekend by U.S. Commerce Secretary Howard Lutnick as essentially a blank checkbook for U.S. President Donald Trump.

“The president has complete discretion on where these investments go,” Lutnick told CNBC on Friday.

In Japan, this description was met with essentially a non-response, while a number of people with experience in economics and trade raised questions as to whether the situation was as clear-cut as Lutnick described it.