Overall, British food and drink exports to Japan have been volatile. "The story for cheese exports, unfortunately, shows a clear decline in recent years," said George Hyde, the Food and Drink Federation's head of trade. "U.K. cheese sales to Japan peaked at £2.2 million in 2019 but have fallen every year since, and were down two-thirds in 2024 despite tariff advantages." A major factor is the weak Japanese yen compared to the strong British pound. Since Truss signed the trade deal in 2020, the pound has risen 47% in value against the yen. In August, inflation in Japan stood at 2.7% — its lowest point since November 2024. Japanese tariffs on multiple British cheeses remain obstructively high, at 25, 14, and 18.6%. This is because they will be lowered over 15 years, following the trade deal coming into effect at the start of 2021.