Japan starts work on market-opening plan
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.MORIHIRO HOSOKAWA, the Japanese Prime Minister, and nine cabinet ministers agreed yesterday to devise a market-opening package in an effort to avoid a confrontation with the US at a Group of Seven meeting today.
Japanese officials say the government hopes to complete the plan, to include deregulation of the distribution system, promotion of imports and investment, and improved government procurement rules, by the end of March.
Tsutomu Hata, the Foreign Minister, suggested that Japan might offer Washington a non-binding goal of cutting its current account surplus to 2.8 per cent of national output from about 3.3 per cent in 1993.
Observers are sceptical that this new Japanese drive to appease the US and prevent trade sanctions by Washington will produce results. The US continues to press for binding targets on import penetration of specific sectors of the Japanese economy.
At a meeting of G7 finance ministers in Kronberg, near Frankfurt, today, Lloyd Bentsen, the US Treasury Secretary, is set to press his Japanese counterpart, Hirohisa Fujii, for details on how the latest pounds 95bn pump- priming package will take effect. US officials are sceptical about the value of the package, pointing to the minimal impact of earlier plans they believe were never fully enacted.
The US trade deficit with Japan last year was almost dollars 60bn ( pounds 42bn).
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments