USA: JAPAN'S FOREIGN MINISTER PROMISES THE UNITED STATES THAT THE NEW TOKYO ADMONISTRATION WILL MOVE QUICKLY TO REVIVE THE AILING ECONOMY

Record ID: 337700

  • Title: USA: JAPAN'S FOREIGN MINISTER PROMISES THE UNITED STATES THAT THE NEW TOKYO ADMONISTRATION WILL MOVE QUICKLY TO REVIVE THE AILING ECONOMY
  • Date: 15th August 1998
  • Summary: WASHINGTON, DC, UNITED STATES (AUGUST 14, 1998)(RTV) 1. SV SECRETARY OF STATE MADELEINE ALBRIGHT WALKING INTO NEWS CONFERENCE WITH JAPANESE FOREIGN MININSTER MASAHIKO KOMURA 0.10 2. SV MEDIA 0.13 3. MCU ALBRIGHT SAYING "CLEARLY THE MOST PRESSING CHALLENGE FOR US TODAY IS WHAT WE PERSIST IN CALLING THE ASIAN FINANCIAL CRISIS, ALTHOUGH THAT CRISIS
  • Embargoed: 30th August 1998 13:00
  • Keywords:
  • Location: WASHINGTON, DC, UNITED STATES
  • City:
  • Country: USA
  • Reuters ID: LVAC73SS4YKASIQFBKPN3IFAM5TC
  • Story Text: Japan's Foreign Minister has promised the United States that the new Tokyo Administration would move quickly to revive the ailing economy and that the Japanese market will balance itself in the near future.

    In his first visit to Washington as Japan's Foreign Minister, Masahiko Komura said Japan's new government "is now putting its whole energy into the revitalisation of Japan's economy, the most important issue of the moment." Komura met with Secretary of State Madeleine Albright Friday (August 14) in a daylong series of meetings.

    The United States has repeatedly warned Tokyo that it is running out of time to solve its pressing banking problems and stimulate the recession-blighted economy.

    Albright said she would use her meeting with Komura to lobby for immediate action.

    "I will stress again today that a strong Japanese economy is important not only for Japan but for the rest of the world, and that we look to the new government of Prime Minister Obuchi for quick and decisive action," Albright said.

    Komura, hoping to assuage any doubts, said he would provide Albright with details about government measures to address the country's banking problems and cut taxes.

    Obuchi said last week that he would ask parliament to approve tax cuts worth more than six trillion yen, about $40 billion.

    "I will convey to her (Albright) our Cabinet's determination to make every possible effort for Japan's economic recovery," Komura said.

    The foreign minister also promised that Tokyo would make every effort to resolve the bank sector crisis, seen as a major weakness in the world's second largest economy.

    "The government will put all of its efforts in fundamentally addressing this through economic measures," he said.

    Komura and Albright also planned to discuss the financial crisis gripping other Asian nations.


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