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Japan agrees to boost economy, cut trade surplus
TOKYO. Jane 27: Japan ia ready to accept demand* from ether G-7 nations to boost its economy and cut its growing trade surplus at the Munich Summit next month, report* Reuter.
Changing hi* usually wary tone, Finance Minister Tsu tomu Hata said Japan would agreed to requests from other countries that it reach a certain level of economic growth
There has been a global request for Japan to boost economic growth and we will meet that request by securing a certain level of growth." he told a new* conference.
For fear of increasing Japan's budget deficit, the ministry of finance had resisted pressure form the ruling Liberal Democratic Party (LDP) to prepare a supplementary budget. But Hata has finally Joined other members of the
administration by agreeing lo* su«h a budget.
Minister of trade and Indus- ■ try Kozo Watanabe told a »epa rate news conference that Japan * economic minister* agreed to help Prime Minister Kilchi Miyazawa take a strong position at the 0-7 summit in order to help boost the world economy.
"Japan will not take eco nomic boosting steps Just because It feels the need to coordinate with the other G 7 members," said Masaru Takagi, chief economist at Fuji Research Institute.
"Bui pursuing domestic pol Icy to save the economy from plunging would, in a way. make Japan look as If it is keeping in line with the 0-7." he said.
Washington is increasing pressure on Japan to stimulate domestic demand so that II can take more US export.
President Bush needs a promise of economic boosting measures from other countries to speed US economic recovery and bring votes for him In the presidential election In November
Copying US tactic* of pressuring Japan on its chronic trade surplus, European Countries, flooded with Japanese exports, have also urged Tokyo to prop up domestic demand.
Japan can either lake fiscal stimuli, cut Interest rates or push up It* own currency * value
A Japanese monetary source said all G-7 members wanted a higher yen in principle but some European nation*. Including Germany, feared a higher yen could depress the dollar and push up thclr cur-rncncies too fast.
In theory, a higher currency will help lo Increase Imports
of a country and cul Ita ex
l^aders of the government and LDP have agreed that a cut In the official discount rale would not help to boost de mand quickly enough.
They are banking on a traditional cure and arc making an' 1 Ith-hour effort lo find a consensus on the size and timing of a supplementary budget, tn eluding tax cuts, before Miyazawa leave* for Washing ton on Tuesday.
Another report adds: Japanese Prime Minister Kf Ichi Miyazawa will next week offer President Bush an election-year economic windfall and ask for support In a territorial dispute with Russia, officials said
Miyazawa has said he plans to draw up a supplementary budget this autumn to boost the slumping Japanese econ
omy 1" ■ move likely to suck in American exports
"A pledge of economic boosting measures from other countries will help the President with his bid for re eler Hon." a Japanese official mild
Ab well as talks at the White House, the two are expected lo have lengthy, persona) discus slon* at Bush's Camp David rv treat to prepare for the July 6 8 G-7 summit in Munich.
Miyazawa will leave on Tuesday to visit Washington on July 1-2 and London on July 3-5 before attending the summit which brings together the leaders of the United State*. Japan. Germany. Britain, France. Italy and Canada
The Japanese government and the ruling liberal demo cratlc party are making an I Ith-hour effort to find a consensus on the size and timing of a supplementary budget. In-
cluding tax cuts.
Japanese officials believe the supplementary budget will ease possible friction over trade despite a rise in Japan ■ customs-cleared trade surplus to an unadjusted 7.87 billion dollar In May from 4 16 billion dollar a year earlier
Al the US talks. Japan will reiterate thal it will not hand large scale financial aid to Russia before a territorial dispute between the two 1* solved, government official* •aid.
Disputed sovereignty over a chain of islands north of Japan, seized by Soviet troops at the end of World War Two. has prevented Tokyo and Moscow from signing a peace treaty.
'On the northern territory, (Miyazawa) will ask Bush to confirm unchanged US •up-port to Japan's position." one