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Tokyo terms surplus temporary event

Clinton warns of economic war if Japan's trade surplus booms again
DENVER. June 23: President Bill Clinton warned Japan on Sunday that it risked an economic war with the United States if its trade surplus started exploding again, report agencies.
"If we return to a time when we've got exploding trade deficits then that will once again move front and centre into our relationship in a way that won't be good for either country." Clinton told a news conference.
Meanwhile. Japanese Prime Minister Ryutaro Hashimoto dismissed tears over Tokyo's rising trade surplus, saying it was only temporary.
He also told reporters after a summit of eight world powers here that Japanese monetary authorities did not want "excessive changes" in foreign exchange rates following the yen's comeback against the dollar.
Japan's climbing external surplus has alarmed Washington and weighed on summit participants, here but their economic statement overnight stopped short of applying strong pressures on Tokyo to correct the imbalance.
Japan last week reported that its trade surplus tripled in May from a year earlier. US officials are worried that the rise is the start of a steady climb in the surplus back to levels that
in the past have led to trade friction.
Clinton said that two countries had made much progress over the past 4-1 /2 years in resolving their trade problems so there was no longer a "structural economic war" between them. But he made clear that he was worried that could change.
Speaking after the close of a summit of industrial nations here. Clinton voiced concern
that Japan's plan to slash its budget deficit could sap economic demand at home and force it to rely once again on exports to spur growth.
"The decision by the Japanese government to try to pursue a path of fiscal austerity, driven in part by the desire to prepare for the ageing of the Japanese population, runs the risk of going back to the old export-driven strategy of growth." the president said.
As part of the budget tightening. Japan raised its consumption tax on April 1 in a move that US officials worry will reduce Japanese consumer demand. prompting Japanese companies to look overseas for sales.
Clinton acknowledged that the United States coula not tell Japan not to prepare for the ageing of its population. We ll just have to work through those conflicts." he said.
Japanese Prime Minister Ryutaro Hashimoto, speaking at a separate news conference here, blamed the rise in Japan's trade surplus in May on temporary factors and said he did not expect it to continue to climb significantly.
"I do not think that Japan's trade and services surplus will increase significantly," Hashimoto, speaking through an interpreter, said.