(5 Sep 1998) Eng/Jap/Nat

U-S and Japanese authorities have actually concluded top-level talks in San Francisco without any brand-new policy dedications from Japan on how it prepares to restore its drooping economy.

and brand-new Japanese Financing Minister Kiichi Miyazawa informed press reporters in different rundowns that both nations had actually basically invested the conversations duplicating previous positions.

Japan has actually made no brand-new dedications to recover its ailing economy throughout talks with U-S Treasury Secretary Robert Rubin in San Francisco.

Rubin informed press reporters the United States, which has actually been important of the speed and quality of Japan’s program, heard no brand-new propositions throughout the talks.

Rubin stated the revival of Japan’s economy is crucial to putting the international economy back on a sound footing.

SOUNDBITE: (English)
” I stress the significance of executing rapidly, strong actions to enhance the banking system and bring back self-confidence. This needs, in our view, utilizing adequate public funds strongly and with suitable conditionality to reinforce weak however practical banks, accompanied by a sped up spousal of issue properties, enhanced monetary disclosure, reinforcing the supervisory system and preparedness to reorganize the monetary system. These steps are required urgently to bring back self-confidence and stability to Japan’s monetary system and assistance Japan’s go back to strong, domestic demand-led development.”
SUPER CAPTION: Robert Rubin, U-S Treasury Secretary

Japan is insisting it will execute a program of tax cuts and increased federal government costs.

It’s likewise insisting it will press the Japanese parliament to enact costs to handle huge bad loans weighing down the banking system

SOUNDBITE: (Japanese)
” I explained the Japanese federal governments prepares to cut taxes and enhance the costs levels in financial 1998 and 1999 to support a financial healing. I worry the significance that my federal government put on fast execution of the significant financial procedures that are required to bring back strong domestic need led development especially because of the current financial efficiency. Secretary Rubin highlighted the seriousness of speedy action that suffices to offer a considerable and continual stimulus to Japan’s economy.”
SUPER CAPTION: Japanese Financing Minister Kiichi Miyazawa

The U-S Federal Reserve is growing more worried about the international monetary crisis’ effect on the U-S economy.

Federal Reserve Chairman Alan Greenspan hinted the Fed might react to the crisis by cutting rate of interest.

SOUNDBITE: (English)
” It’s simply not trustworthy that the United States can stay a sanctuary of success untouched by a world that is experiencing significantly increased tension.”
SUPER CAPTION: Alan Greenspan, Federal Reserve Chairman

U-S authorities deal with a decreasing list of alternatives as the world monetary crisis that started a year ago in Asian nations, struck Russia and is now threatening Latin America starts to strike closer to house.

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