Japan warned on `precarious' economy
Monday 10 February 1997
In a blunt statement after the conference, Robert Rubin, US Treasury Secretary, said the Japanese "clearly have difficult issues to deal with ... these concerns merit a fair bit of attention going forward."
The remarks revive memories of the 1980s, which were marked by a series of trade and other economic disputes between the US and Japan. This time, however, the continuing weakness of the Japanese stock market has mirrored an economy that appears to have stalled.
After booming at the start of 1996, growth has slowed, with worries resurfacing that Japan could slide into recession. It is feared that a weaker yen, while boosting exports, could prompt a stock market sell-off, potentially tipping more of the country's banks over the edge and hitting the world economy.
The US is particularly touchy on this issue as it runs a large trade deficit with Japan and benefits from substantial investment from the Japanese, who are the largest foreign holders of US government bonds.
On Saturday, Japanese Finance Minister Hiroshi Mitsuzuka reassured Mr Rubin that Japan would continue to pursue economic policies to promote strong domestic demand.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...