December 29, 2003 Prime Minister Koizumi assured US envoy James Baker that Tokyo would forgive the "vast majority" of Iraq's $4.1 billion debt to Japan if other Paris Club members do the same. Japan has pledged $5 billion for Iraqi reconstruction.
December 22, 2003 White House spokesman Scott McClellan said that former Secretary of State James Baker will travel to Japan on December 29th to discuss a reduction of Iraq's debt. The press briefing transcript can be found at: http://www.whitehouse.gov/news/releases/2003/12/20031222.html
December 19, 2003 The Bank of Japan released the minutes of its November 19-20 Board meeting regarding economic and financial developments. The minutes can be found at: http://www.boj.or.jp/en/seisaku/03/pb/g031121_f.htm
December 15, 2003 The Asia Development Bank released a report stating that there has been a "synchronized upswing" in East Asia in the second half of 2003: http://aric.adb.org/aem/cover_dec.pdf
December 12, 2003 The Bank of Japan released the monthly Tankan report of Japanese major manufacturers' business sentiment at: http://www.boj.or.jp/en/stat/tk/tk0312_f.htm
December 11, 2003 Nippon Keidanren was a signatory of a letter by the OECD's business advisory arm which urges the WTO to revitalize the Doha Development round. The BIAC statement can be found at: http://www.biac.org/Framenew.htm
December 5, 2003 Speaking to the Japan Society, Treasury Under Secretary John Taylor said that the Japanese economy is picking up. Taylor's comments can be found at: http://japan.usembassy.gov/e/p/tp-20031208-03.html
November 24, 2003 The Bank of Japan released its economic and financial outlook in its monthly report: http://www.boj.or.jp/en/seisaku/03/pb/gp0311_f.htm
November 19, 2003 Prime Minister Koizumi's second cabinet was inaugurated. More information is at: htttp://www.kantei.go.jp/foreign/koizumiphoto/2003/11/19sokaku_e.html
November 14, 2003 US Ambassador to Japan Howard Baker confirmed that the US will participate in the 2005 World Exposition in Aichi, Japan. The Expo's website is: http://www.expo2005.or.jp/en/index.html
November 12, 2004 METI Minister Shoichi Nakagawa issued a statement about the WTO Appellate ruling on US steel tariffs. It can be downloaded from: http://www.meti.go.jp/english/topic/data/eSteel031110e.html
November 6, 2004 Treasury Secretary John Snow signed the US-Japan tax treaty. The Treasury Department's press release and the text of the treaty can be downloaded from: http://www.treas.gov/press/releases/js975.htm
November 4, 2003 The Governor of the Bank of Japan, Mr Toshihiko Fukui gave a speech about Japan's current financial system and NPL issue. It can be found on the BOJ website at: http://www.boj.or.jp/en/press/03/ko0311a_f.htm
October 30, 2003 The American Chamber of Commerce (ACCJ) released its advocacy paper, "Foreign Direct Investment: The Key to Japan's Revitalization." It can be found at: http://www.accj.or.jp/document_library/1067407868.pdf
October 30, 2003 The Japan External Trade Organization (JETRO) released its 2003 White Paper on Japan's Trade and Investment. It can be downloaded from: http://www.jetro.go.jp/it/e/pub/whitepaper/2003.pdf
October 24, 2003 The US Trade Representative's office (USTR) released its regulatory reform recommendations to the Koizumi government. The report, issued under the US-Japan Regulatory Reform Initiative, can be found at: http://www.ustr.gov/regions/japan/2003-10-24-reform2.pdf
October 21, 2003 APEC's 11th annual summit closed with leaders issuing "The "Bangkok Declaration on Partnership for the Future." It can be downloaded from: http://www.apecsec.org.sg/apec/leaders__declarations/2003.html
October 20, 2003 The World Bank regional economic outlook forecast a 5.7% growth for the East Asia and the Pacific Region and 1.9% growth for Japan. The report can be found at: http://lnweb18.worldbank.org/eap/eap.nsf/All/1565E7140406C
DB485256DC5001D283A?OpenDocument
October 15, 2003 The Japanese government pledged $1.5 billion in support for the reconstruction of Iraq. The MOFA press release can be found at: http://www.kantei.go.jp/foreign/tyokan/2003/1015press_e.html
October 8, 2003 The just-concluded ASEAN summit meeting in Bali, Indonesia confirmed and strengthened the ASEAN+Japan initiative. The press release can be found at: http://www.aseansec.org/15286.htm
October 8, 2003 The Japan Fair Trade Council (JFTC) will revise the Anti-Monopoly Law by boosting penalties, expanding JFTC's authority, and speeding examinations. The regulatory changes are expected to go into effect in FY2004.
October 3, 2003 Japan's Ministry of Finance released its foreign aid (Overseas Development Assistance) disbursement report for 2003. It can be found at: http://www.mof.go.jp/english/tojo/e2002.htm
October 2, 2003 The Bank of Japan issued its monthly Tankan report of business conditions. It can be found at: http://www.boj.or.jp/en/stat/tk/all0309_f.htm
October 1, 2003 The Bank of Japan's Deputy Governor, Kazumasa Iwata, gave a speech about the Japanese economy, monetary policy, revitalization of the corporate sector, and financial sector. The speech can be downloaded from: http://www.boj.or.jp/en/press/03/ko0310b_f.htm
October 1, 2003 In its "Asian Development Outlook 2003," the Asian Development Bank boosted its forecast of average regional growth next year from 5.9% to 6.1%. 2003 growth is expected to register 5.3% in 2003. The Outlook can be found http://adb.org/Documents/Books/ADO/2003/update/default.asp
September 26, 2003 Prime Minister Koizumi delivered a major policy speech to the Diet. The full text can be found at: http://www.kantei.go.jp/foreign/koizumispeech/2003/09/26shoshin_e.html
September 25, 2003 METI announced that Japan will join the "Common Criteria Recognition Arrangement," an IT security evaluation and recognition system adopted by a 16-member group of industrialized countries.
September 22, 2003 Speaking at a G-7 Finance Ministers meeting in Dubai, United Arab Emirates, Toshihiko Fukui, Japan's Governor of the Bank of Japan said that Japan's economy is showing signs of recovery. The Governor's comments can be found at: http://imf.org/external/am/2003/imfc/state/jpn.htm The Communique from the Dubai meeting can be found on the Ministry of Finance website: http://www.mof.go.jp/english/if/if030921c.pdf
September 16, 2003 METI's Study Group on Techical Cooperation released its report on East Asia, "Asian Dynamism and Prospect for Technical Cooperation Policy." The report can be found at: http://www.meti.go.jp/english/index.html
September 10-14, 2003 The WTO Ministerial held in Cancun, Mexico brought together 148 member countries to discuss the launch of a new round of trade talks. Speeches by METI and MOFA officials can be found at: http://www.mofa.go.jp/policy/economy/wto/min03/index.html
Nippon Keidanren's position paper on the WTO Ministerial can be found at: http://www.keidanren.or.jp/english/policy/2003/085.html
September 10, 2003 Nippon Keidanren releases its "Outline of Proposal on Pension System Reform for 2004." The document can be found at: http://www.keidanren.or.jp/english/policy/2003/090.html
September 2, 2003 ASEAN Economic ministers released a joint statement following ministerial meetings in Phnom Penh endorsing a draft FTA agreement with Japan in October. The ministers also agreed to strengthen the region's dispute settlement body, integrate 11 key sectors and further liberalize the services industry to achieve a single market by the year 2020. The joint media statement can be found at: http://www.asean.or.id/15085.htm
August 21 2003 The Ministry of Public Management, Home Affairs, Post and Telecommunications released its annual survey of Japan's population. As of March 31, 2003, Japan's population totaled 126,688,364, a modest 0.17% increase of 209,692 people over 2002. The increase and growth rate were the second lowest on record, following the lowest figure of 193,867 (0.15%) in the survey last
year. The Ministry report can be downloaded from: http://www.stat.go.jp/data/jinsui/tsuki/index.htm
August 20 2003 The Bank of Japan released its annual report, "Japan's International Investment Position Year-End (2002). The report can be found at: http://www.boj.or.jp/en/ronbun/03/ron0308a_f.htm
August 8 2003 Ministry of Finance reported that Japan's current account fell 8% between January and June 2003, to7.2425 trillion yen (about $63 billion). The drop, MOF officials explained, was due to slower exports, higher imports and higher patent and royalty payments.
August 7 2003 The JFTC (Japan Fair Trade Commission), the agency responsible for regulating antitrust matters, announced that it will soon complete the fourth piece of agreements between the Quad (the US, EU, and Canada) aimed at cooperation on cross-border cartels, mergers and acquisitions, and other international business transactions.
August 7, 2003 The US and Japan issue a Joint Statement on High-Level Consultations on Climate Change. It can be found at: http://www.state.gov/g/oes/rls/or/23114.htm
August 6 2003 The Koizumi government's Cabinet Office said that the Japanese economy, although still manifesting weakness, has begun showing signs of improvement. The ESRI statistics can be found at: http://www.esri.cao.go.jp/en/stat/menu.html
August 1 2003 Japan's Financial Services Agency issued "Business Improvement Administrative Orders" to nine of the 23 capital-injected banks that failed to achieve their commitments to boost lending to small and medium-sized enterprises during the fiscal year ending March 2003. The FSA press release can be found at: http://www.fsa.go.jp/news/newse.html
July 29 2003 In what Japan's Ministry of Foreign Affairs called a "Japan-US Summit Telephone Call," President Bush called Prime Minister Koizumi to thank him for his leadership in winning parliamentary authorization on July 28 for Japanese troops to help in the policing and reconstruction of Iraq. More information can be found at: http://www.mofa.go.jp/region/n-america/us/summit0307.html
July 24 2003 Japan's Ministry of Foreign Affairs released the results of its 2003 'Opinion Survey on the Image of Japan in the United States.' The Gallup survey, conducted on behalf of MOFA between February and April 2003, found that 67% of the US general public and 91% of US opinion leaders group consider Japan to be a dependable ally or friend. Moreover, 47% of the general public and 63% of opinion leaders said Japan is the most important partner to the US in Asia. The MOFA survey can be found at:
http://www.mofa.go.jp/region/n-america/us/survey/summary2003.pdf
July 24 2003 Japan's Ministry of Finance issued June trade statistics which
showed that Japanese exports were flat from their June 2002 level, after 13 straight months of increases. Export came to a standstill in June as demand faltered in the US and Asia. Statistics can be downloaded from:
http://www.customs.go.jp/toukei/shinbun/trade-st_e/2003/200306ee.pdf
July 23, 2003 JETRO and ten economic think tanks throughout the ASEAN region issued a report on a proposed ASEAN-Japan Comprehensive Economic Partnership (AJCEP) which warned that AJCEP will "lose its momentum" unless Japan reforms its trade and investment policies "as soon as possible." The November 2002 Joint Declaration of the Leaders of Japan And ASEAN on the Partnership can be found at:
http://www.kantei.go.jp/foreign/koizumispeech/2002/11/05declaration_e.html
July 22, 2003 Nippon Keidanren, the Japan Business Federation, its WTO position paper in advance of the WTO's 5th Ministerial Conference to be held September 10-14 in Cancun, Mexico. The Keidanren proposal (in Japanese) can be found at: http://www.keidanren.or.jp/japanese/policy/2003/071/honbun.html
July 17, 2003 A Japan External Trade Organization (JETRO) monthly survey of Japanese companies and affiliates operating in 12 areas of East Asia reported that current business sentiment has begun to improve. The JETRO press release can be found at: http://www.jetro.go.jp/it/e/press/2003/jul17.html
July 16, 2003 Japanese Prime Minister Koizumi and Australian Prime Minister Howard signed off on an "Australia-Japan Trade and Economic Framework" and agreed to step up cooperation to combat terrorism in Asia. Further information about the summit can be found at:
http://www.kantei.go.jp/foreign/koizumiphoto/2003/07/16australia_e.html
July 10-11, 2003 Japan's Ministry of Finance issued its Monthly Finance Review which includes Minister Shiokawa's statement at the 12th Annual Meeting of the European Bank for Reconstruction and Development. The report can be found at: www.mof.go.jp/english/mf_review/360_01.htm
July 10, 2003 The European Union and Japan signed an agreement to strengthen cooperation between their antitrust authorities. Further information can be found at: http://europa.eu.int/rapid/start/cgi/guesten.ksh?p_action.getfile=gf&doc=
IP/03/995|0|RAPID&lg=EN&type=PDF
July 8, 2003 MOFA Press Secretary Takashima announced the 150th anniversary of the beginning of the US-Japan relationship. Detailed information about the US-Japan relationship and projects related to the 150th anniversary can
be downloaded from the Ministry of Foreign Affairs website:
http://www.mofa.go.jp/announce/press/2003/7/0708.html
July 1, 2003 Japan's Ministry of Economy, Trade and Industry (METI) released its White Paper on international trade and regional economic and trade ties. The 234-page report can be found at: www.meti.go.jp/english/report/index.html
The US Embassy in Japan issued its "Investment Climate Statement" on Japan in early July. The 30-page report can be found at: http://usembassy.state.gov/japan/wwwf20030711a1.pdf
June 30, 2003 Speaking at the International Friendship Exchange Council in Tokyo, US Ambassador to Japan Howard Baker said that Japan should take more proactive steps to encourage foreign investment. The speech can be found at: http://usembassy.state.gov/japan/wwwh20030702a5.html
June 25, 2003 At the US State Department-sponsored Carbon Sequestration Leadership Forum, Japan, the US, and 12 other countries signed a charter aimed at cutting greenhouse gases by 18%percent by 2012. Further information can be found at: http://www.energy.gov/engine/content.do?PUBLIC_ID=13600&BT_CODE=
PR_PRESSRELEASES&TT_CODE=PRESSRELEASE
June 24, 2003 Japanese Ministry of Health, Labor and Welfare officials said that the US and Japan are close to signing a social security totalization agreement. The tax agreement would exempt citizens' double payment of US Social Security taxes and Japan's public pension premiums when they are on temporary work assignments (fewer than five years) in each other's country. Information about similar agreements the US has with other countries can be found at: www.ssa.gov/international/totalization_agreements.html
June 18, 2003 Japan's Economic and Fiscal Policy Council approved deregulation plans for12 areas of the economy, including medical and pharmaceutical and education reforms. Upon translation, further information will be posted to the Council's website: www.kantei.go.jp/foreign/policy/keizai/index_e.html
June 10, 2003 Treasury Secretary John Snow announced that the US and Japan have updated their 30-year old bilateral tax treaty with a new agreement that will dramatically cut taxes on cross-border dividends, interest, royalties, and other income. The new tax treaty must be ratified by the US Congress and the Japanese Diet. The Treasury's press release can be found at: www.ustreas.gov/press/releases/js470.htm
June 10, 2003 Japan's Financial Services Agency launched a restructuring plan for the Resona financial group and would use 1.96 trillion yen ($17 billion) to shed Resona's non-performing loans to less than 6 percent of its portfolio. For the FSA press release, please see: /www.fsa.go.jp/news/newse.html
June 10, 2003 In a speech to the Japan Society of New York, Secretary Snow spoke about the Japanese economy, and urged Ministry officials to adopt a flexible approach. His remarks can be found at: http://usembassy.state.gov/japan/wwwh20030612a3.html
June 9, 2003 Deputy Secretary of State Richard Armitage held a press rountable in Tokyo. For the transcript, please see: www.state.gov/s/d/rm/21360.htm
June 3, 2003 The Chairmen of the Senate Finance and the House Ways and Means Committees sent a letter to President Bush urging him to continue to work with Prime Minister Koizumi on important economic issues including Japan's need to deregulate, reform its banking system and open its markets to US goods, services, and farm products. The Grassley-Thomas letter can be found at http://finance.senate.gov/sitepages/grassley.htm
June 2-3, 2003 Trade ministers from the 21 Asia-Pacific Economic Cooperation (APEC) met in Thailand for a two-day summit. Their agenda was dominated by advancing the WTO's next round of trade talks (the so-called Doha Development Agenda) and limiting the economic damage of SARS. The results of summit can be found at http://www.apecsec.org.sg/
May 20, 2003 The US Department of State released the US-Japan Investment Initiative report. It can be found at www.state.gov/r/pa/prs/ps/2003/20940.htm
May 21-23, 2003 President Bush and Prime Minister Koizumi held a US-Japan summit in Crawford, Texas
May 21, 2003 Nippon Keidanren said it would urge the Koizumi government to enact a basic law which would make permanent measures to speed regulatory reform and deregulation. Currently, three-year deregulation packages are reviewed annually.
May 20, 2003 The US Department of State released the US-Japan Investment Initiative report. It can be found at www.state.gov/r/pa/prs/ps/2003/20940.htm
May 20, 2003 The US Department of State released the US-Japan Investment Initiative report. It can be found at www.state.gov/r/pa/prs/ps/2003/20940.htm
May 14, 2003 The Ministry of Finance announced that Japan's FY2002 current account surplus rose 12% over FY2001 to 13.3 trillion Yen (approximately $119 billion).
May 6, 2003 Prime Minister Koizumi's party coalition endorsed a package of finance, monetary, markets, and foreign exchange reforms to stimulate the Japanese economy and restore confidence. The most controversial provision is a 1-2% annual inflation targeting mechanism. The Economic and Fiscal Council will consider the package shortly.
April 25, 2003 Japan's lower legislative body (the House of Representatives) passed the Private Information Protection Bill, as well as four supplemental privacy bills. Passage by the full Diet is anticipated on May 6.
April 23, 2003 Japan's Ministry of Finance announced that robust exports of automobiles and consumer electronics boosted Japan's FY2002 trade surplus 36%to 9.679 trillion yen ($81 billion). The trade statistics can be found at: www.mof.go.jp/
March 31, 2003 According to end-FY2002 reports (March 31), Japan's seven largest banks have disposed of 20-30 percent of their Non-Performing Loan (NPL) balance. The Koizumi government and banking industry are aimed at further shedding the NPL overhang, now estimated at 1.36 trillion yen ($29 billion).
March 31, 2003 USTR's 2003 National Trade Estimates report about Japan can be found at: www.ustr.gov/reports/nte/2003/japan.pdf. METI's 2003 WTO Consistency of Trade Policies by Major Trading Partners can be found at: www.meti.go.jp/english/report/data/gCT03coe.html
Nippon Keidanren, the Japan Business Federation, issued its annual Position Paper, “Diversity Generating Dynamism and Creativity” on management and human resources policies: www.keidanren.or.jp/english/policy/2002/083.html
March 24, 2003 Japan's Ministry of Economy, Trade and Industry (METI) reported that, for the second month in a row, its trade surplus with the US fell 14.2% to 567 billion yen in February.
March 14, 2003 The Japanese parliament (the "Diet") confirmed Toshihiko Fukui to be the next governor of the Bank of Japan (the central bank). Fukui succeeds Governor Masaru Hayami.
March 14, 2003 The next bilateral Private Sector/Government Commission will be held April 14 in Washington, DC. The panel will discuss Japan's economic recovery, nonperforming bank loan disposal and other matters.
March 11, 2003 A Japanese government advisory panel, Inward FDI Council, said yesterday it will issue 66 recommendations next week aimed at increasing doubling the amount of foreign direct investment into Japan within five years.
Nippon Keidanren released "Japan 2025: Envisioning a Vibrant, Attractive Nation in the 21st Century." This "New Vision" statement outlines the Japanese Business Federation's recommendations regarding economic policy, social structures, and international ties. For Chairman Hirosh Okuda's report, please see: www.keidanren.or.jp
February 25, 2003 Citing a desire to speed up non-performing loan (NPL) disposal, Japan's Financial Services Agency said it will begin using a "discount cash flow method" to calculate bank losses as of March 31, 2003.
February 25, 2003 The Liberal Democratic Party's "Financial System Stabilization Emergency Headquarters" committee said it will take up tax reform proposals aimed at speeding the disposal of NPLs.
February 14-15, 2003 Japan is hosting a World Trade Organization “mini-ministerial” meeting. Hopes are high that the WTO meeting will provide momentum to the ongoing global trade talks by resolving an impasse on agriculture. The so-called Doha Development round is scheduled for completion in 2005.
February 8, 2003 Japan’s Financial Services Agency announced that banks significantly improved their non-performing loans (NPL) ratio last September. Total Japanese NPLs now stand at 40.1 trillion yen, of which major banks account for 23.9 trillion yen and regional banks for 15.0 trillion yen.
January 20, 2003 Under consideration is a law to further deregulate Japanese markets and repeal burdensome regulations, confirmed Koizumi and LDP officials. If enacted, the law would allow companies to petition the government directly with regulatory requests. The proposal, strongly favored by Nippon Keidanren, would require government ministries and agencies to respond to requests filed by the private sector.
January 17, 2003 The bilateral Automotive Consultation Group consultations in San Francisco January 15-16 concluded positively – American and Japanese government officials announced their auto sectors would work toward increasing information technology to auto parts procurement and possibly harmonizing procurement procedures.
January 7, 2003 Japan's Ministry of Economy, Trade and Industry (METI) said that its trade promotion arm, the Japan External Trade Organization (JETRO), will begin working with municipal governments this spring to establish "model areas" for foreign investment.
January 7, 2003 Japan's Ministry of Health, Labor, and Welfare confirmed that it will ask its advisory Social Security System Council to recommend whether to tax pension recipients. If enacted, this would be the first time Japanese pensioners would be taxed on their retirement income.
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