US, Ja­pan urged to avoid med­dling in fis­cal, mon­e­tary poli­cies

New Straits Times - - Business World -

Ja­pan and the United States should avoid try­ing to in­ter­fere with each other’s fis­cal and mon­e­tary poli­cies when they start bi­lat­eral eco­nomic talks next month, said for­mer Ja­panese econ­omy min­is­ter Akira Amari yes­ter­day.

Amari, who led Ja­pan’s ne­go­ti­a­tion team on the Trans-Pa­cific Part­ner­ship, which was scut­tled when Pres­i­dent Don­ald Trump pulled the US out, said the two na­tions needed to con­duct talks with an eye to­wards emerg­ing mar­kets and the world as a whole.

Trump and Prime Min­is­ter Shinzo Abe agreed last month to launch a bi­lat­eral eco­nomic di­a­logue to dis­cuss trade and in­fras­truc­ture in­vest­ment.

Ja­pan, con­cerned about Trump’s stri­dent com­ments on trade and cur­ren­cies, hopes to use the talks to seek ways to avoid trade fric­tion and en­sure Wash­ing­ton is en­gaged in the Asia-Pa­cific re­gion.

Asked about the pos­si­bil­ity that the US might make de­mands re­gard­ing Ja­pan’s fis­cal and mon­e­tary pol­icy, Amari said: “One na­tion should not med­dle with an­other na­tion in ar­eas where sov­er­eign and in­de­pen­dent rights ex­ist.”

Amari will visit the US with other Ja­panese lawmakers this week to meet US lawmakers to ex­change views on is­sues in­clud­ing the econ­omy and trade.

“The eco­nomic di­a­logue should be a place to build a ba­sis for how Ja­pan and the US can share com­mon views and co­op­er­ate with each other strate­gi­cally, with a view to­wards the Asia-Pa­cific re­gion and the world but beyond the two na­tions,” said Amari.

Trump has com­plained about the US trade deficit with Ja­pan and ac­cused Tokyo of us­ing its “money sup­ply” to weaken the yen and give ex­porters an un­fair ad­van­tage — seen as a crit­i­cism of the Bank of Ja­pan’s rad­i­cal pol­icy of flood­ing the fi­nan­cial sys­tem with yen to end decades of de­fla­tion.

Still, Trump avoided harsh rhetoric dur­ing a friendly sum­mit with Abe last month that in­cluded a round of golf.

Ja­pan for­mer econ­omy min­is­ter Akira Amari

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