[Congressional Record Volume 144, Number 98 (Tuesday, July 21, 1998)]
[Extensions of Remarks]
[Page E1371]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


       RELATING TO THE IMPORTANCE OF JAPANESE AMERICAN RELATIONS

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                               speech of

                         HON. HOWARD L. BERMAN

                             of california

                    in the house of representatives

                         Monday, July 20, 1998

  Mr. BERMAN. Mr. Speaker, I rise to urge support for H. Res. 392, 
relating to the importance of Japanese-American relations and the 
urgent need for Japan to more effectively address its economic and 
financial problems. I am an original cosponsor of this resolution as 
Ranking Member on the Asia and Pacific Subcommittee of the 
International Relations Committee.
  One reason for this resolution was our appreciation of the vital 
contribution Japan makes as the world's second largest economy, to 
global economic growth, especially to the Asian Pacific region. The 
importance of maintaining the vitality of our security relationship 
with Japan in all its dimensions--economic, political, and military--is 
critical to American policy in the region. When Japan suffers, we 
suffer. When Asia is sick, Japan becomes ill too.
  Curing one means helping both. We need that cure for our economic 
benefit. As one witness before the Subcommittee, Robert Grondine of the 
American Chamber of Commerce in Japan, pointed out, the Chamber 
represents over one thousand American companies doing business in 
Japan. It is in our economic self-interest to see a growing Japanese 
economy.
  For many years, Japanese prosperity has permitted it to evade the 
need for the profound economic reforms which have been so obvious to 
both Japanese and foreign observers.
  While there has been much discussion about the need for economic 
stimulus which will accelerate consumer demand, I am more interested in 
seeing the type of structural reform which will result in lasting 
economic change in Japan. Reform of the financial sector and greater 
market access for foreign competitors are particularly important.
  I am confident that Japan will surmount its difficulties. The 
resilience and capability of the Japanese people have been proven 
through many times of trial.
  In introducing H. Res. 391, Mr. Bereuter and I hope that we will 
further the constructive economic dialog between our two countries in a 
way that deepens our ties.

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