U.S. President Bill Clinton urged Japan on Friday to stimulate its economy by further opening its markets, pushing deregulation and foreign investment so the nation can share leadership with the U.S. in ensuring regional prosperity and security.
Addressing about 300 members of the American Chamber of Commerce in Japan as well as a throng of reporters packed into a conference room at a Tokyo hotel, Clinton criticized Japan for its inability to accept more investment, accelerate deregulation and allow more market access.
Clinton referred to Japan's exports of steel products to the U.S. as a prime example of unfair trade. "In the United States, we've had this year, in one year, a 500 percent increase in imports of hot-rolled steel from Japan and a 300 percent increase in imports of hot-rolled steel from Russia," he said. "No one seriously believes this is solely because of changing economic conditions."