The United States on Thursday urged Japan to further deregulate its telecommunications, information technology and energy markets and overhaul its commercial code, with a senior U.S. official describing the state of the Japanese economy as being in "a deep funk."
Deputy U.S. Trade Representative Richard Fisher, speaking to reporters after two days of sub-Cabinet-level talks with Japan, attacked the Japanese commercial code as "outdated" and said it needs to be overhauled.
He said it is necessary to reform "Japan's 50-year-old, outdated commercial code, which provides a fundamental regulatory framework for doing business in Japan.
"We are urging Japan to remove what we regard as unnecessary restrictions on corporations and bring them into the globalized economy."