The U.S. appears to be showing its cards in the runup to bilateral economic talks in Washington next month, stacking four financial industry executives on its eight-member private sector panel.
The meeting of the Private Sector/Government Commission will be held April 14, followed by a sub-Cabinet-level bilateral economic meeting the following day.
The four financial panelists are an indication that Washington hopes to focus on issues such as Japan’s bad-loan crisis.
Last year, the U.S. enlisted two financial sector representatives.
The four executives are Stanley Fischer, president of Citigroup International and former first deputy managing director of the International Monetary Fund; Timothy Collins, chief executive officer of Ripplewood Holdings LLC., majority owner of Japan’s Shinsei Bank; Morgan Stanley President and CEO Robert Scott; and J.P. Morgan Managing Director Timothy Ryan.
The number of private-sector members is up from last year’s seven representatives.
The Japanese private-sector members include Masayuki Oku, senior managing director of Sumitomo Mitsui Financial Group, and Toyota Motor Corp. President Fujio Cho. Oku is the first member representing Japan’s banking industry on the commission.
The commission is among the forums created under the Economic Partnership for Growth Initiative that Prime Minister Junichiro Koizumi and U.S. President George W. Bush launched in June 2001. It held its inaugural meeting last May in Japan.
In a followup meeting in November in Washington, the private-sector members urged the Japanese government to take “decisive action” to dispose of bad loans in the financial sector.
The so-called Economic Dialogue, the sub-Cabinet-level economic meeting, will comprehensively study bilateral and multilateral issues.
Japan’s delegation will be headed by Ichiro Fujisaki, deputy foreign minister for economic affairs, and the U.S. group will be chaired by Gary Edison, deputy national security adviser for international economic affairs
The dialogue is the highest meeting under the bilateral economic partnership framework, and officials from a number of Japanese ministries and U.S. agencies participate.
War effects discussed
WASHINGTON (Kyodo) Cabinet financial adviser Haruhiko Kuroda met U.S. Federal Reserve Board Chairman Alan Greenspan and White House officials Thursday to discuss the potential impact on the global economy of a looming war in Iraq.
“Various factors are affecting the market,” said Kuroda, former vice finance minister of international affairs. “We exchanged views on the situation of the real economy.”
Japan and the United States have agreed on global economic outlooks, he said.
Kuroda also met separately with Deputy National Security Adviser Gary Edson and Randall Kroszner, a member of the Council of Economic Advisers.
Kuroda, appointed to the Cabinet Secretariat job March 7, arrived in Washington earlier Thursday.
“I will exchange views on global economic conditions,” Kuroda said upon his arrival in Washington, adding that discussions will cover oil prices and developments in foreign-exchange markets.
During his four-day stay in Washington, Kuroda is also scheduled to meet John Taylor, Treasury undersecretary for international affairs, and Alan Larson, undersecretary of state for economic, business and agricultural affairs.
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