Statement by Principal Deputy Press Secretary Speakes on the Restructuring of the Japanese Economy

May 3, 1986

We're pleased to take note of the fact that Prime Minister Nakasone's ruling Liberal Democratic Party has agreed to his proposals for specific action assignments to restructure the Japanese economy. These actions embrace several of the key recommendations of the Maekawa report as well as other important measures. The action assignments are part of the medium- and long-term steps necessary to change the structure of Japan's economy to rely on increasing domestic demand for its economic growth and on the trade side to increase Japanese imports, especially of manufactured goods.

Prime Minister Nakasone has described this effort as an historic change for Japan, and the President has welcomed it. The Government has made action assignments for specific targeted areas for implementation such as tax reform, financial liberalization, encouragement of investment, and transformation of the industrial structure. The Government also announced its intention to stimulate housing construction, cut working hours, and rationalize coal mining and agriculture.

Note: Larry M. Speakes read the statement to reporters at approximately 10:40 a.m. in the Heian Room at the Hotel Okura in Tokyo, Japan.