Word: toshiki
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...Foley was not the only politician negotiating with George Bush last week when the President made his dramatic turnabout. Bush was also engaged in last- minute telephone talks with Japanese Prime Minister Toshiki Kaifu on a long-range program to shrink America's $50 billion annual trade gap with Japan. Bush's statement on "increased tax revenues" produced a timely bonus: it met the principal Japanese demand that the U.S. bring down the federal deficit...
...could be political. A theory in Tokyo is that the U.S. acts as the opposition party in Japan, pushing the government toward market reforms that benefit Japanese consumers. Last week the process may have worked in reverse: as the Democrats in Congress were pushing George Bush toward taxes, perhaps Toshiki Kaifu gave a nudge...
Prime Minister Toshiki Kaifu said that carrying out the reforms would be painful. "However, these measures are intended to achieve a major reform of the Japanese economy in the consumers' best interests," he said...
Bush has been torn between appeasing Congress and rewarding Prime Minister Toshiki Kaifu for Japan's newfound flexibility. Just two months ago, U.S. negotiators came out of trade talks in Tokyo angry and frustrated. But seven hours of meetings between Bush and Kaifu last March in California, more talking time than any previous U.S.-Japan summit, were a watershed. Shortly afterward came a flurry of agreements, including a pact on far-reaching structural reforms. Among other changes, Tokyo promised to ease restrictions on opening large department stores and to impose tougher penalties for protectionist bid-rigging schemes...
...four, and ultimately Japan agreed to far- reaching reforms that would open Japanese markets more widely than ever before to American business. At the same time the U.S. vowed to take steps to improve the competitiveness of American industry. President Bush praised Japan's recently elected Prime Minister Toshiki Kaifu for showing "true leadership," noting that "in one month we have had real success...