For Immediate Release
Office of the Press Secretary
June 30, 2001

Statement by the Deputy Press Secretary

The President today received a Department of State report presenting the views of U.S. and Japanese business leaders on Japan's environment for foreign direct investment (FDI). The report was prepared jointly with Japan's Ministry of Economy, Trade and Industry (METI) which has also conveyed the findings to the Prime Minister of Japan.

The report to the President details specific proposals to further open Japan to foreign direct investment, and recognizes significant improvements over the last year in Japan's laws and regulations regarding bankruptcy, accounting, corporate restructuring and labor mobility. These changes are now facilitating an unprecedented restructuring of the Japanese economy. U.S. FDI in Japan contributes to Japanese restructuring and provides U.S. firms the platform to boost the sales of U.S. goods and services to the Japanese market.

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