Shinzo Abe to propose Cabinet level talks

Japanese Prime Minister Shinzo Abe will propose new Cabinet level US-Japan talks on trade, security and macroeconomic issues, including currencies, when he meets US President Donald Trump on Friday, a Japanese government official involved in planning the summit said. Abe heads to Washington later on Thursday hoping promises to help create US jobs and bolster Japan’s military will persuade Trump to turn down the heat on trade and currency and stand by the decades-old alliance. “In a situation in which security relations in the Asia-Pacific region are increasingly severe, it is very important to demonstrate the unshakeable US-Japan alliance at home and abroad,” Japanese Chief Cabinet Secretary Yoshihide Suga told a news conference.          

 

“This is the most important theme of the US-Japan leaders summit,” he said, adding it was also vital to have constructive discussions on how to create a “win-win” relationship by further strengthening U.S.-Japan economic ties.

 

Trump has lumped Japan with China and Mexico as big contributors to the US trade deficit, targeted its auto trade as “unfair” and accused Tokyo of using monetary policy to devalue its currency to boost exports.

 

“We use monetary easing, fiscal policy and structural reform in order to escape from deflation. We don’t engage in competitive currency devaluation or target specific levels,” Masahiko Shibayama, an adviser to the premier, told Reuters.

 

“We’ll explain based on the fact that Japanese automakers are contributing to US jobs through their local subsidiaries.”