HC Deb 16 March 1994 vol 239 c743W
Mr. Austin Mitchell

To ask the President of the Board of Trade if he will urge the Japanese Government to reduce its export surplus by allowing the exchange rate to rise without imposing other impediments on trade.

Mr. Needham

The Japanese trade surplus is due to structural economic factors including the persistently high savings rate in Japan. Changes in the yen parity will be conditioned by market factors. We and our Community partners urge the Japanese Government to stimulate demand in the economy and to increase imports by macro-economic means such as the recent package of fiscal measures, and by introducing an effective programme of deregulation in the Japanese economy.