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U.S. Automakers Say Japan Must Help Lead Asian Recovery

26 November 1997

U.S. Automakers Say Japan Must Help Lead Asian Recovery

    WASHINGTON, Nov. 26 -- The following statement was issued by
Andrew H. Card, Jr., President & CEO of the American Automobile Manufacturers
Association (AAMA) at the conclusion of the Asia Pacific Economic Cooperation
(APEC) forum regarding Japan's role in promoting economic stability in Asia:

    "Perhaps the most disappointing news from this week's APEC forum was that
Japan appears unwilling to reform its own trade and economic policies.
    "For too long, the 'Japan model' of economic growth has been the ideal of
some Asian economies.  While some nations continued to emulate the worst
aspects of the Japanese system, promoting high levels of exports while
protecting the home market, Japan itself has resisted weaning itself from
these unsustainable policies.
    "Japan again has the opportunity to lead by example: this time, by showing
other nations how to responsibly reform their economies.  Domestic demand can
be stimulated by repealing the onerous new consumption tax and moving quickly
on deregulation.  Moreover, the Japanese government must realize that the
excessively weak yen serves to overwhelm free market forces.
    "Now that Asia's situation has moved from concern to crisis, it is time
for Japan to show leadership by getting its own economic house in order."

    AAMA is the trade association whose members are Chrysler Corporation
, Ford Motor Company , and General Motors Corporation
.  The AAMA site on the World Wide Web can be reached at
http://www.aama.com.

SOURCE  American Automobile Manufacturers Association