U.S., Japan Discuss Progress Under Bilateral Financial Services Agreement

Washington, DC, January 10, 2000 - On December 20 and 21, 1999, U.S. Treasury Department officials held bilateral discussions with their counterparts in the Japanese Ministry of Finance to review the implementation of the 1995 U.S.-Japan Financial Services Agreement and subsequent progress in financial liberalization, modernization, and reform. At the conclusion of the discussions, the Treasury Department issued a press release and statement by Assistant Secretary for International Affairs Edwin Truman. In the release, Treasury notes the substantially improved opportunities for foreign financial service providers and the importance of clear and consistent regulation and supervision of financial institutions in line with international standards and best practices.