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Japanese foreign minister arrives in Beijing
1998-08-08
BEIJING - Japan's Foreign Minister Masahiko Komura arrived in Beijing on Saturday to explain measures planned by the new government of Prime Minister Keizo Obuchi to revive the Japanese economy, officials said. Komura has meetings scheduled with Chinese Foreign Minister Tang Jiaxuan on Saturday and with President Jiang Zemin on Sunday, they said. The two-day trip was billed as an advance to President Jiang's planned visit to Japan in September. Japanese foreign ministry officials said Komura and Tang would also explore cooperation between the two countries on the touchy issue of the Asian financial crisis. "There has been criticism in the Chinese media about Japan's exchange rate policy," one Japanese official said, referring to complaints by China that the weaker yen was making it harder for China to keep its yuan, or renminbi, stable. "But we believe there is no relation between the yen/dollar rate and renminbi/dollar rate," the official said. A second Japanese official said: "It is not true that Japan has followed a cheap yen policy." "We recognise that a cheap yen hurts our economy," he said, noting that Japan has intervened to support the yen, including a joint move with the United States in June. China has "no reason to devalue its currency because of the yen's weakness," the second official said. Chinese leaders have said Japan has an obligation and responsibility to support the yen as a way of helping Asian neighbours export their way out of the financial turmoil. Komura was expected to announce an emergency flood aid package for China of $500,000 in cash and 5.0 million yen ($34,480) worth of tents, blankets and other supplies, officials said. In July Japan gave $700,000 and 30 million yen in supplies to flood victims in China. President Jiang's trip to Japan next month was rescheduled after July 12 elections in Japan brought down the cabinet of Ryutaro Hashimoto. Obuchi was sworn in as prime minister on July 30. [Reuters]
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