Japan¡¯s top currency official said the current account surplus is the result of investments abroad rather than the exchange of goods, and it should not become a trade issue.
It is not uncommon for Japan¡¯s savings to grow because of its aging population, Masatsugu Asakawa, vice finance minister of international affairs, said at a conference in Tokyo on Sunday.
His remarks came after trade negotiator Toshimitsu Motegi urged bilateral talks with the U.S. as soon as possible, following U.S. President Donald Trump¡¯s complaining about years of ¡°unfair¡± trade.
U.S. Trade Representative Robert Lighthizer said last week that talks with Japan are urgent, and that he plans to visit this month.
Asakawa said a multilateral approach is needed to improve global imbalances and that Japan, as this year¡¯s chair of the Group of 20, wants to promote discussions on this issue at the G20 meeting in June.
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