CONFIDENTIAL
2.
?
3.
President Carter has made it clear that he will be looking
to the Japanese for a special contribution to the Tokyo Summit
by adopting further measures to reduce
to reduce the Japanese trade surplus
with other Western countries.
In 1978 Japan had a trade surplus
of $24 billion of which $14 billion was with the US and $5 billion
with the Community.
The surplus on current account was $16.8
billion.
Although the Japanese surplus has declined sharply
in the first half of this year owing to higher oil prices and
emergency imports, all the forecasts are that the surplus will
be sharply up again next year, particularly if the sudden
depreciation of the Yen is not reversed.
о
FINANCIAL RELATIONS DEPARTMENT
FOREIGN & COMMONWEALTH OFFICE
17 May 1979
CONFIDENTIAL