CONFIDENTIAL
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2.
え
culture help our
interests.
Princess Chichibu, who is Patron
of the Japan/British Society in Japan, is due to pay a visit to Britain as a guest of the Government in June.
4.
At the same time we have a major interest to ensure that
Japan's continued development does not put impossible strains on the rest of the world economy, in particular through the continua-
current account. tion of a large structural surplus on
This will
require a reasonably high rate of growth fuelled by internal demand
rather than by constant increases in exports.
British exports
to Japan made good progress in 1978, rising by over 15% to
£542 million.
£1,283 million.
was
required.
Latest
But imports from Japan rose even faster to
The recent Import Promotion Mission from Japan
a demonstrable sign that the Japanese are aware of the need to reduce the bilateral imbalance, but continued efforts will be.
Britain has a surplus on invisibles with Japan, but
the
estimates suggest that it is declining and was
£75 million in 1977.
at
most
Prospects
5.
The forthcoming Summit in Tokyo will provide a good opportunity for re-asserting Western views about the role of Japan in the
world economy.
Our views are best presented in conjunction with
our EEC partners.
The Japanese are avoiding the sort of promises about growth rates which they made last year and could not fulfil, but they hope to be able to demonstrate at the Summit that there has been some real improvement in the situation. appear to be making genuine efforts to step up their aid programme, albeit slowly.
They
CONFIDENTIAL
16.
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