TOKYO (AP) -- The United States and Japan have moved closer to reaching agreement on steps to make it easier for foreign companies to invest in the Japanese market, a U.S. government official said Tuesday.
The two sides plan to finish a joint report on foreign investment in Japan before Prime Minister Keizo Obuchi meets President Bill Clinton during a visit to Washington in early May, said the official, who spoke on condition of anonymity."We are very close to an agreement on substance," the official said, adding the measures will mark "significant progress" in improving the investment climate for foreign firms in Japan.
The report was discussed during two days of bilateral talks in Tokyo which finished Tuesday.
The report will focus on promoting mergers and acquisitions, trimming restrictions on land availability and increasing labor market mobility, the official said.
Separately, the official said the United States was disappointed with the lack of swift action to liberalize Japan's telecommunication market.
"Unfortunately, the pace of telecommunications deregulation has slowed," he said.