As allies we are coordinating our responses to the North Korean actions very closely, as we do in all such threats to Japan's security. The greatest immediate threat to global prosperity, however, is the global financial crisis that is sweeping the world. As we face this critical challenge to the global system of free trade and investment that has served us so well so long, U.S.-Japan cooperation is needed more than ever. Our two countries are very much engaged in tackling critical new global problems that will impact all world citizens in the 21st century. One outstanding example of that cooperation is precisely the reason I have come to Japan, the need to address global climate change.
Climate change is the most critical environmental threat facing the world today.
Japan has been one of our closest partners working up to and beyond the Kyoto meeting last December at which the Kyoto Protocol was adopted. It was Japan's generosity and diplomatic efforts as host of the meeting that supported its ultimate success. Several issues went unresolved at Kyoto, so we continue to consult together closely. There is, in fact, a critical link between these two issues. The market-based mechanisms hold the greatest promise for helping developing countries to address climate change with us as they pursue sustainable growth.