Japanese firms also suffer for the same reasons in their procurement of telecommunications goods and services. They cannot get the best, and they overpay for what they can buy. Many modern services are simply unavailable in Japan. If the Japanese government wanted to follow a path that would lead to higher economic growth, greater choice and lower prices for its consumers, and increased efficiency for its industry, it would deregulate this sector immediately. The Sense of the Senate Resolution I am introducing today simply stresses the need for significant regulatory reform in Japan, supports USTR in vigorously pursuing this, and sends the message to Japan that the Senate is strongly behind such an effort.
Deregulation serves American and international business.
It serves the Japanese economy. It serves the Japanese consumer. It serves Japanese industry. And it serves the regional and global economy which needs a growing Japan. In the long-run, everyone would be a winner if Japan let market forces operate.