Second, it requires the monitoring and implementation of structural liberalization measures that help to create private investment, another important engine of demand. Finally, promoting domestic demand means working to repair the problems in the Japanese financial system as quickly as possible. In our conversation, Minister of Finance Mitsuzuka made it clear that the Japanese Government shared these objectives and he committed to take measures as necessary to ensure a strong domestic demand-led recovery and avoid a significant increase in external imbalances. We welcome this commitment. We also discussed the Japanese authorities' plans for deregulation and liberalization of the financial system.
Japan create a stronger and more dynamic financial system.
I urged the Japanese authorities to move ahead quickly to clarify the specifics of the financial deregulation program and to implement these measures as soon as possible, so that market participants can begin the process of adjustment. The Treasury Department and Ministry of Finance will spend a full day tomorrow in the first of an ongoing series of discussions on the financial deregulation program. Finally, today I also had a series of meetings with finance, monetary and central bank officials from five of the large, outward-looking Asian economies. This was a useful opportunity for us to discuss macroeconomic and financial market developments in our countries, as well as the common challenges we face in building strong financial systems and capital markets. We agreed to cooperate as necessary in these areas going forward.