The U.S. and Japan share the common values of freedom and democracy, and the common strategic interest of pursuingco-existence with other countries in the world. The U.S. and Japanshould further enhance existing cooperation between us, and facethe task together of creating a new century when civilization willflourish.
Japan's resistance to free-market capitalism is the source of itscurrent malaise, and a failure to address this issue will make afuture crisis in Japan inevitable. For the good of Japan and theglobal economy, the Bush Administration should work closely withthe Japanese government and convince leaders of that nation toundertake long-delayed reform.