§ Mr. Austin Mitchell
To ask the Chancellor of the Exchequer what steps are being taken internationally to reduce Japanese and German surpluses on visible trade.
§ Mr. Nelson
Trade surpluses reflect, in the main, structural factors, such as Japan's high domestic savings ratio and relative cyclical position. At last year's G7 summit in Tokyo, Japan undertook to implement fiscal and monetary measures to ensure sustained non-inflationary growth contributing to the goal of significantly reducing external imbalances.