Tokyo — Japan pledges savings to aid world recovery
Japan today attributed many of the world's economic problems to other countries' failure to save and invest their wealth. The Asian nation pledged to use its abundant savings to help the global economic recovery.
A Cabinet-approved white paper on international trade said the fall in savings and industrial investment, especially in Europe and the United States, had contributed to high interest rates, unemployment, and the problems of developing countries.
The report condemned protectionism and nationalization. It hailed high-technology as the key to future Japanese growth.