Japan appears to avoid major trade war with West
Japan appeared to have averted a major trade confrontation with its Western allies by agreeing to moderate exports of a variety of goods. The agreement came at a high-level meeting between the two sides on ending friction over Japan's massive surplus in trade with the European Community and growing unemployment in Western countries. But both sides said the three-year measures were temporary and meant to allow time for European industries to improve and become more competitive.
Among the Japanese exports to Europe that were affected: television sets, videotape recorders, cars, and computerized machine tools. Japan also agreed to extend a 1.68 million ceiling on auto exports to the US through March 1984, the trade ministry said.