"The measures agreed to in this report represent important progress in Japan's ongoing efforts to reduce the myriad regulations that have hindered its economic growth. As the second-largest economy in the world, Japan's economic growth is important to the global system," said Zoellick. "By deregulating its economy, Japan can return to prosperity more quickly while expanding access to its markets -- that means greater opportunities for U.S. businesses and their workers to sell American products and services there."

The measures detailed in the Fourth Joint Status Report complement the Koizumi Administration's important structural reform goals. Building on the progress achieved under the Enhanced Initiative, the two governments will continue their bilateral work on deregulation under the Regulatory Reform and Competition Policy Initiative, a key component of the U.S.-Japan Economic Partnership for Growth, which President Bush and Prime Minister Koizumi launched at Camp David.