A resolution expressing the sense of the Senate regarding Japan's difficult economic condition.

Expresses the sense of the Senate that: (1) the American people and the countries in the Asia-Pacific Region are looking for a demonstration of Japanese leadership and close U.S.-Japan cooperation in resolving the current Japanese economic crisis; (2) encouraging the strengthening of the Japanese economy should be one of the Administration's central priorities in its discussions with Japan; (3) other negotiating objectives should be consistent with the overall goal of promoting Japanese economic growth, improving market access to Japan, and restoring stability to international financial markets; and (4) restoring economic growth in Japan and such stability should be given the highest attention at the upcoming meeting of the G-7 countries.

Urges: (1) the President to continue to voice his serious concern about the Japanese economic situation, its international, regional, and bilateral implications, and the need to address significant structural impediments to competition in the Japanese markets; (2) the President, Attorney General, Secretary of the Treasury, and U.S. Trade Representative (USTR) to emphasize the importance of financial deregulation; (3) the President, Secretaries of the Treasury and Commerce (Secretaries), and USTR to press for comprehensive and urgent deregulation and fundamental structural reform of the Japanese economy and sectoral markets, liberalization of the distribution system, and elimination of nontariff barriers and anticompetitive business practices; (4) the President, USTR, Commerce Secretary, and Attorney General to continue to press for increased antitrust enforcement by the Japan Fair Trade Commission and strengthening of the Antimonopoly Act; and (5) the President, Secretaries, and Secretary of State to urge the Japanese Government to open the Japanese market and eliminate barriers to foreign direct investment.