Prime Minister Ryutaro Hashimoto met visiting U.S. Secretary of State Madeleine K. Albright at his official residence and explained the "Comprehensive Plan for Financial Revitalization" that the Government adopted on July 2.
"On July 3, President Clinton at a press interview welcomed this new move by the Japanese Government," Albright said. She also referred to the President's recent visit to China and emphasized that the U.S. efforts to improve U.S.-Chinese relations in no way unsettles the U.S.-Japanese relationship, saying, "the U.S.-Japanese relationship is a basis of Asia and President Clinton made it clear to the Chinese leaders."

The late Tadashi Yoshida who composed countless hit songs in the postwar years was the recipient of "The People's Honor Award" in a special ceremony held at the Prime Minister's official residence. Mrs. Kiyoko Yoshida received from Hashimoto a certificate and a silver commemorative plate on her late husband's behalf.
Hashimoto congratulated her: "Mr. Yoshida introduced a new stream of popular songs in the postwar days and soothed and encouraged the whole nation."
Yoshida was the 13th recipient of this honor since 1977 when it was instituted.

The visitor of the day to the Prime Minister's official residence was Russian Prime Minister Sergei Kiriyenko.
"The leaps in the Japanese-Russian relationship since the Krasnoyarsk conference in 1997 will continue though our Government will soon have a new leader," said Hashimoto to Kiriyenko, meaning that the Japanese Government reshuffle shall have little influence on the two countries' relationship.
Kiriyenko, handing Russian President Boris Yeltsin's letter to Hashimoto, spoke likewise: "We will do our utmost not to let this change in Japanese Government affect our relationship with Japan."
The two leaders agreed that the Japanese-Russian relationship must continue to grow no matter what.

Following the Inauguration Ceremony for Japan's new Prime Minister, Keizo Obuchi, and the Investiture Ceremony for the new Obuchi Cabinet that were held at the Imperial Palace in Tokyo on July 30, Obuchi unveiled his new Cabinet to the nation.
The new Cabinet includes Hiromu Nonaka as Chief Cabinet Secretary and Masahiko Komura as Foreign Minister. The vital post of Finance Minister, at the center of the world's hopes for Japan's economic recovery, was given to former prime minister Kiichi Miyazawa. Kotaro Ikeguchi, a respected economic critic in Japan's private sector who writes under the nom de plume Taichi Sakaiya, was named Director General of the Economic Planning Agency.
On July 31, in his first press conference following his appointment, Prime Minister Obuchi remarked that, due to the urgency of Japan's current economic situation, he was specifically positioning his cabinet for "economic revitalization."
Obuchi cited the disposal of bad bank loans and the adoption of tax reductions as the most pressing issues to be tackled in order to infuse the economy with new life and confidence. Obuchi also said his administration would continue working toward a resolution of the territorial dispute between Japan and Russia.