Fact Sheet: 2008 Regulatory Reform Initiative – “The U.S.-Japan Regulatory Reform and Competition Policy Initiative (Regulatory Reform Initiative) was established in 2001 as a vehicle to encourage greater economic growth by opening up new business opportunities, improving the overall business environment, and strengthening competition in the marketplace. The Initiative is one of the key components of the overarching U.S.-Japan Economic Partnership for Growth. Engagement between the Governments of the United States and Japan under this seventh year of the Regulatory Reform Initiative has been ongoing since annual recommendations were exchanged in October 2007. This work has been taking place under the Initiative’s four working groups as well as in the High Level Officials Meeting process. This Report to the Leaders outlines progress as well as new, forward-looking commitments made by Japan over the past nine months.”