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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (51513)	9/5/2001 3:27:22 PM
From: michael97123	Respond to of 70976

Wednesday September 5, 3:22 pm Eastern Time Treasury's O'Neill says U.S. economy to pick up By Glenn Somerville WASHINGTON, Sept 5 (Reuters) - U.S. Treasury Secretary Paul O'Neill said on Wednesday the U.S. economy is set to pick up in coming months but added that it cannot be the sole engine for global growth and that Japan must take ``decisive action'' to fix its woes. ADVERTISEMENT ``Our economy is sound, and I look forward to a rising growth path in the months ahead and through 2002,'' O'Neill said at a news conference at the Treasury Department as he prepared to leave for a trip to China and Japan. ``But it isn't enough for the U.S. economy to be the only engine of economic growth in the world,'' he said, adding it was time for Japan to take ``decisive action'' to spur its moribund economy out of a decade-long slump. O'Neill told reporters that his views on growth tallied with those of most private for Ji Du DuB?? U.S. economy expanding by about 2.5 to 3 percent in 2002. That was slightly lower than a figure of 3.2 percent used by the White House's Office of Management and Budget in August. But under later questioning, O'Neill gave a slightly different 2002 growth projection of 2.5 to 3.5 percent. DOLLAR POLICY UNCHANGED He rebuffed reporters' questions about whether foreign exchange was likely to be on the agenda for discussion in Tokyo, instead repeating his support for a strong U.S. dollar and adding there was no intent to change U.S. currency policy. ``Strong dollar policy. Good. Continuous,'' O'Neill said. ``The policy's the same. There's no intent to change.'' His reaffirmation pushed the greenback up to three-week highs against the yen.