The purpose of this conference of news executives from Japan and the United States was to exchange views on the relationship of the two nations and to identify areas of common concern. In general, it was agreed that the two nations are getting along very well despite their cultural differences. The first session dealt with the U.S. role in Asia. The consensus was that Japan has taken the U.S. pullout from Southeast Asia in stride and is exerting its own influence as best possible diplomatically and economically. The U.S. commitment to South Korea is a touchy area for both countries, and Japan urged the United States to recognize North Korea so it can be brought into the world community. Fear of both Koreas was expressed. A consensus exists for the current American-Japanese security treaty. Speakers warned about underrating trouble spots such as China and Russia, Europe, money exchange, access to resource materials, and direct investment policies. A light discussion ensued of cultural and sociological contrasts, followed by a probe into the victor-vanquished relationship after World War II. The final session concerned media coverage of one country by the other and the relationship between the newsmen in crisis times and under ordinary conditions. (ND)