The U.S. and Japan reached a chip agreement.

The basic accord on semiconductor trade calls for Japan to prevent “dumping” of computer chips and increase imports of U.S.-made chips. Officials said the agreement was reached at a meeting between U.S. Trade Representative Clayton K. Yeutter and Michio Watanabe, Minister of International Trade and Industry, that lasted almost 14 hours. Japanese news agencies, quoting government sources, said Japan agreed to monitor prices of its semiconductors destined for the U.S. market in order to prevent them from being sold at prices below their production cost.