U.S. President Voices Support For Japan's Economic Reforms

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Last updated at: (Beijing Time) Monday, February 18, 2002

U.S. President Voices Support For Japan's Economic Reforms

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U.S. President George W. Bush on Monday voiced support for Japanese Prime Minister Junichiro Koizumi's economic structural reform efforts, calling for decisive action to revive Japan's stagnant economy.

"We're talking about what a great reformer he (Koizumi) is," Bush was quoted as saying during his meeting with Koizumi.

Bush is expected to reiterate his support for Koizumi's structural reforms as key to reviving the economy, but may warn that further economic deterioration will undermine Japan's leadership role, according to Japan's Kyodo News.

Prior to his departure to Tokyo, Bush noted that Japanese leaders need to act decisively to dispose of bad loans weighing onbanks and to promote deregulation as a way to shore up the economy.

"The first thing that has to happen is the Japanese government must make the right decisions as to how to restructure (nonperforming) loans and deregulate the economy," Bush said on Friday.

Bush's three-day visit to Japan from Sunday comes amid increasing concern over Japan's leadership role in Asia as an economic power following plunges in Tokyo stocks and moves by a major U.S. credit-rating agency to downgrade the ratings of Japanese government bonds.

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