Japanese PM Vows to Improve Fiscal PerformanceJapan's Prime Minister Junichiro Koizumi pledged to carry out "sweeping" reforms and develop good ties with its Asian neighbors in a policy speech at the Diet (parliament) Monday afternoon in Tokyo."I will pursue reforms in the nation's economic, fiscal, administrative, social and political systems under my belief that there will be no revival and development of Japan without structural reforms," said the 59-year-old Koizumi. Koizumi, who was sworn in as Japan's 56th prime minister, promised "not to fear pain, not to flinch from the barrier of vested interests and not to be shackled by past experiences" in carrying out the changes. On the economic front, Koizumi noted that he will aim at correcting the nation's fiscal imbalance under a two-step plan -- first by limiting the issue of government bonds in the fiscal 2002 budget under 30 trillion yen (245.2 billion U.S. dollars), and then taking steps to realize a sustainable fiscal balance. The Japanese government will take measures to clear away bad loans weighing down on banks in two or three years, and work to boost the country's stock market, including reforms of the tax system to encourage more individual investors, Koizumi added. He also promised to set up a new panel at an early date to consider the possibility of privatizing the nation's postal and savings services. On diplomatic and security issues, Koizumi again emphasized the importance of the U.S.-Japan alliance and pledged to develop good ties with Asian countries. He noted the importance of Japan's relation with China, describing it as "one of Japan's most important bilateral ties." The prime minister also pledged to join hands with South Korea to make the co-hosting of the 2002 World Cup soccer finals a success. Japan will work to solve a long-standing territorial dispute over a string of islands off Hokkaido with Russia to conclude a peace treaty between the two countries, he added. "Sweeping" ReformsKoizumi vowed to carry out "sweeping structural reforms" in the nation's economy and politics in his policy speech at the Diet (Parliament)."I will pursue reforms in the nation's economic, fiscal, administrative, social and political systems under my belief that there will be no revival and development of Japan without structural reforms," said the 59-year-old Koizumi. Koizumi, who was sworn in as Japan's 56th prime minister on April 26, promised "not to fear pain, not to flinch from the barrier of vested interests and not to be shackled by past experiences" in carrying out the reforms. |
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