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Japanese PM Vows to Continue With Reforms Despite Stock Tumble
Japanese Prime Minister Junichiro Koizumi on Wednesday pledged to continue pressing ahead with structural reforms of Japan's long-struggling economy, even though the key index of Tokyo stock prices plunged to a 17-year closing low earlier in the day.
"We should not change our policy that without reforms, there will be no growth," Koizumi told reporters at his official residence in Tokyo.
"We must carry out reforms precisely because we are in a severe situation," he said.
The Japanese prime minister said that the key to turning around the country's moribund economy is to change what he describes as a structure that wastes tax money.
"I will firmly maintain the policy that achieving fundamental structural reforms will lead to the revival of the Japanese economy," Koizumi added.
The Nikkei Stock Average of 225 selected issues on the First Section of the Tokyo Stock Exchange, which fell 85.61 points Tuesday, tumbled an additional 209.64 points, or 1.87 percent, to end at 10,979.76, ending below 11,000 for the first time since October 20, 1984.
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