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Japan's new PM makes policy speech

06-11-2010 15:58 BJT

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Japan's new Prime Minister, Naoto Kan, has made his first policy speech in parliament. He focused on keeping the economic recovery on track and emphasized ties with the US.

Kan said overcoming deflation is an urgent task. He says the government will work with the Bank of Japan to end falling prices.

He also reaffirmed a commitment to creating a medium-term fiscal framework by the end of the month. It will include binding caps on spending for the state budget over the next three years, as well as a set of longer-term targets.

Kan says his government will pursue what he calls a "third way" that relies neither on ineffective public works or pro-business policies.

Naoto Kan, Japan's new Prime Minister, said, "Japan is currently facing a difficult situation with the worst fiscal situation among developed countries. We cannot sustain public financing that overly relies on issuing bonds. As we can see in the euro zone confusion that started from Greece, there is a risk of default if the growing public debt is neglected and if trust is lost in the bond market."


Editor:Zhang Pengfei |Source:

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