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Japan's New PM Vows to Restore Japan's Fiscal Health

7 years ago22 views

Japan's new prime minister says restoring Japan's fiscal health is crucial for economic growth. He says he's committed to bring down the nation's huge public debt.

On Tuesday, Japan's new prime minister, Naoto Kan, called for fiscal reform in order to restore Japan's economic growth.

[Naoto Kan, Japanese Prime Minister]: (male, Japanese)
“It is imperative that we restore Japan's economic, fiscal, and social security health and achieve as a whole a strong economy, strong fiscal system and strong social security system.”

Kan appears committed to reining in a public debt that is already twice the size of the economy.

Kan appointed a cabinet on Tuesday as his ruling party prepares for a looming election.

The choice of Kan as Japan's fifth premier in four years, has improved his Democratic Party's chances in an upper house election it needs to win to break free of a tiny coalition partner.

The Democrats will stay in power regardless of the outcome of the upper house poll, expected in July. But a revamped coalition could complicate policy-making.

Kan also tried to reassure the Japanese public that he will also be tackling the issue of U.S. bases on the southern island of Okinawa.

[Naoto Kan, Japanese Prime Minister]: (male, Japanese)
"We have a U.S.-Japan agreement and we need to proceed along those guidelines, but at the same time as mentioned in the cabinet decision, we need to seriously look at ways to lighten the burden on Okinawa."

Kan, who takes over after indecisive predecessor Yukio Hatoyama squandered sky-high support during just eight months in office.