ID :
118545
Sat, 04/24/2010 - 21:59
Auther :
Shortlink :
https://www.oananews.org//node/118545
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Japan seeks economic growth, fiscal consolidation at same time: Kan+
WASHINGTON, April 23 Kyodo -
Japan's Finance Minister Naoto Kan said Friday he conveyed to his counterparts
of the Group of 20 industrialized and emerging powerhouses Tokyo's intention to
simultaneously restore financial health and realize economic expansion, as
Greece's debt problem highlights sovereign risks.
At a press conference after the G-20 meeting in Washington, Kan showed a
cautious attitude toward withdrawing stimulus measures put in place in the wake
of the global financial crisis, saying Japan in the past has wound up policy
supports too early, and as a result, it needed greater fiscal spending. He
described it as an ''example of failure.''
''When we collect taxes through a tax reform, if we spend them to boost
employment, especially in such sectors as medical and nursing care as well as
the environment, it should be a plus, not a minus, for the economy,'' Kan told
reporters.
''I told them that it should be necessary to seek both -- growth and fiscal
rehabilitation,'' he said.
The G-20 meeting came on the heels of the Greece's request for a rescue package
put together by the European Union and the International Monetary Fund to be
activated.
But Kan indicated that Japan will not provide financial support, saying its
stance is to cheer the efforts of the EU and IMF to help Greece.
Kan said he told his G-20 colleagues that Japan and Greece are similar in some
ways with regard to their fiscal problems.
''Greece had a change of government, so did our country,'' Kan said. Most of
the total balance of Japanese government bonds was issued by the previous
administration, and the previous and current governments share the
responsibility, he said. ''I told them that we intend to progress discussions
(on fiscal reform) in a bipartisan way.''
The G-20 meeting adopted a communique that says the global economy is
recovering stronger than once thought but the pace of the recovery varies
depending on regions.
From Japan, Kan and Bank of Japan Governor Masaaki Shirakawa attended the parley.
==Kyodo
Japan's Finance Minister Naoto Kan said Friday he conveyed to his counterparts
of the Group of 20 industrialized and emerging powerhouses Tokyo's intention to
simultaneously restore financial health and realize economic expansion, as
Greece's debt problem highlights sovereign risks.
At a press conference after the G-20 meeting in Washington, Kan showed a
cautious attitude toward withdrawing stimulus measures put in place in the wake
of the global financial crisis, saying Japan in the past has wound up policy
supports too early, and as a result, it needed greater fiscal spending. He
described it as an ''example of failure.''
''When we collect taxes through a tax reform, if we spend them to boost
employment, especially in such sectors as medical and nursing care as well as
the environment, it should be a plus, not a minus, for the economy,'' Kan told
reporters.
''I told them that it should be necessary to seek both -- growth and fiscal
rehabilitation,'' he said.
The G-20 meeting came on the heels of the Greece's request for a rescue package
put together by the European Union and the International Monetary Fund to be
activated.
But Kan indicated that Japan will not provide financial support, saying its
stance is to cheer the efforts of the EU and IMF to help Greece.
Kan said he told his G-20 colleagues that Japan and Greece are similar in some
ways with regard to their fiscal problems.
''Greece had a change of government, so did our country,'' Kan said. Most of
the total balance of Japanese government bonds was issued by the previous
administration, and the previous and current governments share the
responsibility, he said. ''I told them that we intend to progress discussions
(on fiscal reform) in a bipartisan way.''
The G-20 meeting adopted a communique that says the global economy is
recovering stronger than once thought but the pace of the recovery varies
depending on regions.
From Japan, Kan and Bank of Japan Governor Masaaki Shirakawa attended the parley.
==Kyodo
