Japan’s new prime minister Yukio Hatoyama gave his first keynote address before the parliament and talked about focusing on bringing the Japanese economy back on its feet, while setting aside the issues surrounding Japan’s fiscal health.
The world’s recent financial and economic crisis “has had a significant impact on the economy and employment and the current situation still requires us to remain alert,” Mr. Hatoyama said. “The Hatoyama Cabinet’s most important task is to put Japan’s economy back on a self-sustaining recovery track driven by private-sector demand and secure sustainable growth, while paying attention to international policy coordination.”
He also reiterated plans to strengthen Japan’s regional ties and to take a leading role in global efforts to curb greenhouse gas emissions.
Japan’s debt currently stands at 170% of its GDP and it is only expected to grow further with its plans to sell more bonds to finance its other projects.