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Saturday, Sept. 11, 2010

Kan mulls extra budget, drawing criticism from Ozawa

Staff writer

Prime Minister Naoto Kan said Friday he will consider drafting a supplementary budget over the next few months to cope with the rising yen and pump up the economy.

"I will eye drafting the supplementary budget by the end of the year," Kan said in a debate in Tokyo with Democratic Party of Japan bigwig Ichiro Ozawa ahead of Tuesday's party presidential election.

If drafted, the budget would likely be submitted to the Diet session to be convened in January.

However, Ozawa said Kan needs to send a stronger message.

"He should give out a (clear) message from the government that it will draft a supplementary budget," Ozawa said.

Ozawa reiterated the need to boost the economy using ¥2 trillion in reserves, more than the ¥915 billion stimulus package unveiled Friday by the Kan administration.

"If ¥2 trillion isn't enough, we should put in mind the need to issue more government bonds," Ozawa said. "There is concern that the economy may further deteriorate in the autumn."

On industry, Ozawa acknowledged the need to preserve the nation's manufacturing technology to avoid making the same mistake as the U.S.

"Because the U.S. made light of its manufacturing technology and took to the money game, it led to what it is today," he said.

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The Japan Times

Article 4 of 6 in Business news

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