Japan Business to Urge Government to Spur Economy

A top Japanese businessman said the country’s four largest economic organizations will soon present to the government a set of proposals to expand domestic demand.

Eishiro Saito, Chairman of the Federation of Economic Organizations (Keidanren), told a news conference the government should draw up a package of economic measures totalling more than 5,000 billion yen.

Saito said the government’s package should include plans to remove residual import restrictions on agricultural products and to lift tariffs on industrial products.

Leading industrialised countries should also step up concerted market intervention to stabilize exchange rates, Saito said.

The measures will be presented to Prime Minister Yasuhiro Nakasone as a joint proposal of Keidanren, the Japan Federation of Employers’ Association, the Japan Committee for Economic Development and the Japan Chamber of Commerce and Industry.

Saito said Japan should stop paying only lip service to its pledges to open its markets.

The proposed measures should be undertaken by increased fiscal spending, he added.