Promising change on a revolutionary scale, Japan's new prime minister pledged yesterday to pursue deep reforms "without sanctuary" to overhaul the country's troubled economy.
In his first major speech since taking power last month, Junichiro Koizumi also warned the country that the structural changes could lead to higher unemployment and other painful side effects.
But in the long-term, Koizumi predicted that the implementation of a more open, competitive system and a scaling-down of massive government public works projects would lead to a more prosperous Japan. "The top priority entrusted to me is to reinvigorate the economy and establish a society that's full of confidence and pride," Koizumi said, reiterating vows of "economic, fiscal, administrative, social and political structural reforms."
In his 30-minute address before Parliament, Koizumi also outlined plans to privatize Japan's postal savings system and look into amending the constitution to allow the direct popular election of prime minister.
Koizumi also pledged to rebuild the country's debt-riddled financial sector, rein in government debt by limiting new bond issues to ?30 trillion (US$245 billion) in the 2002 fiscal year, and promote work opportunities for women.
Koizumi, who has staked his career on reform, took office last month after defeating the old guard of the long-ruling -- and increasingly unpopular -- Liberal Democratic Party.
The new premier has made structural reform of the troubled Japanese economy the centerpiece of his tenure. The country is in the 11th year of an economic slowdown.
Yesterday, Koizumi pushed the idea of revolutionary change, comparing the coming era to the 1868 Meiji Restoration that ended Japan's feudal period and began its race to catch up with the West.
"I want to carry out reforms that could be called the `New Century Restoration,'" he said. "We want to establish a new economic and social system that's appropriate for the 21st century."
He also appeared to be preparing the country for some of the more painful side-effects of structural reforms.
"Through such structural reform, inefficient elements have to be weeded out, and it may cause a situation that would involve pain in society," he said, adding that the government would move to support the unemployed.
On foreign policy, Koizumi reiterated the importance of the relationship with the US, and vowed to work with China, South Korea and Russia to keep the peace in Northeast Asia.
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