Obuchi gives assurances on Japanese economy

Obuchi gives assurances on Japanese economy

MANILA (AP): Japan's prime minister-in-waiting, Keizo Obuchi, gave repeated assurances in meetings yesterday with the United States and Asian countries that he would act decisively to revitalize its economy.

"I can and I will act. I will act promptly," a senior U.S. official quoted Obuchi as telling U.S. Secretary of State Madeleine Albright shortly after both arrived for the Association of Southeast Asian Nations Regional Forum. "Several times he indicated his determination to revitalize the Japanese economy" through tax cuts, elimination of bad bank loans and additional budget expenditures, said the U.S. official, speaking on condition of anonymity.

The U.S.-Japanese meeting was added to the schedule at the last minute after Obuchi, Japan's foreign minister, was elected last Friday as leader of the ruling Liberal Democratic Party, a post that virtually guarantees he will become prime minister this week.

Obuchi, 61, is not known as a forceful politician, and financial market observers are fearful he will not be able to fulfill his pledges.

During the meeting with Albright, Obuchi was described by the senior U.S. official as "going out of his way to say he will be very decisive and dynamic in dealing with the economic problems."

Albright also told Obuchi that U.S. President Bill Clinton was looking forward to meeting him in the near future, the official said.

On the flight from Tokyo to Manila, Obuchi told reporters that during his visit of less than 12 hours, "I want to communicate strongly my ideas for revitalizing the domestic economy and making a contribution to Asia."

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