Japan ex-PM vows to spearhead economic recovery

Japan ex-PM vows to spearhead economic recovery

PanARMENIAN.Net - Former Japanese Prime Minister Shinzo Abe said Wednesday, Nov 21, that he will spearhead economic recovery and strengthen Japan's military if his party regains control in elections next month, according to The Associated Press.

"We will recover Japan," Abe said as he issued his campaign platform at a news conference at his party headquarters in Tokyo. "We will rebuild the economy."

Abe promised to achieve 3 percent nominal economic growth through intensive reform programs over the next five years. He also set a 2 percent inflation target, promising to use bold monetary policy to get the country out of deflation.

Prime Minister Yoshihiko Noda dissolved the lower house of parliament Friday, paving the way for elections. His ruling party is expected to give way to a weak coalition government divided over how to tackle Japan's myriad problems.

The biggest concerns are reviving a stagnant economy, rebuilding after the crippling March 2011 earthquake and tsunami, and determining Japan's energy policy in the wake of the Fukushima nuclear crisis.

As head of the opposition Liberal Democratic Party, which is leading in opinion polls, Abe is likely to replace Noda following the Dec 16 elections.

Abe said he will take new economic measures to fight deflation and correct the strong yen, which is hurting Japanese manufacturers and exporters.

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