Stimulus helped end recession
JAPAN: Japan’s embattled Prime Minister Taro Aso, who faces elections
this month, said Monday his policies helped the country out of recession
after fresh data showed the first economic growth in over a year.
Aso, who is trailing his opposition rival Yukio Hatoyama in polls
ahead of the August 30 vote, also vowed to strengthen the economic
rebound to ensure the Japanese people felts its benefits. “Since I
became prime minister, I have done my best on economic measures,” Aso
told a televised debate with five other party leaders. “As a result, we
have seen some signs of a brighter future for the economy.”
Earlier in the day, government data showed the world’s second biggest
economy grew 0.9 percent in the April-June quarter, meaning Japan had
officially emerged from recession, following Germany and France last
week. Aso’s government has launched a series of pump-priming packages to
stimulate the economy and cushion the blow of unemployment, which hit
5.4 percent in June, close to its post-World War II high of 5.5 percent.
Aso said that,despite the good growth data, “our people are yet to
really feel an economic recovery. Economic recovery is my top priority.
I will make the Japanese economy recover at any price.”
The opposition Democratic Party of Japan has enjoyed a strong lead in
polls over Aso’s conservative Liberal Democratic Party, which has
maintained nearly unbroken rule for more than half a century.
The country plunged into recession in the second quarter of 2008 as
the severe global downturn crushed demand for its cars, electronics and
other exports.
Tokyo, Monday, AFP |