Takenaka: Hatoyama Pushing Japanese Economy 'Backward'

Japanese Prime Minister Yukio Hatoyama is being criticized for pushing the country's economy backwards with weak policies that do not bolster growth, says Bloomberg.

 

“The government is taking a small step forward and a big step backward,” Heizo Takenaka told Bloomberg. The architect of policy changes credited with securing Japan's longest postwar economic expansion, Takenaka says that his "biggest concern is that they don’t have any overarching economic policies to bolster growth.”

 

According to Bloomberg, Takenaka’s criticism echoes the concern among some economists that Hatoyama’s plans to support households may do little to spur the recovery while swelling the world’s largest public debt. Takenaka told Bloomberg that Japanese stocks have lagged behind a global rally because the ruling Democratic Party of Japan hasn’t revealed how it will address the country’s fiscal woes and sustain growth.

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