TOKYO - JAPAN'S centre-left Prime Minister Yukio Hatoyama on Monday launched a broadside against the excesses of capitalism, in his first parliamentary address since taking office last month.

Speaking on his vision of a kinder, gentler society guided by the spirit of 'fraternity,' Mr Hatoyama said market forces were useful for a country but must be tempered in order to create a liveable society.

'It is self-evident that free economic activity in markets invigorates society,' said Mr Hatoyama, 62, who swept to power in August elections, ending more than half a century of almost unbroken conservative rule.

'But it is also obvious that the idea of letting markets decide everything for the survival of the strongest, or the idea of 'economic rationalism' at the expense of people's lives, does not hold true any more.'

Mr Hatoyama said that in Japan - the world's number two economy, now emerging from its deepest recession in decades - thousands of people commit suicide every year because of financial difficulties.

'My primary duty is to correct this anomaly and restore the Japanese tradition of mutual support in a way that fits with modern times,' said Mr Hatoyama, the scion of a powerful and wealthy political dynasty.

'I want to create a new bond that connects people by sharing values,' he said, citing sports, arts, volunteer work and the Internet as examples. -- AFP

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