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Japan business lobbies back PM Abe to revive faltering economy

Published on Jan 7, 2013 7:03 PM
Heads of Japan's three economic organizations, Mr Hiromasa Yonekura (C), chairman of Keidanren (the Japan Business Federation), Mr Yasuchika Hasegawa (R), chairman of Keizai Doyukai (the Japan Association of Corporate Executives), and Mr Tadashi Okamura (L), chairman of the Japan and Tokyo Chambers of Commerce and Industry hold a press conference after a New Year's party at a Tokyo hotel on Jan 7, 2013. Japan's major business lobbies said they support Prime Minister Abe for his efforts to revive the dwindling economy, urging him an early participation in a Pacific-wide free trade deal. -- PHOTO:AFP

TOKYO (AFP) - Major business lobbies in Japan on Monday backed the efforts of Prime Minister Shinzo Abe to revive the faltering economy and urged him to commit to a Pacific-wide free trade deal.

"The landslide victory of the Liberal Democratic Party (LDP) led by... Abe shows people's desire for the government to restore the economy as they have a sense of stagnation," Chairman of the Japan Business Federation Hiromasa Yonekura told a press conference of three major business lobbies.

"It is very reassuring that he is aggressively tackling the issue of rebuilding the economy. We want to fully support him," said Mr Yonekura, also the chairman of Sumitomo Chemical.

The endorsement is the latest vote of confidence in Mr Abe by Japan's business community. Stocks have soared since his victory last month and the sky-high yen has tumbled as investors back his tough talk on forcing aggressive monetary easing measures from the Bank of Japan.

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