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Japan alone can’t rescue world economy, warns official
TOKYO, May 30 Japan * top trade official warned against making Japan the noir loco motive ol the global economy, but left door* open to the pos sibility of embracing more economic stimulative meu sure*, report* AFP
"Although the size of Japan and the Japanese economy Is not so small. It s not so big as to pull a train alone, said Noboru Hatakeyama. Vice Mln Isler for International Af fairs at the International Trade and Industry Ministry
"We cannot be the focomo tive to keep the world econ omy ak>ne." he told reporters. "We atone cannot do that
Hi* remark* came amid mounting International pre* sure for Japan to expand do mestic demand to reverse It* huge trade surplus and help accelerate a modest recovery tn the gk>bal economy
Major Industrial countries called on Japan to lake mea ■urea to spur It* economy and keep the world economy on the path of growth In a meet ing of the organization tor ex nomlc cooperation and devel opment earlier this month
The appeal Is expected to be renewed 1n an upcoming summit of seven Industrial countries (G 7> in Munich in July. lunher cornering Japan
Into studying another package of fiscal measures.
Japan In March Introduced a package of fiscal pump prim ing measure* centering on ad vanclng public work* spend Ings for ihe first time in five year*, which was Immediately followed by a 0 75 per cent cut In the official Interest rate
We have to be mindful of possibilities to explore way* of strengthening domestic de mand through appropriate measure*. Hatakeyama said, while stressing that "nothing has been decided
He said the situation Is fairly serious." noting the quarterly fall of over four per
cent tn average production index in the first three months of 1992. the first time since the oil crisis In the mid 1970*.
"In term* of industrial production ratio. I think Japan s in recession," he »aid. also pointing to the ballooning trade imbalance
Reuter adds The MIT! Vice-Minister said that In terms of industrial production. Japan's economy I* In a recession. but that other areas like unemployment suggest that the economy Is not yet tn an excessively steep downturn.
He said that recent poor industrial production figure*
Indicate the country may not be able to hit the government s 3.5 per cent growth forecast for this fiscal year
Hatakeyama said that Japan should emphasise domestic growth and that exports should be kept In chec k be cause of international criticism of Japanese trading practices.
labour situation
Another Reuter despatch adds Japan * chronic labour shortage Is likely to continue to ease until the economy bot toms outlate this year or early next, economists said
Japan s seasonally adjusted unemployment rate in April, released Friday morning, fell
to 2 0 per cent from 2.1 per cent in March, while the jobs to applicants ratio fell to LIT from 1.22 In March Econ omists *ay these figures matched the recent downward trend In the labour market.
The data confirmed again this month the trend of easing labour shortages because of the economic slump, said an economist at Nomura Research Institute
Economists said the 0.1 point decline In April s unem ployment rate was technical and suggested no change In the labour market trend since the jobs-to applicants ratio dropped.
Economtsts see the jobsto-appheant* ratio as reflecting moves in the economy more clearly and rapidly than the unemployment rate Aprifs ratio of LI7 means there were J17 job offer* for every 100 applicants
"Offers of new Jobs are declining although applicants for new jobs are increasing, said a Yamalchi Research Institute economist. The jobs-to-appll cants ratio Is likely to recede further through this year
The Yamalchi economist said a recovery tn the jobs-to-applicants ratio may even occur much later than the time the economy starts to rebound.