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To: John Hunt who wrote (16053)	7/25/1998 12:54:00 PM
From: John Hunt	Read Replies (1) of 18056

Obuchi pledges tax cuts, stimulus package scmp.com << Keizo Obuchi, elected leader yesterday of Japan's ruling Liberal Democratic Party (LDP) and prime minister in waiting, pledged permanent tax cuts and a 10,000 billion yen (HK$545 billion) stimulus package to end the nation's recession. >> << He surprised observers by making no mention of the party plan for a "bridge bank" to take on 87,000 billion yen in banks' bad loans - Japan's biggest obstacle to economic growth. Mr Obuchi's survival in the top job will depend on his ability to swiftly implement reforms. He faces re-election in 13 months and will need to impress to lead the party into lower house elections in 2000. >> However, this article says he will be supporting the bridge bank scmp.com << Prime Minister-designate Keizo Obuchi yesterday vowed to reform Japan's battered economy "from scratch" through tax cuts and support for the proposed bridge bank to take over failed financial institutions' business. >> Hard to tell exactly what they are going to do.

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