Japan's next PM Noda: prudent fiscal management needed

Reuters News
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Posted: Aug 30, 2011 2:00 PM
Japan's next PM Noda: prudent fiscal management needed

TOKYO (Reuters) - Japan's next prime minister, Yoshihiko Noda, said on Tuesday that prudent fiscal management is needed, as he prepares to take on the tough task of reining in a huge public debt while revitalizing a stagnant economy.

"I am aware of the problems of the strong yen and deflation. But at the same time, we need to maintain fiscal discipline," Noda told a news conference, after attending the final meeting of the cabinet of outgoing Prime Minister Naoto Kan as finance minister.

Noda was chosen on Monday to become Japan's sixth prime minister in five years, but needs to overcome a divided parliament and deep rifts in the ruling party if he is to make more of a mark than his recent predecessors.

Noda will be confirmed by parliament on Tuesday.

(Reporting by Rie Ishiguro)