OSAKA -- Prime Minister Ryutaro Hashimoto's government must concentrate on implementing fiscal reform above all other proposed streamlining initiatives, the chairman of West Japan Railway Co. said in a recent interview.
"I welcome the government's move to achieve all of its planned reforms, but it should first tackle fiscal reform," said JR West Chairman Masataka Ide, who stepped down from the presidency and became chairman last month after nine years as an executive of JR West. "But in order to successfully achieve fiscal reform, the government will also have to implement administrative reform," he said. "Thus, realizing fiscal reform means accelerating the speed of the other five reforms."
The government has no time to hesitate and must come up with measures to resolve its accumulated 250 trillion yen debt as soon as possible, Ide said. Combined long-term debts of the central and local governments are predicted to hit 476 trillion yen by the end of next March. "When faced with such a huge amount of debt, there should be no sanctuary in the government's budget," he said, explaining that the government should review sources of revenue and expenditures thoroughly to solve the debt problem.