The Abe Cabinet on Aug. 8 endorsed a medium-term financial reconstruction program. But the program is not adequate in presenting concrete measures designed to restore health to Japan's financial conditions.
The central government's accumulated debts topped ¥1,000 trillion and reached ¥1,008 trillion as of the end of June, twice the nation's gross domestic product.
The International Monetary Fund (IMF) estimates that the debts will climb to a level close to 2.5 times the nation's GDP by the end of 2013. The government needs to present a concrete path toward financial reconstruction, with firm commitment to eradicating wasteful use of public money.