Prime Minister Ryutaro Hashimoto officially expressed for the first time Monday his intention to use public money to stabilize the nation's financial system in the wake of a series of financial institution failures.
"The financial system is the basis of the nation's economy," Hashimoto said at a meeting of the Lower House Budget Committee. "The government will take any measure necessary to stabilize it."
He said he is considering "public support" to ease the crisis. His replies were to a question posed by former Prime Minister Kiichi Miyazawa during the committee session, which was arranged to discuss measures to stabilize the financial system following the recent failures of Sanyo Securities Co., Hokkaido Takushoku Bank, Yamaichi Securities Co. and Tokuyo City Bank.