The ruling Liberal Democratic Party on Friday unveiled its fourth stimulus package, hoping to boost confidence in the economy before the March 31 end of the fiscal year.

The package also was designed to signal Tokyo's commitment to bolster its economy. But no stimulus measures requiring fiscal backing were mentioned. The unveiling comes just before a meeting of the finance ministers and central bank heads from the Group of Seven nations; it begins Saturday in London, and Tokyo is expected to take criticism for not doing enough to spur domestic demand and imports from crisis-hit Asian markets.

Senior party and government officials said it is impossible to outline any pump-priming steps, such as additional income tax cuts and public works spending, because Diet deliberations on the fiscal 1998 state budget have yet to begin. Any hint of additional fiscal stimulus steps would lead to calls from the opposition for the budget to be revised, which is unacceptable, Finance Ministry officials said. "But we are ready to keep on taking economic pump-priming steps if deemed necessary, bearing in mind various calls from the international community," Taku Yamasaki, chairman of the LDP's Policy Affairs Research Council, said upon announcing the measures.

He added that the party would cooperate in the government's compilation of its own stimulus package, due out in mid-March, and indicated that new ideas might also be brought forth at that time. Chief Cabinet Secretary Kanezo Muraoka told a regular news conference the same day that the government will draft a set of pump-priming measures by mid-March based on the package submitted by the LDP.

The top government spokesman indicated that the government economic plan, which will be compiled mainly by the Economic Planning Agency, may include additional measures. However, Muraoka declined to comment when he was asked whether the government will consider implementing another tax cut.

A highlight of the package, which has seven pillars, is a measure to encourage more land transactions; it involves the possible use of public funds to purchase land held as collateral for nonperforming loans upon their securitization. The need to boost land liquidity has long been an issue for policymakers because the disposal of nonperforming assets cannot be fully completed without active real estate dealing.

The LDP is suggesting public funds be used to buy the securities through proposed special-purpose companies. It also wants steps taken so the government-related Organization for Promoting Urban Development can handle more land transactions. The party also outlined measures to help Asian nations cope with their liquidity crises, including the extension of 300 billion yen worth of loans from the Export-Import Bank of Japan by the end of next month to assist corporate trade.

Japan should also offer additional trade insurance to these countries and call on other G-7 nations to follow suit, according to the LDP.

The party also suggested that study begin on the establishment of a "common currency system" for the Asian economic region, and officials pointed out that a currency regime in which the yen plays a greater role would help protect Asian nations from excessive foreign exchange fluctuations.