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The head of the Japan Federation of Economic Organizations (Keidanren) on Tuesday presented a set of economic policy proposals, including tax cuts, to Foreign Minister Keizo Obuchi, the new president of the ruling Liberal Democratic Party.

In a meeting with Obuchi, Keidanren Chairman Takashi Imai called for the early implementation of measures to stabilize the financial system and resuscitate the nation’s faltering economy, according to Keidanren officials.

Obuchi reportedly responded that the government will not only work toward solving the bad-loan problems of Japan’s financial sector, but will also make utmost efforts to stimulate the economy.

Touching on the planned establishment of the Strategic Economic Council — an advisory council comprised of economic experts, including from the private sector — Obuchi reportedly said, “I would like to have your suggestions in selecting its members.”

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