Yukihiko Ikeda, policy affairs chief of the Liberal Democratic Party, told executives of the Japan Federation of Economic Organizations (Keidanren) Thursday that the political side will play its part in preventing the failure of major Japanese financial institutions.

During a morning meeting between leaders of the powerful business lobby and those of the LDP, Keidanren Chairman Takashi Imai called on the ruling party to seriously consider measures that would prevent financial turmoil which may affect the global economy, implying that Japan’s major banks should not be allowed to fail.

In response, Ikeda told the executives that while it is important to have six key financial stabilization bills clear the Diet as soon as possible, it is also vital to avoid financial chaos in Japan that would seriously affect economies both at home and abroad.

LDP Secretary General Yoshiro Mori reiterated his party’s position that is willing to be flexible on the bills and was open to debate with the opposition parties.

Also during the meeting, Keidanren expressed thanks to the LDP for its plans to reduce the corporate tax rate and other economic stimulus measures.

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