Liberalization of the Japanese market and expansion of domestic demand in Japan are critically important to resuscitate the Asian economy, South Korean President Kim Dae Jung stressed Thursday in Tokyo.”Now is the time for Japan to take the initiative to revive the Asian economy,” which is in the midst of economic crisis, Kim said during a luncheon hosted by Japan’s six major business organizations, including the Japan Association of Corporate Executives (Keizai Doyukai) and the Japan Federation of Economic Organizations (Keidanren). A total of 254 business executives attended the luncheon.Once Japan succeeds in solving its credit crisis through restructuring of its financial industry and stimulating consumption and investment, it can play a pivotal role in the economic recovery of Asia and the rest of the world, Kim said.Commenting on the growing concerns over speculative attacks on currencies by major international funds, Kim pointed out that it is indispensable for the two countries to cooperate in dealing with the issue.Explaining a recent series of measures to liberalize the South Korean market, Kim also called for more Japanese investment in the ailing country. “Almost all Korean industries are open to foreign investors. International investors can now buy Korean real estate and financial products without limitations,” he said.
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