Finance Minister Masajuro Shiokawa promised Friday that he would draw up a list of measures by June to boost the world's second-biggest economy after U.S. Treasury Secretary Paul O'Neill suggested that Japan needs to step up efforts to achieve its growth potential.

In their talks, Shiokawa told O'Neill that the measures will feature four areas -- industrial revitalization, comprehensive tax reforms to support industrial efforts, deregulation and the disposal of nonperforming loans at banks -- a Japanese official said at a press briefing.

O'Neill was quoted as telling Shiokawa that he firmly believes Japan has high economic growth potential, implicitly calling on Japan to take necessary measures to achieve that goal. He did not, however, make any suggestions or provide advice on how to stimulate the Japanese economy, the official said.

The two did not discuss foreign exchange rates, the official said.