Prime Minister Yoshiro Mori recently traveled to Davos, Switzerland, to attend the annual meeting of the World Economic Forum. He stayed there for only half a day, returning home immediately after delivering a speech.
Mori, the first Japanese prime minister to attend a WEF meeting, has said that there is little recognition of Japan's importance in international affairs and he was hoping to correct the situation. Then why didn't he allow himself more time for frank exchanges of opinion with U.S. and European leaders there? Mori's quick departure could have stirred suspicions that he was not serious about Japan's need to play a more active role in international affairs.
In his speech, Mori said Japan will start a robust economic recovery soon and will play a leading role in the world economy. He explained that Japan is now in the final stage of its balance-sheet adjustment, which had been managed without triggering a sharp fall in people's income despite an asset devaluation of 1,000 trillion yen between 1992 and 1998 as a result of land- and stock-price drops. The amount was equivalent to twice Japan's gross domestic product. Mori also said Japan is implementing an ambitious program to promote the information-technology revolution and hopes to remain the world's top provider of official development assistance.