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Finance Minister Taro Aso on Tuesday expressed eagerness to explain Japan's commitment to restoring its fiscal health, said to be the worst among developed nations, at a meeting of the Group of Seven finance chiefs this weekend in Britain.
"We have to keep in mind that a country will lose credibility" if it fails to show a resolute stance to achieve fiscal rehabilitation, Aso said at a regular press conference.
Noting the importance of economic recovery, Aso, who is expected to attend the two-day G-7 meeting starting Friday, also said the major economies have to implement fiscal and monetary policy measures "in a balanced manner."
As for the Bank of Japan's drastic monetary easing, Aso said it would take a few months before its effects become clearer, while the yen has weakened and Tokyo stocks have soared after the central bank on April 4 introduced a set of new steps, including additional purchases of government bonds and risky financial assets.
Last month, Japan was urged to "define a credible medium-term fiscal plan" in a communique issued following the end of a two-day meeting of Group of 20 finance chiefs in Washington.
Aso reiterated that the government of Prime Minister Shinzo Abe will draw up a medium-term fiscal consolidation plan by midyear.