As the New Year begins, many corporate leaders and economic experts will be holding their breath to see what the Japanese economy will do -- work its way to a self-sustained recovery, or be pulled along by the steamroller of government spending.
Although the prognosis for the economy is not yet clear, business leaders must put their faith in the future by investing in expanding businesses and exploring new fields, according to Yotaro Kobayashi, chairman of the Japan Association of Corporate Executives (Keizai Doyukai).
"We have come to the point where the private sector must take action no matter how serious its situation may be," Kobayashi, 66, told The Japan Times in an interview. "The year 2000 will be the turning point at which the private sector must end its dependence on the public sector."