Japan's business leaders on Sunday praised the efforts of late Prime Minister Keizo Obuchi to revitalize the country's economy and lift it out of the worst economic downturn since World War II.
Declaring his Cabinet an "economic reconstruction Cabinet," Obuchi, who died Sunday afternoon of the effects of a stroke, was determined to resurrect the world's second-largest economy by launching a number of stimulus measures involving fiscal spending.
Kosaku Inaba, chairman of the Japan Chamber of Commerce and Industry, praised Obuchi for introducing bold economic stimulus measures and enacting laws to stabilize the country's financial system amid the worst economic recession in decades.
It should not be forgotten that Obuchi helped prevent the recession from spreading beyond Japan, Inaba added.
Takashi Imai, chairman of the Federation of Economic Organizations (Keidanren), said Obuchi introduced income and corporate tax cuts and launched large-scale fiscal spending to tackle the unprecedented recession.
Obuchi's policies helped stabilize Japan's financial system and put the economy onto a recovery path, Imai said.
Hiroshi Okuda, head of the Japan Federation of Employers' Associations (Nikkeiren), said he respects Obuchi's efforts to tackle mounting domestic and diplomatic issues after he took office in July 1998.
Obuchi achieved a lot of results from his hard work, Okuda said.
Yotaro Kobayashi, chief of the Japan Association of Corporate Executives (Keizai Doyukai), said he respects Obuchi's efforts and leadership in stabilizing Japan's political situation and achieving economic recovery.
Obuchi committed a great deal to reform the country's education system, Kobayashi said, adding that the former prime minister launched a group to draw up Japan's strategies in the 21st century.