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O'Neill calls on Japan to clean up bad loans for growth.

WASHINGTON, March 25 Kyodo

U.S. Treasury Secretary Paul O'Neill on Sunday called on Japan to take correct action to wipe out nonperforming assets so as to attain economic recovery and serve as an engine for global growth.

O'Neill said on ABC's This Week program he has no doubt Japan could attain real economic growth rates of 4% to 5% if it takes correct action, such as writing off assets that exist only on the books.

Describing Japan as ''an important engine for the world economy,'' O'Neill also pointed to the need for Japan to open its markets to global competition for economic recovery.

''I think, everything else in Japan would take care of itself,'' the former chairman of Alcoa Inc. said.

O'Neill said it is important for the global economy that the United States, Japan and Europe take a step forward.
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Publication:Japan Weekly Monitor
Date:Apr 2, 2001
Words:142
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