Ready to Support Eurozone, Says Japanese PM

January 29, 2012 3:42 AM EST

Japanese Prime Minister Yoshihiko Noda told a panel discussion at the World Economic Forum Annual Meeting in Davos-Klosters his country saw the Eurozone debt crisis as a major risk in today's scenario. The Prime Minister was interviewed via a video-link, from Tokyo.

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Noda said Japan was already working with the South Koreans and India to reduce the risk of the crisis spreading to Asia and that the Japanese were ready to help out in Europe.

"Japan stands ready to support the Eurozone as much as possible," he said.

When asked about the domestic situation, Noda said the process of recovery from last year's earthquake, tsunami and nuclear meltdown was well under way and it was time again for investors to look for opportunities in Japan.

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The Prime Minister also said he was aware international markets were watching Japan closely. The country's current objective is the issue of sustainable growth with fiscal discipline, which is likely to involve increased taxes as well as budget cuts, while maintaining its system of social security.

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Noda acknowledged Japan was still experiencing a shortage of supply of electricity (with the loss of the Fukushima nuclear reactor) but conservation measures and a growing readiness on the part of the public to not waste current supply had managed to compensate for the shortfall.

The 2011 disasters have helped spark a new spirit of innovation and Japan is experiencing interest in fields like the production of renewable energy, smart grids and the manufacture of storage batteries.

Finally, Noda promised more decisive leadership when dealing with domestic political issues.