Japan PM speaks out against excessive capitalism

(AFP) – Oct 25, 2009

TOKYO — Japan's centre-left Prime Minister Yukio Hatoyama on Monday launched a broadside against the excesses of capitalism, in his first parliamentary address since taking office last month.

Speaking on his vision of a kinder, gentler society guided by the spirit of "fraternity," Hatoyama said market forces were useful for a country but must be tempered in order to create a liveable society.

"It is self-evident that free economic activity in markets invigorates society," said Hatoyama, 62, who swept to power in August elections, ending more than half a century of almost unbroken conservative rule.

"But it is also obvious that the idea of letting markets decide everything for the survival of the strongest, or the idea of 'economic rationalism' at the expense of people's lives, does not hold true any more."

Hatoyama said that in Japan -- the world's number two economy, now emerging from its deepest recession in decades -- thousands of people commit suicide every year because of financial difficulties.

"My primary duty is to correct this anomaly and restore the Japanese tradition of mutual support in a way that fits with modern times," said Hatoyama, the scion of a powerful and wealthy political dynasty.

"I want to create a new bond that connects people by sharing values," he said, citing sports, arts, volunteer work and the Internet as examples.

Hatoyama's Democratic Party of Japan won a sweeping victory in August 30 lower house elections, ousting the business-friendly Liberal Democratic Party which had ruled with only one break since 1955.

The new government has promised more generous social welfare, including child payments and free school tuition, and has vowed to return power to elected politicians by reining in the powerful state bureaucracy.

Almost six weeks in office, Hatoyama is riding high on strong public support and landslide wins in two upper house by-elections on Sunday.

Copyright © 2009 AFP. All rights reserved.