Japan's Koizumi: Economic reforms need more time

Japanese Prime Minister Junichiro Koizumi insisted Friday there would be no financial crisis in the world's second-largest economy, promising tax cuts and pleading for time for reforms to work. He also said his Cabinet and the central bank were working together to end deflation.

In an annual speech before Parliament outlining his goals, Koizumi said his administration remains committed to cutting the fat out of an oversized government, cleaning up banks' bad debts and streamlining the justice

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