Inoue: Party will back new support agency for corporate debtors

March 3, 2012: In a press conference held on Friday, March 2, New Komeito Secretary General Yoshihisa Inoue said his party will be actively backing a new agency to support the rebuilding and recovery of enterprises saddled with multiple borrowings as a result of the March 11, 2011 earthquake and tsunami.

Inoue called on the agency, which will begin operating from March 5, to be “aggressive” and “flexible” in responding to the needs of a broad range of debt-laden companies, including fisheries and social service providers.

However, Inoue expressed frustration with the general sluggishness of the Democratic Party of Japan led by Prime Minister Yoshihiro Noda, noting that an opposition party bill to establish the agency—which New Komeito took part in developing—was submitted in July 2011. However, it took the government over four months before the bill was passed.

“Had the ruling party acted on it [in the summer, when the bill was first proposed],” railed Inoue, “the agency could have been launched by the year’s end.”