[/floatl]Bloomberg: Japanese Banks, Farms, Builders Need More Competition
Taro Aso, a top choice of Japanese voters to become the next prime minister, said the country needs more competition in key industries such as banking. "Protected industries like banks, agriculture, and construction have lost their competitive edge internationally," Aso told business executives at an event organized by Bloomberg LP and Sankei Shimbun in Tokyo today. "The strongest companies lie in the most unregulated sectors." Aso's comment comes as Prime Minister Yasuo Fukuda's approval rating plunges, spurring criticism among ruling party lawmakers. Aso was the preferred choice to replace Fukuda in a Nikkei newspaper survey published May 26, with 21 percent of respondents supporting him compared with 13 percent for former Prime Minister Junichiro Koizumi...The government should do more to convince Japanese to use investments other than low-interest savings accounts, Aso said. Japan should also introduce a state system that gives local governments more authority, he said.
