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Aso in US to discuss economy, DPRK with Obama

(Agencies)
Updated: 2009-02-25 00:11

Later on Tuesday, Obama is to give a major nationally televised address to Congress in which he will discuss the newly passed $787 billion economic stimulus plan and other efforts to rescue the US economy from its freefall.

US President Barack Obama takes a question at the Fiscal Responsibility Summit at the White House in Washington February 23, 2009. [Agencies]

Japanese media have speculated that the need to find buyers for a raft of new US Treasury bonds to fund the stimulus package is at least one of the reasons behind Obama's charm offensive. Japan is the second-largest holder of US government bonds after China.

But a Japanese official said he did not expect the issue to be on the agenda and that Tokyo sees "no particular problem" in the bond market at this time.

Japan is suffering economic woes of its own. Plummeting exports have brought about the worst contraction since the 1970s in the final quarter of 2008.

Japanese Foreign Ministry spokesman Kazuo Kodama said Aso will explain to Obama Tokyo's 75 trillion yen ($840 billion) plan to boost the Japanese economy through fiscal stimulus and financial steps.

Aso will tell Obama that the United States must rein in its overconsumption while Japan, China and other countries with trade surpluses should increase domestic demand, Kodama said.

Aso hopes to hear from Obama a strong commitment to resisting protectionism, he said.

Obama last week ordered a boost of 17,000 troops in Afghanistan aimed at stabilizing the deteriorating situation there. Analysts say there is little chance Obama will lean on Aso to provide military help in Afghanistan.

Critics called the dispatch of non-combat troops to Iraq a breach of Japan's pacifist constitution.

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