Japan PM Shinzo Abe calls for structural reforms to address steel overcapacity

Japan: Shinzo Abe also urged that freedom of navigation and overflight be thoroughly observed according to law.

By: Reuters | Hangzhou | Published:September 5, 2016 1:12 pm
japan, japan pm, shinzo abe, pm shinzo abe, abe at g20 summit, g20 summit japan, G20 Abe speech, japan news, world news Japanese Prime Minister Shinzo Abe also told the G20 summit that Japan has lodged a stern protest to North Korea over its latest missile launches. (Source: AP Photo/File)

Japanese Prime Minister Shinzo Abe told the G20 summit on Monday that the issue of steel overcapacity should be addressed by pressing ahead with structural reforms based on market mechanisms, a senior Japanese government spokesman said.

“Regarding overcapacity of steel and others, market distortion by subsidies and export credit is the fundamental problem… I would like to urge structural reforms based on market mechanisms, while maintaining transparency,” Abe was quoted by Japanese Deputy Chief Cabinet Secretary Koichi Hagiuda as saying.

Abe also urged that freedom of navigation and overflight be thoroughly observed according to law, Hagiuda said. He said Japan has lodged a stern protest to North Korea over its latest missile launches.