Japan opposition: seeks nominal annual GDP growth of 3 pct

TOKYO Thu Nov 15, 2012 11:50pm EST

TOKYO Nov 16 (Reuters) - Japan's main opposition Liberal Democratic Party said on Friday it would do its utmost to beat deflation and the strong yen, and aims to achieve nominal annual economic growth of 3 percent or more by adopting all available policy steps.

In a draft report which will become the basis of its campaign platform for the upcoming election, the LDP called for setting an inflation target of 2 percent and boosting cooperation between the government and the Bank of Japan through a revision to the BOJ law.

The LDP also proposed launching a public-private sector fund to purchase foreign bonds.

Japan is set to dissolve parliament's lower house on Friday for a Dec. 16 election that is likely to return the long-dominant LDP to power with a conservative former prime minister at the helm.

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