Japan says its fiscal consolidation not too quick

TOKYO Mon Apr 7, 2014 8:39pm EDT

Japan's Finance Minister Taro Aso answers a question during a lower house plenary session at the parliament in Tokyo February 5, 2013. REUTERS/Issei Kato

Japan's Finance Minister Taro Aso answers a question during a lower house plenary session at the parliament in Tokyo February 5, 2013.

Credit: Reuters/Issei Kato

TOKYO (Reuters) - Japan won't be able to meet its primary budget balance target without fiscal reforms, Finance Minister Taro Aso said on Tuesday, countering U.S. calls that the country should avoid "too rapid" a fiscal consolidation.

"Figures show Japan's fiscal consolidation isn't too quick" compared with that of the United States and Europe, Aso told a news conference after a cabinet meeting.

The remarks came after a U.S. Treasury Department official told reporters, ahead of the Group of 20 finance leaders' gathering later this week, that Japan must avoid too rapid a fiscal consolidation that may prevent an end from deflation.

(Reporting by Leika Kihara; Editing by Dominic Lau)

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