Japan 'facing same risks as EU', says PM

The Prime Minister of Japan has said his country is facing the same risks as European states.

The Prime Minister of Japan has said his country is facing the same risks as European states.

Yoshihiko Noda's warning comes days after he pushed through a divisive tax bill to chip away at the country's huge debt.

Eurozone leaders struck a deal in the early hours of yesterday morning to direct emergency measures at Italy and Spain.

The policy shift at EU level also means that 40 billion euro could potentially be wiped from Ireland's debt, after leaders agreed to use ESM funds to directly recapitalise European banks - instead of having loans added to a country's national debt.

Japanahas accumulated a huge public debt - more than double the GDP - and Prime Minister Noda is warning that the future of the world's third-largest economy rests on tackling it.

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