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Japan's Abe says a bit more effort needed to beat deflation

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Japanese Prime Minister Shinzo Abe said on Tuesday that a bit more effort is needed to pull the world's third-biggest economy out of deflation.

[NEW YORK] Japanese Prime Minister Shinzo Abe said on Tuesday that a bit more effort is needed to pull the world's third-biggest economy out of deflation.

Speaking in New York at a news conference televised in Japan, Mr Abe said his economic policies have improved jobs and incomes, while on the aim of reversing nearly two decades of falling prices, "We have come to the point where a bit more effort is required."

Mr Abe last week vowed to raise gross domestic product by nearly a quarter to 600 trillion Japanese yen (S$7.1 trillion), pledging to refocus on the economy after the passage of controversial security bills that eroded his popularity.

In his New York news conference, which followed an appearance at the United Nations General Assembly, Mr Abe said the new "Abenomics" steps supplement the original "three arrows" of his policies - bold monetary easing, flexible fiscal stimulus and a growth strategy including structural reform.

REUTERS