Japanese business leaders call for Obama to tackle financial turmoil

TOKYO, Nov. 5 Kyodo - Japanese business leaders Wednesday congratulated Democrat Barack Obama on his ''historic'' victory in the U.S. presidential election and called on him to take strong leadership in tackling the global financial turmoil.

''We hope the new president will exercise strong leadership for an early
resolution of the current global economic and financial turmoil as the world
economy faces unprecedented difficulties,'' Fujio Mitarai, chairman of the
Japan Business Federation, said in a statement.
The head of the nation's most influential business group, commonly known as
Nippon Keidanren, also called for ''firm and stable'' Japan-U.S. ties and urged
the United States to play a central role in tackling global challenges such as
climate change and trade liberalization.
Masamitsu Sakurai, chairman of the Japan Association of Corporate Executives,
also highlighted concern about the financial and credit turmoil that has led to
historic stock market losses worldwide.
''In order to minimize the impact on the real economy, we hope Obama's
Democratic administration will do its utmost for the revival of the U.S.
economy,'' Sakurai said in his statement.
Sakurai also warned against a tendency toward ''inward-looking political
developments'' in the United States and argued that ''the maintenance of a free
trade system is crucial for the development of both the U.S. and world
economies.''
''We expect the Obama administration to continue exercising leadership without
becoming caught in protectionism,'' Sakurai said.
He also said he expects Obama to strengthen confidence in the U.S. dollar as
the key currency.
Obama, a first-time senator from Illinois, clinched a sweeping victory against
Republican John McCain to become the first African-American to be elevated to
the pinnacle of U.S. politics. He will enter the White House as the first
Democratic president in eight years, replacing Republican George W. Bush.