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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World OECD 'very concerned' with Japanese debt AFP - Thursday, May 27 Send IM Story Print A pedestrian walks past an electronic share price board in Tokyo, May 25. Japan must develop a "credible" plan to scale back stimulus spending and cut its massive public debt, the OECD said Wednesday, as scrutiny of the country's fiscal situation increases. Slideshow: Full Photo Coverage: Business & Economy PARIS (AFP) - – Japan must develop a "credible" plan to scale back spending and rein in the industrialised world's biggest debt mountain, the OECD said Wednesday, voicing anxiety at the country's clouded fiscal picture. "We're very concerned about the level of debt and the level of deficit" in Japan, said Randall Jones, a senior economist at the Organisation for Economic Cooperation and Development who watches Japan and South Korea's economies. The OECD said in its latest Economic Outlook released Wednesday that Japan's export-driven recovery from its deepest post-war recession was progressing but persistent deflation and a stagnant employment picture posed risks to growth. The organisation predicted a three percent expansion for Japan's economy in 2010, raising its November forecast of 1.8 percent. However, it said growth would slide to two percent in 2011 as the effects of stimulus measures diminished. But given "Japans very high public debt, the government should scale back expenditure increases in fiscal year 2011 and develop a credible and detailed medium-term fiscal consolidation programme, including tax reform," it said. Decades of heavy stimulus and falling tax revenue have given Japan a public debt mountain bigger than any other industrialised nation, set to hit 205 percent of gross domestic product in the next year, according to the OECD. With public debt "already the highest ever recorded in the OECD area," the organisation also forecast Japan's net debt to hit 122 percent of GDP, making it "the highest among OECD countries after Greece". The OECD warned that while stimulus had helped recovery, Japan's budget deficit had also widened, from three percent of GDP in 2007 to a yawning nine percent in 2009 through to 2011, with government spending pledges pushing debt higher. The call for fiscal reform follows similar comments from the International Monetary Fund last week as fears of eurozone debt contagion have drawn more attention to Japan's fiscal problems. Agencies Fitch and Standard & Poor's said they might cut their rating on Japanese government bonds, illustrating what the OECD calls Japan's heightened "vulnerability" to higher borrowing costs. With around 95 percent of the debt held by domestic investors, Japan has enjoyed low interest on its borrowing as private sector savings have kept the nation afloat since its 1990 stock market crash. Officials say Japan's situation is unlike that of Greece because of its large corporate and household savings. But as the population ages, analysts say savings may decline, reducing inflows into the government bond market. Soaring welfare costs for a greying population and deflation also continue to burden Japan, as falling consumer prices encourage consumers to defer purchases. With unemployment to stay above 4.5 percent and remain high even in late 2011, inflation is set to stay "in negative territory," the OECD said. Its forecast of a 0.4 percent drop in core consumer prices in the 2011 calendar year contrasts with the Bank of Japan's prediction of a 0.1 percent rise. Urging the central bank to maintain its ultra low key rate of 0.1 percent, the OECD's Jones said the Bank should set itself "a higher inflation target" to avoid falling back into deflation during times of recession. Nevertheless, the body pointed to improving business confidence and expanding corporate investment. "The recovery from the global crisis remains on track, thanks to a strong rebound in exports and fiscal stimulus that has supported household income in the face of falling employment and wages," the Paris-based group said. But it warned the yen's recent strength also represented a threat to exports. China accounts for a quarter of Japan's exports and is storming out of the global financial crisis, the OECD said, with growth to exceed 11 percent this year before slowing to just under 10 percent in 2011. China will likely need to carry out "some increase" in interest rates and "ideally" adopt a more flexible exchange rate regime that would allow the yuan to appreciate to keep overheating at bay, it said. 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