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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 Japan business leaders fear political stalemate AFP - Tuesday, July 13 Send IM Story Print Japan business leaders fear political stalemate Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Ratings agency Standard & Poor's urged Japan on Monday to get to grips with its public debt as business leaders warned the country faces a lengthy stalemate after the government's rout at weekend polls. The Democratic Party of Japan (DPJ) on Sunday suffered a major setback at elections to the upper house of parliament that spell the loss of its slim majority and create obstacles for much-need fiscal reforms. The head of the Japan Chamber of Commerce and Industry, Tadashi1 Okamura, warned after the result: "We cannot afford to delay the national policy even for a second." "I want not only the ruling parties but also the opposition to share the sense of crisis," said Okamura, a former chairman of electronics and nuclear plant giant Toshiba. Japan stood at a "crucial crossroad," he said. Having gone into the election seeking a stable political base from which to tackle the nation's massive debt, Prime Minister Naoto Kan's government lost its upper house majority in its first electoral test since he took office. The DPJ now holds just 106 out of the 242 seats in the House of Councillors. Japan's fifth premier in four years, Kan has put fiscal discipline at the core of his agenda to fix the country's finances and slash the world's biggest public debt, which is almost twice the size of the economy. But he now lacks the momentum needed to push the relevant legislation through the Diet, which could delay plans to rein in debt as the party scrambles for new allies. Standard & Poor's warned it might lower Japan's credit rating if the government fails to implement "meaningful" fiscal reform plans, after Sunday's election raised the spectre of policy gridlock. The prospect of legislative paralysis hit the yen in Tokyo trade Monday. The dollar rose to 89.03 yen in Tokyo afternoon trade, a two-week high, from 88.62 in New York late Friday. Kan "will face difficulties passing bills. With that, you can't expect much yen-buying from foreign investors," Mitsubishi UFJ Trust and Banking senior dealer Hideaki Inoue told Dow Jones Newswires. In shifting focus to public debt, Kan had warned of the risk of a Greek-style meltdown and talked about raising consumption tax. This turned off voters, but business lobbies are keen to see tax reform happen. "The defeat for the ruling coalition was worse than I had expected," said Hiromasa Yonekura, chairman of the Japan Business Federation (Nippon Keidanren). The DPJ should consider cooperating with the opposition Liberal Democratic Party (LDP), the party it swept from power for the first time in half a century last year, added the chairman of Sumitomo Chemical Co. "Looking at policies of the LDP and DPJ, the gap between them has shrunk.... Therefore there is an option that they cooperate," said Yonekura. Noting that exit polls by media on Sunday showed 60 percent of voters think a sales tax hike is necessary to restore Japan's finances, Yonekura said: "I'd rather see this hung parliament as an opportunity to deepen discussions on policies." The business community has advocated slashing Japan's relatively high corporate tax to offer a competitive environment and imposing a sales tax hike to reduce the public debt. "Without a stable government, the real reform of Japan to realise a strong economy, strong finance and strong social welfare system is impossible," added Yonekura, stressing his continued support for Kan. 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