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NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Japan's Ozawa says may need to issue more debt Tweet This Share on LinkedIn Share on Facebook Related News SCENARIOS-Close Japan leadership race clouds policy outlook 2:53am EDT Japan PM ahead in party race, margin small: aide Tue, Sep 7 2010 UPDATE 2-Japan PM ahead in party race, margin small-aide Tue, Sep 7 2010 UPDATE 1-Japan Ozawa:investment could help control yen rise Fri, Sep 3 2010 REFILE-Japan Ozawa:investment could help control yen rise Fri, Sep 3 2010 Analysis & Opinion Strong yen is not Japan’s main problem Japan PM under fire — from his wife Related Topics World » Japan » Japanese ruling party powerbroker Ichiro Ozawa smiles as he speaks to reporters during a news conference in Tokyo September 8, 2010. Ozawa, who is challenging Prime Minister Naoto Kan, said on Wednesday the government may need to issue more debt to fund economic steps if conditions worsen. Credit: Reuters/Issei Kato By Yoko Kubota and Yoko Nishikawa TOKYO | Wed Sep 8, 2010 7:34am EDT TOKYO (Reuters) - Japanese ruling party powerbroker Ichiro Ozawa, challenging Prime Minister Naoto Kan in a party leadership vote, said on Wednesday the government may need to issue more debt if the economy deteriorates. Investors are bracing for a shift away from Kan's efforts to rein in huge public debt if Ozawa, who is unpopular among the public but has a strong clout in the Democratic Party, wins the September 14 party vote, though media say it is too close to call. The winner of the leadership election will likely be premier by virtue of the party's majority in parliament's powerful lower house, taking the helm as Japan struggles with a strong yen, a weak economy, massive debt and a divided parliament. "If the yen rises rapidly, we will need to create domestic demand," Ozawa told a news conference. "In terms of economic steps, I am not saying that debt issuance is necessary now, but depending on the situation, it may be necessary to consider that," he said, repeating that the 2 trillion yen ($23.87 billion) budget reserves for this fiscal year should be used first to help fund economic steps. Both Ozawa and Kan have vowed to support the economy as the yen's surge to a 15-year high versus the dollar threatens to derail a recovery, but efforts have been constrained by public debt already twice the size of the $5 trillion economy. Many market players say Ozawa, who wants to carry out the party's costly spending programs promised during last year's general election, could be less of a fiscal reformer than Kan. Ozawa has said that he could consider debating an increase in the politically sensitive sales tax from its current 5 percent, but only after wasteful spending has been cut. Kan's call for a future debate of a possible sales tax hike has in part led to the Democrats' defeat in the upper house election in July, threatening policy deadlock unless the Democrats and its tiny coalition partner find new allies. CURRENCY INTERVENTION Ozawa said he would consider intervening in the currency market to the stem the yen's gains, which risks hurting Japan's export competitiveness and stifling corporate investment. "Even though it's true that Japan's solo intervention would not be effective as other countries accept the yen's rise, I think (Japanese) authorities should have the determination (to intervene)," he said. The yen has shrugged off hints of intervention from the finance minister as investors doubt Japan would risk going solo and have all but ruled out a coordinated intervention with other Group of Seven countries. Ozawa also said there was limited room for the Bank of Japan to tackle the rise in the yen through monetary policy. "The BOJ has an independent position and I don't think this is something the government should instruct it on each time," he said. The BOJ stood pat on monetary policy on Tuesday but vowed timely actions when needed. Analysts say that government pressure on the BOJ for more aggressive steps will likely grow in coming months due to an expected economic slowdown. While party members have expressed concerns of a possible party split after the vote, Ozawa suggested he would have Kan and former prime minister Yukio Hatoyama hold key positions in the government if he wins. Political analysts and Japanese media say the race is too close to call, since Ozawa, 68, heads the party's biggest group while Kan -- who took office in June as Japan's fifth premier in three years -- has better ratings among the general public. Ozawa's scandal-tainted image and his history as a backroom wheeler-dealer put off many voters although he has tried to reach out with a string of media appearances in the past week. (Additional reporting by Chisa Fujioka; Editing by Michael Watson) World Japan Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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