Japan PM vows to beat deflation in 3 years

Japanese Prime Minister Shinzo Abe said Wednesday he will concentrate on ending the country's deflation and revitalizing its economy over the next three years. "It is not an easy task to overcome the deflation that has lasted 15 years. It is a historic task," Abe told a press conference following the end of the regular parliamentary session. "To regain the country's strength and national pride, I should focus on rebuilding our economic strength. I will concentrate on beating the deflation for the next three years by gaining political stability," the premier said. Abe, who took office last December, has promoted his ambitious economic policies called "Abenomics" platform, which includes easing monetary policy, massive government spending and growth strategy. Abe's remarks come as his Liberal Democratic Party and its coalition partner New Komeito are expected to win a majority in an upper house election slated for July 21. The ruling coalition already secured a majority in the lower house in a general election last December.