No more nuclear power, says Japan’s new PM Noda

Japan's new Prime Minister Yoshihiko Noda said on Friday that he would continue the previous administration's decision to phase out nuclear power, saying it was ''unrealistic'' to build any new reactors in the wake of the Fukushima nuclear crisis.

In his first speech to the nation as prime minister, he added that it was now pointless to extend the life of existing plants, and these would be closed at the end of their projected life spans. But it would be unrealistic to close them down immediately, he added.

His stance is in keeping with the new global attitude on nuclear power but in sharp contrast to India, which is still going full ahead on new nuclear projects without much regard to environmental cost or safety concerns – much to the delight of equipment suppliers, whose order-books are rapidly thinning.

Noda, Japan's former finance minister and a fiscal conservative, took over Japan's top job on Friday after his predecessor Naoto Kan resigned following public anger about his handling of the March triple disaster (See:Yoshihiko Noda to take over as Japan's 6th PM in five years). A slowdown in Japan's economy further fuelled feelings against the government. 

Noda – Japan's sixth prime minister in five years – said his country would seek to rebuild its tattered finances even as it pays for reconstruction after the disaster.
''Speeding up the recovery and reconstruction is our biggest mission. We must also work to bring the nuclear crisis to an end as swiftly as possible,'' Noda said. ''But our finances are also on the brink. We must strike a balance between economic growth and fiscal discipline.''

The government will seek to cut wasteful spending in other areas to squeeze out extra money, but could also introduce a time-limited tax to meet any shortfalls, Noda said.
He also suggested that high costs and a strong yen were forcing manufacturers to move out from Japan. He promised policies to curb the rise in the yen, including intervention in global currency markets.