Japan opposition: seeks nominal annual GDP growth of 3 percent

TOKYO Fri Nov 16, 2012 5:28am GMT

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TOKYO (Reuters) - Japan's main opposition Liberal Democratic Party said on Friday it would do its utmost to beat deflation and the strong yen, and aims to achieve nominal annual economic growth of 3 percent or more by adopting all available policy steps.

In a draft report which will become the basis of its campaign platform for the upcoming election, the LDP called for setting an inflation target of 2 percent and boosting cooperation between the government and the Bank of Japan through a revision to the BOJ law.

The LDP also proposed launching a public-private sector fund to purchase foreign bonds.

Japan is set to dissolve parliament's lower house on Friday for a December 16 election that is likely to return the long-dominant LDP to power with a conservative former prime minister at the helm.

(Reporting by Tetsushi Kajimoto; Writing by Shinichi Saoshiro; Editing by Edwina Gibbs)