Business lobby chief: Nuclear power is vital to the global economy

The head of Japan's largest business association believes nuclear power is essential to ensuring adequate global energy supplies but admits the industry will have to thoroughly review its safety procedures following the accident at the Fukushima No. 1 nuclear power plant.

Hiromasa Yonekura, chairman of Nippon Keidanren (Japan Business Federation), told journalists that solar power was far from being efficient enough to be a credible alternative.

The association, which held its general meeting on May 26, argues that nuclear power is needed to ensure stable energy supplies and to cut greenhouse gas emissions.

But Yonekura said a thorough review of nuclear power safety measures and standards would have to be conducted, following an investigation into the causes of the Fukushima accident, to re-establish trust in the industry.

Yonekura called for the establishment of an international inspection organization for the nuclear power industry.

Meanwhile, he said his association would put together its own rebuilding plan for areas and companies affected by the March 11 quake by the end of May.

Yonekura criticized the Kan government for its poor handling of the crisis, saying relief supplies were not delivered quickly or reliably enough. He called on Kan to take the initiative in easing restrictions on the distribution of goods and other pressing problems.

Yonekura also said he was concerned that the decision on Japan's participation in the Trans-Pacific Partnership (TPP) Agreement had been deferred. He warned that the rules of the partnership would be decided without Japan's participation if the decision on entry was put off.

He said Japan's agricultural sector, from which there is vehement opposition to joining the partnership, is not as weak as people think. Japan could not ask other countries to open their markets to Japanese companies without opening its own market to foreign firms, he said.