Japan's Koizumi: Economy not solid yet

TOKYO, Jan. 30 (UPI) -- Japanese Prime Minister Junichiro Koizumi said Monday the country's economy recovery is not yet on solid ground.

Testifying before the Diet's Upper House budget committee about this fiscal year's supplementary budget, Koizumi said that the economy " is more or less on a recovery path, but it's still too early to say it's complete."

Meanwhile, the prime minister continued to argue that Japan must cut down the number of deficit bonds it issues, given its growing budget deficit.

Japan has one of the highest debt-to-GDP ratios among industrialized nations.