ADDRESS BY　H.E. MR. TARO ASO　PRIME MINISTER OF JAPAN　AT THE SIXTY-THIRD SESSION OF THE GENERAL ASSEMBLY　OF THE UNITED　NATIONS　SEPTEMBER 25, 2008　NEW YORK Summary

Embassy of Japan

September 26, 2008

  It is my greatest honour to stand here as the new Japanese Prime Minister -- brand new, really, having been designated by the Diet just slightly more than 24 hours ago.

  First I would like to congratulate Your Excellency Mr. Miguel d'Escoto Brockmann on assuming the Presidency of the General Assembly. I extend my heartfelt appreciation to His Excellency Dr. Srgjan Kerim, former President of the General Assembly, for his devoted efforts during his tenure. I wish also to express my profound respect for the tireless leadership demonstrated by His Excellency Secretary-General Ban Ki-moon in the management of the United Nations.

  Mr. President,

  Being back in New York I am reminded of an old saying about bankers. It seems that there are only two types of bankers in the world, bankers with short memories and bankers with no memories.

   In finance, manias and panics cling together in much the same way that shadows follow objects. Manias invariably develop over time, which then give rise to panic.

  It was ten years ago, in September no less, that the world saw a nightmare in which liquidity suddenly dried up. For more than the last quarter-century, it seems almost as if manias and panics have performed a never-ending musical rondo every few years, with a large number of countries and markets as their stage, naturally including Tokyo.

  Tokyo stayed relatively clearheaded during the most recent frenzy. But, that said, it could be argued this was due to little more than the unusually long time we had suffered when our hangover morphed into a debt overhang as a result of the previous craze of the 1980's and 90's.

  This rondo continues on without end, and so certainly humankind will once again hear this very same melody in the not-too-distant future. We simply must advance inch by inch each time and resolve to become more prudent.

  Vociferous arguments on international financial architecture are about to begin once more. Japan is eager to contribute its experiences and its knowledge.

http://www.mofa.go.jp/policy/un/assembly2008/pm0925.html