Taro Aso, Japan’s new prime minister, on Thursday told the United Nations General Assembly that Tokyo would do its utmost to shoulder responsibility for global growth.

Mr Aso, who has hinted that he is prepared to take fiscal stimulatory measures, said that Japan was conscious of its duty to take up the slack left by the expected downturn in the US and European economies. However, although Japan has been relatively isolated from exposure to subprime-loans, most economists expect its export-dependent economy will struggle to grow in the face of shrinking global demand.