TOKYO The Japanese cabinet Tuesday adopted a package of budget and tax reforms but analysts criticized it as a lightweight attempt to head off criticism of Tokyo's economic management at a meeting of world leaders.

The package is the second introduced this year by Japanese Prime Minister Junichiro Koizumi and the cabinet approval came ahead of his departure early Tuesday evening for a meeting of Group of Eight (G8) leaders in Canada.

As with the first round of measures, financial markets gave the measures a cool reception, with analysts again criticizing a lack of concrete policies.

Already a key member of Japan's ruling Liberal Democratic Party (LDP) has urged the government to put together a third package of measures, including more government spending to boost consumption.

Koizumi, who faces opposition from within the LDP and from vested interests to his structural reform plans, said it was essential the latest reforms were implemented.

"It is necessary for us to implement the reforms by unifying the public and private sectors to tackle important issues," he said.

Koizumi wants to reassure other world leaders he can revive the world's second largest economy after a decade-long slump, AFP reported.

Analysts, however, said the new measures would not impress Japan's G8 partners.

"I guess the government feels it has to present (them with) something... to try to say that they are moving on what needs to be done," said JP Morgan economist Ryo Hino.

"But the other G8 countries are not buying into it," he said.

The package was submitted to the cabinet on Friday by the government's Council on Economic and Fiscal Policy, chaired by Koizumi, after receiving approval from the LDP.

The package calls for an austere national budget for the next fiscal year starting in April to reduce the ballooning national debt, which has prompted major credit rating agencies to repeatedly downgrade Japan's sovereign rating.

It also urges the comprehensive reform of the nation's tax system, expanding the tax base while lowering tax rates. This includes a cut to the effective corporate tax rate of about 41 percent.

But the market expects little of the second reform plan, analysts said, doubting Koizumi would be able to push the measures through due to his fading popularity.

"The package includes a lot of abstract words and lacks concrete steps to revive the economy," said Hiroshi Sato, a senior strategist at Mizuho Investors Securities. "Market players are almost ignoring the package." They were disappointed at the removal of an undertaking to cut public works spending -- a key budget reform promised by Koizumi -- from the package, following opposition by the LDP.