Determination to Achieve Reforms and New Ideas

May 27, 1994

Following the collapse of the political regime which had been in place since 1955 and in the midst of a protracted recession, Japan's political,administrative and economic mechanisms are under intense scrutiny. To surmount the domestic and international issues it faces, win international trust and achieve a vibrant socioeconomic structure for the approaching 21st century, Japan must apply itself to reforms and new ideas in all fields.

The general direction of reform has been defined as deregulation, a shift to a domestic demand-led economy and reduction of the trade surplus. Now it is essentioal to take specific steps for implementation. These reforms must be carried out with an awareness of Japan's position in the world today, and with a sense of idealism and enthusiasm. The private sector must take the lead in forging a bright outlook for the 21st century.

Supported by our confidence in the Japanese economy's potential for growth, assuming appropriate exchange rate levels, we are determined to work to achieve a creative and vibrant socioeconomic structure capable of winning the world's favor, one that draws on an enterprising spirit and relies on the principle of self-responsibility.

On the occasion of this General Assembly, we have agreed to assume the initiative as a precursor of reform and new ideas in pursuing the following key policy items, while also striving for a rejuvenated Keidanren and maintaining a wide-ranging dialogue with domestic and international voices.

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