Until now, the Japanese government has played a very specific role in the development of the economy, through its policy of cradling, protecting, and nurturing industry. Now we no longer need the government to play the parental role of the discretionary, regulatory administrator of the past years that emphasized order and stability. Now we need the government to demonstrate leadership by taking bold action to rebuild our economic infrastructure, to avert impending hollowing-out of our industrial base and create an economic system that is harmoniously balanced, both domestically and internationally. Our corporations must have this firm foundation so they can meet the challenges posed by the constantly changing domestic and global economic environments using their own creative solutions while taking individual responsibility for their decisions and ultimately, increasing productivity.
To summarize, Japanese government should undertake drastic reform of its economic structure through deregulation and tax reform, in order to create a free and vigorous economic environment that will enhance business activities of domestic as well as foreign corporations. In following this path, the efforts of the business community will lead to the development of an increasingly sophisticated industrial structure, full employment and a better quality of life for the Japanese people.