Japan is at a crucial point in the process of ending deflation and achieving sustainable economic growth. As Abenomics brings steady results and the path to economic revitalization becomes clearer, Japan must ensure that the economy achieves full-fledged rebirth and that the people enjoy prosperous and vibrant lives. It is critical to ensure that a genuine sense of growth extends to SMEs and regional economies—especially those affected by the Great East Japan Earthquake—and triggers a regional revival.
The recent election results show that the people of Japan support Abenomics and expect it to bring further results.
Through private-sector-led innovation, the business community will continue its efforts to generate a virtuous economic cycle whereby rising corporate earnings lead to the expansion of investment and employment and the increase of wages.
Keidanren urges the new administration to continue prioritizing economic revitalization through such measures as creating a favorable environment for this positive economic cycle to be developed and swiftly formulating and implementing a stimulus package. At the same time, it is essential for the government to reiterate its plans for placing Japan on a sound fiscal footing in order to enhance the credibility of Japan's public finances both nationally and internationally.
Keidanren expects Prime Minister Abe to display strong leadership in resolutely addressing the key policy issues listed below.
Key Policy Issues
Accelerate the pace of post-earthquake reconstruction efforts.
Implement regulatory and institutional reforms as well as tax reforms to boost corporate vitality.
Secure stable energy supplies at a reasonable price by speeding up the process of restarting nuclear power stations once safety is assured and overhauling the feed-in tariff system. Achieve a suitably balanced energy mix.
Promote scientific and technological innovation by building stronger ties among industry, academia, and government and making other efforts.
Present a course for achieving a positive primary balance by fiscal 2020, with a view to placing public finances on a sound footing.
Thoroughly prioritize and streamline the provision of social security benefits to ensure the sustainability of social security systems.
Develop policies for enhancing the competitiveness of core regional enterprises and the key industries of tourism and agriculture in order to invigorate regional economies. Prioritize and implement measures for disaster prevention, disaster mitigation, and strengthening of national resilience.
Reinforce measures to address Japan's aging society and shrinking population, including improving the childcare environment and making use of foreign workers.
Create platforms for diverse and flexible work styles to support corporate efforts to utilize personnel effectively, including encouraging the active participation of women in the workforce. Reform the education system to foster human resources capable of taking an active role globally and those capable of promoting innovation.
Facilitate Japan's technological contributions to combating global warming at the worldwide level by promoting appropriate domestic policies and proactively engaging in environmental diplomacy.
Swiftly conclude negotiations for the Trans-Pacific Partnership, Regional Comprehensive Economic Partnership, Japan-China-Korea Free Trade Agreement, and Japan-EU Economic Partnership Agreement. Promote overseas expansion of infrastructure and a wide range of industries including food and content through joint efforts by the private and public sectors. Further strengthen relations with neighboring Asian countries.