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Policy Proposals  Comprehensive Strategy Toward an economy with GDP of 600 trillion yen
- Promoting Society 5.0 -
Fiscal 2018 Keidanren's Policy

May 31, 2018

With the continuing stable growth of the Japanese economy, now approaching the level of a nominal GDP of 550 trillion yen, significant progress has been made to ensure recovery from deflation and to reach an economy with GDP of 600 trillion yen. Therefore, it is essential to further promote growth strategies and particularly crucial to realize Society 5.0.

Today, IoT, AI, big data, robots, and other technology developments have started to bring revolutionary changes—a paradigm shift—to many industries. Under this new paradigm, Society 5.0 is the trump card that will maintain the international competitiveness of Japanese corporations, improve productivity through the application of innovative technologies and, consequently, optimize individual lives and society as a whole while bringing about economic growth. The realization of Society 5.0 will also contribute substantially to achieving the Sustainable Development Goals (SDGs) adopted by the United Nations. It is the aim of Keidanren to place Japan as a global front-runner in achieving SDGs through the realization of Society 5.0. To this end, we are formulating a road map for specific fields leading to the social implementation of Society 5.0.

To achieve growth when the population is in decline, it is vital to improve labor productivity through work style reforms that contribute to the work-life balance. A corporate society is called for where diverse people can make a contribution to the workforce. Another important issue.revitalizing local economies.is based on the understanding that dynamic local economies are essential for Japan's economic development.

Since the issue of energy is the bedrock for the lives of the citizenry and business activities, it is important to formulate energy and environmental policies that are compatible with economic growth.

At the same time, it is vital to promote structural reform from the perspective of strengthening the economic and social foundations. We must promote fiscal consolidation and secure a sustainable social security system to remove people's concerns about the future. We need to aim to re-energize corporate activities through regulatory, administrative and fiscal reforms.

It is also essential to promote economic diplomacy from the perspective of strengthening international collaboration and creating global rules-based systems. Although a moderate growth is expected for the world economy, there is growing uncertainty.especially recently.due to protectionist measures that distort markets, and the spread of anti-globalism. We will actively communicate the importance of a free and open international economic order based on rules, and contribute to maintaining and strengthening such an order from the standpoint of the business community.

In addition to rebuilding Tohoku through the steady implementation of reconstruction projects in the wake of the earthquake disaster, we will continue to find ways to bring the country together toward the success of national events such as the Tokyo Olympic and Paralympic Games, and the World Expo 2025 Osaka, Kansai.

On this understanding, we will resolutely engage with the following important policy issues.

Policy issues

1. Promote growth strategy

  1. (1) Realize Society 5.0
    1. [1] Advance cross-sectoral policies
      1. Promote innovation
      2. Build ecosystem for innovation
      3. Promote digital technologies and data utilization
      4. Strengthen cybersecurity
    2. [2] Examine important areas
      1. e-government;
      2. Logistics;
      3. Disaster prevention;
      4. Healthcare;
      5. Tourism;
      6. Agriculture
  2. (2) Advance corporate measures aimed at SDGs
  3. (3) Work style reform and empowering diverse talent
    1. [1] Work style reform;
    2. [2] Promote women's participation in the workforce and diversity;
    3. [3] Promote dynamic engagement among young and senior employees and initiatives to prevent resignation due to nursing care;
    4. [4] Accept foreign talents;
    5. [5] Promote human resource development
  4. (4) Regional revitalization
  5. (5) Enrich urban functions
  6. (6) Energy and environmental policy
  7. (7) Stimulate consumption

2. Promote structural reform

  1. (1) Promote fiscal consolidation
  2. (2) Reform the social security system
  3. (3) Regulatory reform
  4. (4) Corporate tax reform
  5. (5) Prepare an environment to realize a society that supports childrearing
  6. (6) Corporate governance reform, corporate law reform

3. Promote economic diplomacy

  1. (1) Maintain and strengthen a rules-based, free and open international economic order
  2. (2) Promote infrastructure exports
  3. (3) Strengthen relations with Japan's principal economic partners

4. Successful national events

  1. (1) Tokyo Olympic and Paralympic Games
  2. (2) World Expo

5. Promote earthquake recovery and rebuild Tohoku

(Note) Society 5.0 is the super-smart society.the fifth society in the history of human social development following on from the hunter-gatherer society, agrarian society, industrial society, and information society. As a national vision, the super-smart society balances Japan's economic development with solutions to social issues in Japan and abroad, and aims for a humancentric society that allows people to live comfortable and fulfilling lives.

Comprehensive Strategy