For the second time this year, Bloomberg brought together top newsmakers to the Tokyo office to examine topics critical to Japan – this time to focus on the future of Abenomics and its impact on Japan’s growth potential in 2015.
Off the back of a strong performance in recent elections by the Liberal Democratic Party (LDP) which some commentators say reinforces the tailwind behind Abenomics, market participants are closely tracking how the core pillars of reform will materialize.
At the Tokyo seminar “How Abenomics Will Shape the Economy”, which was broadcast live to Bloomberg’s offices in London, Singapore, Hong Kong, Taipei and Dubai, the keynote address was given by Mr. Akira Amari, Minister in Charge of Economic Revitalization, Minister in charge of Total Reform of Social Security and Tax and Minister of State for Economic and Fiscal Policy.
Mr. Amari highlighted that the recent election results had given the LDP a renewed mandate to govern the nation and pursue reforms. The Japanese economy had entered a “virtuous cycle,” he said.
Mr. Amari spoke about the importance of ensuring real wages rise faster than inflation next year and how economic recovery has to be felt across the entire nation. He set out the Government’s blueprint to reduce the corporate tax rate to attract investment, regionalize Japan’s earning power, revise social and employment policies and a raft of deregulation measures across important sectors. The growth strategy in place, he said, was to turn Japan into the most innovative country in the world.
In a panel discussion facilitated by Bloomberg, Mr. Amari was joined by Mr. Atsushi Saito, Board Member and Group CEO of Japan Exchange Group, Mr. Robert Alan Feldman, Managing Director and Chief Economist of Morgan Stanley MUFG Securities and Mr. Kazuo Ueda, Head of GPIF Governance Working Group, Professor of Economics, University of Tokyo.
Panelists noted that two thirds of the Japanese public appeared to support the reform agenda. Fiscal policies were well thought-out but still challenging to achieve. Sequencing of policy implementation would be important to mitigate potential risks. They also benchmarked progress so far under the three arrows of Abenomics, including in areas such as governance, agriculture and education policies.
With a presence in Tokyo for more than 25 years and the eyes of the financial world squarely focused on Japan’s economic reforms, Bloomberg continues to provide Japanese corporations and the global financial community with market-moving data, news and analytics essential for making well-informed decisions on regional expansion and investment opportunities.
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KEYWORDS: Business & Trade, Politics, Japan, agriculture, Trade, market, Tokyo, reforms, Economics, Global, Bloomberg, csr, performance, Democratic