The principles of ‘Abenomics’ will still be applied in Japan as the nation continues to give top priority to economic recovery, says Prime Minister Yoshihide Suga.
“The Suga administration will continue to give top priority to the economy and make great efforts to reform,” he stressed at the Milken Institute’s virtual conference on Oct 19.
Coined after former Prime Minister Shinzo Abe – who resigned in end August due to health reasons – Abenomics involved the introduction of reforms to make the Japanese economy more competitive.
These include increased government spending to boost the productivity and efficiency of several industries.
Suga’s take over had raised queries if the new Japanese government would continue to apply the principles of Abenomics, or if they would adopt ‘Suganamics’ – a new set of economic reforms and policies.
Among Suga’s plans is the rejuvenation of Japan’s ailing tourism sector through the “Go To” campaign, which subsidises the expenses incurred from domestic travel in Japan.
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So far, over 16 million people had tapped on these funds in the past two months.
Aside from this, Suga is looking to strengthen Japan’s digital capabilities by: improving digital administrative procedures, removing the obstacles in remote working in the private sector as well as enhancing the productivity of Japan as a nation.
These plans fit into Suga’s long term vision of gearing Japan to become an international finance hub in Asia and the world.
“To achieve this goal, we will further consider the tax system, increase English support for administrative services, and review the relaxation of visa requirements,” he stressed.
Suga also aims to promote corporate governance reforms and encourage new opinions to be reflected in management systems and ensure diversity, including women, foreigners, and mid-career hires.
