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Global Issue 15

Global Insight G20 Abe has entered into trading negotiations with China, the European Union and the Republic of Korea to get enacted as a supplementary budget one of the largest emergency budgets ever in Japan. What you have seen are the results generated by firing these two arrows. At long last, Japan has once again come to hold a position of importance. However, in parallel with these two arrows, my third arrow, a Growth Strategy harnessing private investment, is also essential if we are to enjoy sustained growth. The key elements of the Growth Strategy are ‘challenges’ – actively taking on challenges – ‘openness’ – openness to the world – and ‘innovation’. Within this, I set ‘active participation by women’ as one of the Growth Strategy’s pillars. In Japan, the capacity of women still lies untapped. I am going to dismantle our glass ceilings, while also preparing the infrastructure to make that possible, such as by eliminating waiting lists for childcare for small children over the next five years. In this way, the power women possess can be utilised to the full. I myself intend to serve as the drill bit that will break through the solid bedrock of Japan’s regulatory regime. We will, in principle, liberalise the electricity market, which has been protected through regional monopolies for 40 years, and split off the generation and transmission of electric power. In doing so, I expect to see businesses utilising inventive new renewable energies and demand control technologies entering the market one after another. Furthermore, this autumn, I intend to take a decision on drastically lowering taxes on capital expenditures in order to ease the burden on companies when making investment decisions. I have launched negotiations with important trading partners on economic partnerships, including the Japan-EU Economic Partnership Agreement, the Trans-Pacific Partnership Agreement, a Free Trade Agreement among Japan, China and the Republic of Korea, I want to break down barriers – including the glass ceiling holding back women and the Regional Comprehensive Economic Partnership. Entering into these kinds of agreements may well result in a degree of pain domestically. But for us, there is really no other path to growth other than opening up the country and incorporating the growth of the world into Japan. I hope that people from around the world visit and invest in this revitalised Japan. In this way, I am determined to breathe new life into a robust Japanese economy and restore a strong Japan that can global thi rd quar ter 2013 www.global -br ief ing.org l 31 Chatham House 


Global Issue 15
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