New Growth Strategy: The Formulation of "Japan Revitalisation Strategy-Japan is Back-"
Friday, June 21, 2013
On June 14, 2013, Prime Minister Abe issued a message upon the formulation of “Japan Revitalization Strategy.”
Overview of “Japan Revitalization Strategy”
[Three Prongs or “Arrows”]
The Abe administration will simultaneously implement the policy mix of the “three arrows” for reviving the Japanese economy: (1) Aggressive monetary policy; (2) Flexible fiscal policy; and (3) A growth strategy that encourages private sector investment.
[Roadmap to Growth]
Following the launches of the first arrow “Aggressive monetary policy” and second arrow “Flexible fiscal policy,” Japan Revitalization Strategy” outlines the basic concept for restoring the confidence of companies and people and changing “expectation” into “action” as a “roadmap to growth.”
[Three Action Plans of “Japan Revitalization Strategy”]
Based on this concept, “Japan Revitalization Strategy” sets forth three action plans detailing concrete initiatives for the realization of growth: Plan for the Revitalization of Japanese Industry; Strategic Market Creation Plan; Strategy of Global Outreach.
The Plan for the Revitalization of Japanese Industry" will strengthen the industry base. Based on this expanded strength, the Strategic Market Creation Plan" will create new markets from challenges, and the Strategy of Global Outreach will allow Japan to tap into expanding global markets.
The three action plans are explained below.↓
(1) Plan for the Revitalization of Japanese Industry
- Revive a manufacturing industry that can succeed in global competition, and create high value-added service industries.
- Achieve a society which facilitates company operations and leverages the full potential of individuals.
(2) Strategic Market Creation Plan
- Four themes were selected among the social challenges confronting the world and Japan, in which Japan has advantages over other countries. Japan’s global markets in these fields are expected to grow, and they are expected to become strategic sectors. By becoming a world pioneer in resolving these social challenges, Japan will spur the development of new growth sectors.
(3) Strategy of Global Outreach
- Attract global talents, goods, and funds to Japan through proactive entries into international markets by Japanese businesses and increases in FDI in Japan, and tap into global economic growth.
- Promote extensive globalization within Japan
- Advance strategic, public-private joint initiatives inside and outside Japan through the concerted efforts of the Government.
○To access the main text of “Japan Revitalization Strategy” and other information, please click below.
Basic Policies for Economic and Fiscal Management and Reform
- “Basic Policies” were established for the first time in four years at the same time that “Japan Revitalization Strategy” was launched.
- The Basic Policies present the directions of economic and fiscal policy management and the basic strategy for achieving “a new decade of revival,” including the promotion of the “three arrows” in an integrated manner.
- The Basic Policies aim to set into motion three positive cycles to fully exploit the effectiveness of the “three arrows.”
Three Positive Cycles
Click here for more information.
A Path Leading up to the Formulation of “Japan Revitalization Strategy -JAPAN is BACK-”
(1) Prime Minister’s speeches on the Growth Strategy
○First round （April 19, 2013）
Explains the Growth Strategy, including the themes of “Growth industries to be created from a ‘society of good health and longevity,” “A Growth Strategy that enjoys participation by all,” “Young people who can succeed in global competition,” and “A Japan in which women shine.” Click here for more information
○Second round (June 5, 2013)
Explains the Growth Strategy, including the themes of “A growth strategy that encourages private sector investment,” “An ‘advanced nation for field testing’ to stimulate innovation,” “Reforms to make Japanese universities winners in the global competition,” “Expanding private sector investment,” “Agriculture, forestry and fisheries on the offensive,” and “A ‘Cool Japan’ Strategy.” Click here for more information
○Third round (June 5, 2013)
Explains the Growth Strategy, including the themes of “Boldly opening up government enterprises” and “What the Growth Strategy aims to achieve.” Click here for more information
Prime Minister’s Site Visits Related to the Growth Strategy (Prime Minister’s Office Facebook Page)
|・Childcare facility in Yokohama City
|・Medical center in Saga Prefecture
Prime Minister’s Overseas Sales Visits Related to the Growth Strategy
|・Russia: April 28-30, 2013||・Middle East: April 30-May 3, 2013|
(The video above is in Japanese)
(The video above is in Japanese)
(2) Discussions for the formulation of the Growth Strategy
Discussions took place for the formulation of the Growth Strategy at the Headquarters for Japan’s Economic Revitalization, established as a control tower for reviving the economy, and at the Industrial Competitiveness Council, set up under the Headquarters.