[Provisional Translation]

Prime Minister Shinzo Abe held the 22nd meeting of the Industrial Competitiveness Council at the Prime Minister's Office.
During the meeting, discussion took place on the draft 2015 revision of the Japan Revitalization Strategy.

Based on the discussion in the meeting, the Prime Minister said,

“The growth strategy of the Abe Cabinet is entering a new stage. Our focus will shift from the elimination of the macro supply and demand gap to the overcoming of supply constraints resulting from the diminishing population. The only way to overcome that is to increase productivity.

In order for Japan to again become a global front runner, it is vital that we realize a productivity revolution through ‘positive investments in the future.’ Right now it is the private sector’s turn. It is time for action.
The birth of innovation and new ventures, as well as bold investment in IT, human resources, and advanced capital is indispensable for the realization of a productivity revolution.

At the same time, by advancing local Abenomics and making full use of latent regional capabilities, including in the service sector, we will be able to improve productivity across Japan. As a part of that, the time has come to make a call to action so that the regions themselves can decide their own future.

I would like to make one proposal. Up until now, we have held continuous discussion on wage hikes and passing on price increases among the relevant parties, and this has produced results.

Next, in addition to such initiatives, we will create a new venue for public-private dialogue between the Government and private sector in order to generate investments in the future. We will engage in dialogue on the investment direction that the private sector should aim for and the corresponding initiatives the Government should implement, thereby supporting companies in making bold management decisions. I would like to include this public-private dialogue in the revision of the growth strategy.”