[Provisional Translation]

Prime Minister Shinzo Abe held the 25th meeting of the Industrial Competitiveness Council at the Prime Minister's Office.

During the meeting, discussion took place on the “Report on Important Measures for Strengthening Industrial Competitiveness (draft),” the “Action Plan for Strengthening Industrial Competitiveness (draft),” and the “Review Guidelines for the Progress of the Growth Strategy (draft).”

Based on the discussion, the Prime Minister said in his address,

“This year will be a year of resolutely taking on challenges for the future. We will aim to achieve the largest GDP in postwar history of 600 trillion yen, and further evolve our Growth Strategy.

Up to this point, we have paved the way toward reforms of vested interests, corporate tax reform, economic partnerships, and fundamental institutional reform. We will dramatically eliminate the so-called ‘six obstacles to doing business in Japan.’ We will submit over twenty pieces of legislation related to the Growth Strategy to the current session of the Diet, including bills related to the TPP, corporate tax reform, and the reform of national universities.

Will these broad improvements in the business environment be used to make investments for the future? That is something that truly must be decided by businesses. Businesses will play the leading role.

The world will not wait for Japan to put an end to the deflationary mindset. The fourth industrial revolution will change the world. How will businesses make use of this new technology? Even as we speak, businesses across the world are desperately pursuing the answer to that question and taking on challenges related to it. Coming out on top after this great shake up will require passion and an animal spirit. We will not be able to compete if we limit ourselves to the successes and constraints of the past.

We will make corporate governance effective. Business owners will take on new, bold challenges that transcend companies and industries. Human resources and money intended for high risk investments will go toward new growth fields. The power of the market will encourage innovation. The Government will boldly work for regulatory reform.

We will swiftly begin considerations for a new Growth Strategy based on the Review Guidelines approved today. I would like each of the members of this council to step up discussion on this matter. I would also like the relevant ministers to work for the realization of policies.”