‘Tomorrow will definitely be better than today’: Shinzo Abe outlines new plan to revive Japanese economy
Prime minister has promised to refocus on the economy after enacting security legislation enabling Japan’s military to participate in combat even when the country is not under direct attack.
Japan’s prime minister Shinzo Abe, fresh from a bruising battle over unpopular military legislation, announced on Thursday a fresh outline for reviving the world’s third-largest economy, setting a GDP target of 600 trillion yen.
Abe took office in late 2012 promising to end deflation and rev up growth through strong public spending, lavish monetary easing and sweeping reforms to help make the economy more productive and competitive. So far, those “three arrows” of his “Abenomics” plan have fallen short of their targets though share prices and corporate profits have soared.
“Tomorrow will definitely be better than today,” Abe declared in a news conference on national television. “From today Abenomics is entering a new stage. Japan will become a society in which all can participate actively.”
Read more: Opponents vow to fight laws expanding role of Japan's military
Abe recently was re-elected unopposed as head of the ruling Liberal Democratic Party. He has promised to refocus on the economy after enacting security legislation enabling Japan’s military to participate in combat even when the country is not under direct attack.
Thousands of Japanese gathered for noisy street protests last weekend over the “collective self-defence” law, and Abe’s popularity ratings took a hit.
“He has to deliver the message that he is so committed to achieving the economic agenda, that is, to make people’s lives better,” said analyst Masamichi Adachi of JPMorgan in Tokyo.