Prime Minister Shinzo Abe will explain his “Abenomics” strategy to his Group of Eight peers when they meet next week in Northern Ireland, government officials said Thursday.
Abe hopes to win acceptance for his three-pronged approach, aimed at ending decades of deflation and reviving the economy, amid criticism from some quarters that the weakening of the yen via aggressive monetary easing has hurt rivals’ exports by making Japanese goods cheaper abroad.
The summit at the Lough Erne golf resort near Enniskillen next Monday and Tuesday involving Britain, Canada, France, Germany, Italy, Japan, the United States and Russia will be the first occasion for Abe to showcase his pet policies in a multinational setting.
The “three arrows” of Abenomics consist of a radical monetary easing experiment by the Bank of Japan, another fiscal spending binge by the government, and a growth strategy centered on deregulation and tax breaks on business investment lacking significant detail.
With Japan set to join the negotiations on the Trans-Pacific Partnership trade liberalization pact in late July, Abe intends to underscore his administration’s pursuit of trade as the key driver of growth, the officials said.
The prime minister also hopes to outline Tokyo’s plan to spur African development while boosting Japan’s economy, having pledged up to ¥3.2 trillion in public and private-sector funds at a summit on the continent’s development in Yokohama earlier this month.
With Syria’s civil war expected to dominate discussions on regional affairs among the G-8 leaders, Abe plans to announce emergency humanitarian aid worth roughly $10 million for refugees and displaced people in the strife-torn country, a separate source said Thursday.
Abe is also arranging to unveil about $100 million in yen loans to Jordan, which is sheltering many refugees who have fled Syria, according to the source.
Coupled with Tokyo’s just-unveiled plan to directly provide medical and other kinds of humanitarian aid to people in rebel-held areas in Syria, Abe intends to showcase Japan’s efforts to help stabilize the country.