Keidanren appointed Sadayuki Sakakibara as the new chairman of the country's most powerful business lobby on Tuesday.

The business lobby, also known as the Japan Business Federation, approved the nomination of Sakakibara, chairman of fiber and textile maker Toray Industries Inc., at a general meeting. Sakakibara has been outspoken in his belief that the government should begin reducing the corporate tax rate starting in fiscal 2015.

"Whether we can lead the economy to a real growth path depends on the government's and the business circle's efforts for the next few years," Sakakibara said at his inaugural news conference.