Mitsuo Horiuchi, the newly appointed minister of international trade and industry, is determined to push through “drastic policies” to accelerate deregulation and create a level playing field for Japanese companies competing in this era of “global megacompetition.”

A former businessman, Horiuchi called for a “major shift” in the nation’s economic policy from one aimed at protecting domestic industry to one that transforms Japan into a more favorable site for manufacturers. “We are entering an age of megacompetition and policymakers around the world are looking hard at how best to overcome this serious challenge,” he said.

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