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.
But which route should Japan take? Horiuchi said the presence of strong and successful manufacturing industries will continue to be the key to maintaining prosperity in Japan.