Economy, Trade and Industry Minister Toshimitsu Motegi on Wednesday proposed measures including corporate tax breaks to exploit new markets in a bid to bolster private investment and escape from chronic deflation, according to government officials.
During a meeting of the industrial competitiveness council that was closed to the media, Motegi also proposed that the government promote business restructuring and pledged to draw up a bill to implement the measures as a centerpiece of the government's growth strategy scheduled to be finalized in mid-June, they said.
Prime Minister Shinzo Abe has said Japan will set a target for boosting total business investment by 10 percent over the next three years to bring it up to around ¥70 trillion each year, equivalent to the level seen prior to the 2008 global financial crisis.