An administration panel approved an action plan Tuesday to accelerate Prime Minister Shinzo Abe’s economic growth strategy, with the coming three years designated as an intensive implementation period.
The administration also specifies in the plan that it has appointed ministers in charge of promoting specific fields in the economic growth strategy and will submit 33 related bills to the Diet during the ordinary session that starts Friday.
“The world is trying to assess whether we can put Japan’s economy on a stable recovery track,” Abe said during a meeting Tuesday of the Headquarters for Japan’s Economic Revitalization.
The economic growth strategy is the “third arrow” in the policies dubbed “Abenomics,” along with aggressive monetary easing by the Bank of Japan and massive public spending.
In a list of important items in the action plan for pushing ahead with the strategy, the administration pledged to secure passage of a bill to strengthen the corporate governance system, believing it will help invigorate investment in Japan from abroad.
In the agriculture field, the administration said it will end its decades-long policy of protecting rice farmers by limiting their production from 2018, aiming to stimulate the highly protected sector with an eye on the launch of the U.S.-led Trans-Pacific Partnership free trade framework.