Japan is laying the groundwork for a free education program for some households that will cover a student's costs from preschool to college to ensure the country maintains a highly-skilled workforce.

The program, still in its early stages, is expected to feature in the government's economic strategy due sometime around June, which is part of Prime Minister Shinzo Abe's economic agenda, commonly called "Abenomics."

The government invited Joseph Stiglitz, an economist and a Nobel laureate, to speak at its top advisory panel on Tuesday about investing more in education by introducing universal access to a college education.