Business leaders in Japan expressed expectations Wednesday that Yoshihide Suga, the country's new prime minister, will carry out economic reforms to boost the country's competitiveness and ensure a swift recovery from the coronavirus pandemic.
"We believe the new Cabinet has a lineup which is capable of conducting unprecedented reforms in a wide range of fields," such as bold deregulations and accelerated digitalization in the society, said Hiroaki Nakanishi, chairman of the Japan Business Federation, known as Keidanren.
While pledging to continue former Prime Minister Shinzo Abe's Abenomics economic policies, including aggressive monetary easing and structural reforms, Suga plans to set up a new agency dedicated to promoting digitalization.
Nakanishi said the new administration's immediate task is achieving a good balance between an economic recovery and containing the coronavirus spread.
Akio Toyoda, chairman of the Japan Automobile Manufacturers Association and president of Toyota Motor Corp., said his group hopes the new Cabinet will promote deregulation and tax reform, which he said is needed for growth in the country's mobility industry and manufacturing sector.
Akio Mimura, chairman of the Japan Chamber of Commerce and Industry, told reporters he wants to talk with Suga about further support measures for small and midsize companies hit hard by the pandemic.