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Japan needs a faster "third arrow" growth strategy focusing on promoting a carbon-neutral society, including the creation of a financial hub in Tokyo for Asian firms aiming to go green, said Hiroshi Nakaso, considered a front-runner to be the country's next central bank chief.

Massive monetary and fiscal stimulus deployed in 2013 as the first two "arrows" of then-premier Shinzo Abe's "Abenomics" policies reflated the economy. But the third, structural reform, barely took flight, failing to boost a potential growth rate stuck below 1%.

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