A fiscal 2012 white book on the economy and state finances endorsed by the Cabinet on July 27 stressed the importance of entrepreneurship to accelerate innovation, an important factor for economic growth as Japan faces a declining birthrate and the graying of the population.
Unfortunately, the white book fails to provide concrete policy tools designed to encourage entrepreneurship. To do so, the government should work out a wide range of policies that not only provide economic incentives but also change the direction of education.
The white book stressed the need to carry out innovation in every aspect of society in order to increase productivity. But it pointed out that, in Japan, entrepreneurs are not highly valued and that people who plan to start a new business lack the required knowledge.