The economy and fiscal policy
Message from Prime Minister Shigeru Ishiba
We will ensure that the Japanese economy does indeed wrest itself free from deflation. We will also shape the future of Japan’s economy, and safeguard it to the end. To prioritize overcoming deflation, we will adopt an economic and fiscal management approach based on the principle that “a sound economy is the foundation of fiscal health.” We will bring about a growth-oriented economy driven by wage increases and investments while improving fiscal conditions, creating an economy and public finances that develop vigorously and are resilient to crises.
We will generate high amounts of added value and enhance productivity through fostering innovation and create a society in which motivated seniors can thrive. Our goal is to restore personal consumption, which accounts for over 50 percent of Japan’s GDP, and to achieve a growth-oriented economy that maximizes consumption and investment.
To achieve this, while transitioning from an economy focused on cutting costs to one that creates high added value, we will establish sustainable energy policies and strengthen support for innovation and startups. From the perspective of economic security, we will work on enhancing our resiliency, including through the return of domestic supply chains for semiconductors and other key items, and implement measures to prevent technology outflow. Additionally, we will work to enhance cybersecurity, including through further accelerating our examination of possibly introducing active cyber defense strategies. We aim to restructure a flexible social security system while also conducting a review of our fiscal spending based on data and committing to wise spending practices.
My goal is to achieve an economy that prioritizes increases in GDP per capita in addition to overall national economic growth while also prioritizing improvements in satisfaction and happiness. To this end, we will have the public and private sectors together develop and share comprehensive indicators of ‘degree of happiness/degree of satisfaction’ and aim to create a society where each individual can thrive and be happy.
