A joint meeting of the Party's Policy Research Council and the Headquarters for Japan's Economic Revitalization (both chaired by Sanae Takaichi) on May 20 discussed recommendations for revisions of the "Japan is Back" strategy (growth strategy) that have been scheduled by the government for June. The recommendations come in two parts: a "General Collection of Policies for the Strong and Sustained Growth of the Japanese Economy 2014" produced by the Policy Research Council, and a "Japan Revitalization Vision" produced by the Headquarters for Japan's Economic Revitalization.
The "General Collection of Policies 2014" gathers together, and categorizes by genre, measures for economic growth recommended by Policy Divisions, Research Commissions, Special Committees and other bodies under the Policy Research Council. In addition to the recommendations for revision of the "Japan is Back" strategy, it also covers the "Basic Policies for Economic and Fiscal Management and Reform" and the drafting process for next year's budget. Economic recovery has produced improvements in corporate earnings, and the document recommends the government to take the measures into account at all stages of future policy-making in order to translate better profits into "a virtuous cycle of growth."
The "Japan Revitalization Vision" was articulated by the Party's Headquarters for Japan's Economic Revitalization, an advisory body to Party President Shinzo Abe (Prime Minister). As the responsible ruling party, it says that the LDP should concentrate on seven key pillars, including strengthening the international competitiveness of Japanese companies, support for women, and reactivation of local communities. The current recommendations flesh out and expand the "interim recommendations" published by the Headquarters last year when it formulated the "Japan is Back" strategy.
A broad range of issues was discussed. Some members of the Diet attending the joint meeting advocated the reorganization of the Government Pension Investment Fund (GPIF), which manages approximately 130 trillion yen of public pension money, in line with the recommendations of experts at a meeting held in November of last year. Others advocated for the creation of a "general exchange" that would allow trading of a wide range of financial instruments and keep pace with the integration of security commodity exchanges (in which energy, agricultural goods, and other commodities futures are traded) in other countries.
Yasuhisa Shiozaki, Acting Chairman of the Policy Research Council, emphasized the recommendations' significance, saying they will be submitted in a timely manner to facilitate the government's update on the "Japan is Back" strategy. The Party is working closely with the government to accelerate the "perpetual third arrow" announced by Prime Minister Abe at the Davos Forum in January.
Sanae Takaichi, Chairman of the Policy Research Council, speaks at the beginning of the joint meeting about the need to proactively reflect the Council's discussions in the government's growth strategy
