Japan to Draw Up New Growth Strategy Next Summer

Tokyo, Nov. 4 (Jiji Press)–Japanese Prime Minister Sanae Takaichi said Tuesday that her government will draw up a new growth strategy next summer. The government launched a new council comprising experts the same day to accelerate discussions on the strategy, focusing investment on 17 areas including artificial intelligence and shipbuilding. “We will take preemptive measures against risks and social issues and drastically strengthen our supply capacity,” Takaichi said at the first meeting of a government headquarters established to achieve her goal of realizing strong economic growth. At the meeting, attended by all cabinet ministers at the prime minister’s office, she also indicated plans to promote investment through multiyear budget measures and to create demand from the public sector, including defense procurement, under her “aggressive but responsible fiscal policy.” At the meeting, participants designated AI and semiconductors, shipbuilding, content, aviation and space, and fusion energy as strategic areas. The government will consider comprehensive support measures, such as promoting public-private investment and developing human resources, as targets for “crisis-management investments” aimed at strengthening economic security and enhancing the country’s resilience. The Takaichi administration has abolished the government’s Council of New Form of Capitalism Realization, which was created by former Prime Minister Fumio Kishida and later inherited by Takaichi’s immediate predecessor, Shigeru Ishiba. The new council, composed of fresh members, will hold its first meeting soon. END [Copyright The Jiji Press, Ltd.]