The Japanese government presents the third arrow of Abenomics, dedicated to the package of structural reforms to boost the economy and competitiveness. A cut in corporate taxes is expected (from the current 35% it will drop to 30%) to bring them back to levels in line with the average values of emerging Asian countries. The reform will particularly involve the agricultural, energy, medical and labor sectors.
In the press conference following the green light from the government, Prime Minister Shinzo Abe said that the plan aims to "accelerate the growth strategy, doing everything possible to ensure that the recovery spreads throughout the country".
Developed over the course of a year by more than twenty advisory committees for four main government commissions, the strategy appears potentially incisive, but a certain skepticism remains widespread regarding the timing and ways of implementing some initiatives in practice. Shinzo Abe today insisted on the desire to relaunch local economies to extend the economic "virtuous circle" triggered by his policies to the whole country and overshadowed the introduction of cash subsidies for categories of individuals. He praised the results already achieved and declared his optimism about the country's prospects.
The effort to deregulate energy and agriculture will not be homogeneous across the national territory, but will have its peaks in special economic zones, in turn divided into priority areas for liberalization.
The executive led by Abe also announced measures aimed at promoting female employment: "We will accelerate our growth strategy," said the prime minister during a press conference.
