Japanese leader Abe sees red tape reform as key to growth

City A.M. Reporter
JAPANESE leader Shinzo Abe emphasised yesterday that deregulation is the priority for the nation’s growth strategy and aimed to push forward his economic policies.

Prime Minister Abe told a press conference after a meeting on African development that he would watch market movements closely but refrained from commenting on them.

“I acknowledge deregulation is the priority for our growth strategy. As I decided to join talks of the TPP (Trans-Pacific Partnership), I would like to push forward what needs to be done without hesitation,” Abe said.

Investors have not yet given up hope that Abe’s aggressive fiscal and monetary expansionary policies, dubbed Abenomics, will end deflation and two decades of economic stagnation.

But a note of caution has crept in since Tokyo share prices began to slide in late May after months of heady gains.

Abe also said he expected the financial markets to calm down gradually as the Bank of Japan is communicating with the markets.

“Our economic policies are proving fruitful for certain. We should be more confident,” Abe said.