Japan to set up task force to mull how to reform market economy

Jumat, 19 April 2013 01:07

(TOKYO-Kyodo) The government has decided to set up a task force to discuss how to reform Japan's market economy in an attempt to achieve sustainable growth over the next 10 years, economic revitalization minister Akira Amari said Thursday.

To avoid widening economic disparities stemming from competitive principles based on market mechanisms, Japan will consider what kind of market economy system can attain an appropriate allocation of resources and economic benefits, Amari said at a press conference after a meeting of the Council on Economic and Fiscal Policy.

The move came amid growing concern that Prime Minister Shinzo Abe's policies, aimed mainly at stimulating business enterprise, may not help invigorate economic activities of other entities such as households and local areas.

Abe, chair of the administration's key economic panel, said during the meeting, "I want to transmit to the world" the outcome of the discussion at international conferences including the Group of Eight summit.

The task force plans to hold its first meeting by the end of this month, Amari said, adding that the results of the discussion will be incorporated into the government's medium- to long-term economic and fiscal policy blueprints as well as growth strategies, scheduled to be crafted in June.