The new prime minister of Japan, Yoshihide Suga will target quick wins to revive the badly hit economy amid the pandemic of coronavirus. The analysts said that the policy of former leader Shinzo Abe will still continue, as reported in the press release of Reuters.
_________________________________________________________________________
Abe, who resigned due to ill health in August, is known for his economic policies, which are widely known as “Abenomics.”
- The new prime minister will likely pursue economic structural reforms by a blend of policies that target specific industries instead of a grand strategy.
- These policies will pull Japan out of deflation. The heavy fiscal and monetary stimulus coupled with structural reforms will help in fixing the economy quickly.
- Suga’s plans for structural reforms will focus on spurring competition, rather than deeper social changes, unlike Abe’s policies.
- Suga will be focussing on economic reforms more and it will be the political priority, unlike Abe, whose reforms were targeting a broader political agenda. It also included the thorny challenges of revising Japan’s pacifist constitution.
Political analyst Atsuo Ito said, “He isn’t after visions. He is someone who wants to accomplish small goals one by one.” “He will initially focus on pragmatic goals that directly affect the livelihood of people,” said Government and ruling party officials.
