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Economy

Japan Inc. says economy is top priority, not constitution

TOKYO -- The Japanese business community is sounding an alarm to remind the government of the urgency of economic issues, worried that Tokyo's focus may shift to constitutional revision after Sunday's election.

Prime Minister Shinzo Abe's Liberal Democratic Party and other supporters of amending the post-war constitution won enough seats in the upper house to get the two-thirds supermajority needed to propose a charter revision.

Concerned that the nation's growth strategy and regulation reform may be placed on the back burner, Sadayuki Sakakibara, chairman of the Japan Business Federation, told reporters Monday: "The utmost priority is nothing other than economic revitalization. We hope [the government] will wholeheartedly work on it without looking aside."

Regarding the economy-spurring measures set to be compiled in the fall, the head of the business lobby also known as Keidanren recommended that the government avoid anything with short-term economic effects considering that its "finances are very tight." He said that the budget should be allocated mainly to steps that would promote structural reform instead.

Other heads of business groups also had requests for the ruling coalition following its solid victory.

"It's important to take action toward technological innovation," Yoshimitsu Kobayashi, head of the Japan Association of Corporate Executives, told reporters.

Akio Mimura, chairman of the Japan Chamber of Commerce and Industry, said: "Economic revival should remain the utmost priority and I hope that [the government] will tackle Japan's structural issues, such as social security reform and reinvigoration of regional economies." 

(Nikkei)

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