ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconIcon FacebookIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Keidanren Chairman Sadayuki Sakakibara speaks at a ceremony for the ruling Liberal Democratic Party's 60th anniversary in Tokyo.   © Reuters
Economy

Abe's victory welcomed by business lobbies

Outcome shows voters want faster pace of Abenomics, Keidanren chief says

TOKYO -- Leading Japanese business organizations expressed hope that the ruling coalition's victory at the polls Sunday will translate into new momentum to tackle economic growth and other challenges.

Prime Minister Shinzo Abe's Liberal Democratic Party and coalition partner Komeito appeared to have secured a two-thirds majority in the lower house, giving his government a solid base from which to further push a pro-business agenda.

The election result "signifies people's expectations that accelerating Abenomics, the response to the North Korean problem and other policies will be pursued with greater force," Sadayuki Sakakibara, chairman of the Japan Business Federation of mostly large corporations, said in a statement. Top agenda items for Abe's government should include beating deflation, promoting an economic recovery and setting a course for gross domestic product to reach 600 trillion yen ($5.28 trillion), he said. 

Keidanren, as the lobby is also known, wants the government to tackle social security, fiscal consolidation, energy and demographic issues, according to Sakakibara.

The Japan Chamber of Commerce and Industry, representing small and midsize businesses, and the Japan Association of Corporate Executives, or Keizai Doyukai, also quickly released statements welcoming the prospect of political stability. 

JCCI Chairman Akio Mimura called for action, saying that "the ruling coalition should work on overcoming the labor shortage and realizing improvements in productivity."

"I expect the ruling coalition to build a robust economic foundation by carrying out structural reforms," he said.

But even as Keidanren and the JCCI offered their full support and cooperation, Keizai Doyukai distanced itself somewhat from the government.

Keizai Doyukai Chairman Yoshimitsu Kobayashi urged more discussion between the ruling and opposition camps, calling the election "vague" on what the parties were fighting for.

On amending the war-renouncing constitution, Kobayashi said that "I would like to see a thorough debate in a manner visible to the general public."

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

{{sentenceStarter}} {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} this month

Stay ahead with our exclusives on Asia; the most dynamic market in the world.

Benefit from in-depth journalism from trusted experts within Asia itself.

Try 3 months for $9

Offer ends September 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media