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5 Jun 2013
Japan's Abe outlines new plan to boost growth
FXstreet.com (Barcelona) - Japanese PM Shinzo Abe outlined on Wednesday the next steps of his plan to boost the Japanese economy. In a closely followed awaited speech he announced that special economic areas would be created to attract foreign investors, incomes would be raised by 3% annually and the electricity industry would be fully liberalized.
During the speech, focused on measures necessary to boost long-term growth, the Japanese PM said that raising incomes was an important move as a “the aim of the growth strategy is nothing other than to create jobs for enthusiastic people and raise take-home pay for those who are working hard.”
The so-called “Third Arrow” reforms directed at stimulating growth were not received well by Japanese markets and the Nikkei fell by 3.8% after the speech. The Japanese government will announce further measures in the coming weeks.
During the speech, focused on measures necessary to boost long-term growth, the Japanese PM said that raising incomes was an important move as a “the aim of the growth strategy is nothing other than to create jobs for enthusiastic people and raise take-home pay for those who are working hard.”
The so-called “Third Arrow” reforms directed at stimulating growth were not received well by Japanese markets and the Nikkei fell by 3.8% after the speech. The Japanese government will announce further measures in the coming weeks.