One of Abe’s grand plans is to boost the economy by cutting down on regulation within certain areas of the economy. He’s been getting plans together to form zones around Japan dedicated to different sectors and today has announced some of the zones locations.
- Tokyo becomes the zone for international business
- Kansai, Osaka – medical innovation
- Niigata & Yabu – Agricultural
- Fukuoka – labour zone
- Okinawa – international tourism
After the announcement Abe announced that they had
“readied the drilling structure to smash rock hard regulation”
The full parameters of the zones will take shape over the next two years and they have been designed as testing grounds for looser regulation before hopefully being extended throughout Japan. The idea is to encourage investment and innovation for Japanese companies while also spreading the economic opportunities across the nation.
The announcement obviously comes on the eve of the sales tax rise due to kick in next week with many worried about the effect of the tax hike derailing the economy. It may be a few months before we see any affects filtering through.
Thanks to Andy in the comments for bringing it up
