New Japanese Prime Minister Yoshihide Suga to focus on Structural Economic Reforms
the Prime Minister said that his cabinet will “work for the people,” and their focus will be on rejuvenating the economy in the post-pandemic.
After former Japanese Prime Minister, Shinzo Abe’s surprising resignation, The country has elected a new Prime Minister – Yoshihide Suga.
Prime Minister Suga has already started reforming the Cabinet. On Wednesday, 16th September, the Prime Minister said that his cabinet will “work for the people,” and their focus will be on rejuvenating the economy in the post-pandemic world.
According to political veteran and economist, Heizo Takenaka, the Prime Minister has to focus on the short term goals of stimulating the economy. He said, “Introducing competition among mobile phone carriers could be a very symbolic policy for Suga because he loves competition. He hates people with vested interests.”
While Mr Shinzo Abe’s policies were focussed on massive economic stimulus, also known as Abenomics, Mr Suga’s policies will be directed towards structural reforms.
The Governor of Bank of Japan, Haruhiko Kuroda said, “It’s tough but there is now a widely accepted view in Japan that deregulation and structural reforms are necessary. Personally, I see a good chance deregulation will succeed.”