The Japan External Trade Organization New York (JETRO NY) released a newsletter today analyzing the announcement of the Hiranuma Plan to promote new markets and new jobs in Japan. It can be viewed at: http://www.jetro.org/newyork/focusnewsletter/focus15.html.

This morning, at the first meeting of the newly established taskforce to implement structural reform and employment measures in Japan, Minister of Economy, Trade and Industry Takeo Hiranuma presented a "Hiranuma Plan" containing specific measures to encourage new market and job creation. Prime Minister Junichiro Koizumi himself has characterized his cabinet as a "Structural Reform Implementation Cabinet".

This taskforce, led by the Prime Minister and joined by all his cabinet, will take a leading role in developing the roadmap that will guide Japanese efforts to revitalize and reform its economy.

Creating new markets and business opportunities is the primary challenge that Japan will face moving forward, linked with a need to resolve problems of the past, such as the writing off of non-performing loans. The development of jobs and new employment measures is also essential to provide the necessary "safety net" that will allow Japan to achieve this important transformation.

15 Policy Proposals to Create New Markets and New Jobs in Japan

The Hiranuma plan establishes specific goals that are easy to understand. They provide clear direction toward "investment in the future" and present a package of policy measures that will help to achieve these objectives. This will help the Japanese government to draw out the potential vitality of its economy. It will also encourage the creation of new markets and new jobs, and over time enhance the competitiveness of Japan's business environment.

Policy proposals include measures to promote innovation, new business development and the use of venture finance; a rebuilding of Japanese distribution systems; a regeneration of its urban living environment; promotion of new skills, labor mobility and new employment practices; improved health care, environmental and energy systems; and a cultivation of non-profit organizations."