TOKYO, May 29 (UPI) -- Efforts to end Japan's deflation will require devoting the coming years to "intensive investment" and "emergency structural reform," the government said.
A growth strategy outline revealed Wednesday by Economic and Fiscal Policy Minister Akira Amari would designate the next three years as an "intensive investment prompting period" and the next five years as an "emergency structural reform period" for industrial reorganization.
Amari told reporters Prime Minister Shinzo Abe's administration would present a draft of the strategy next week to the industrial competitiveness council, Kyodo News reported.
The growth strategy, along with aggressive monetary easing and fiscal spending, are part of Abe's economic policy, which has come to be known as "Abenomics" for ending Japan's two decades of economic stagnation.
The strategy involves boosting private investment, wages and employment.
Amari said the strategy is "80 percent" complete, Kyodo said. He said academics and company executives have also called for more sweeping deregulation.
To boost private investment, the government would provide state support to growing industries and promote deregulation in those areas. To attract foreign businesses to Japan, the growth strategy calls for special zones in which management of public facilities, such as airports, would be opened to the private sector.
The strategy would also focus on fostering human resources capable of operating effectively overseas and creating better working conditions for women, the report said. The government also would seek to triple exports of infrastructure-related business to 30 trillion yen ($300 billion) by 2020 and expand free-trade agreements.
