Japanese Prime Minister Abe says 'Abenomics' is succeeding

July 26, 2013 at 4:07 PM
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SINGAPORE, July 26 (UPI) -- Japanese Prime Minister Shinzo Abe outlined domestic economic reforms Friday that include boosting cooperation with Southeast Asian nations.

Speaking in Singapore, Abe said his party's victory in the upper house of parliament will give him the political strength to pursue the economic reforms nicknamed "Abenomics."

He referred to firing of the "third arrow" of his economic revitalization plan, that of a new strategy for growth, China's official news agency Xinhua reported.

The other two "arrows" in Abenomics concern a deflationary monetary policy and an expansionist fiscal policy, Abe said.

Abe told the audience growing cooperation between Japan and ASEAN, the Association of Southeast Asian Nations), is an important part of his plan.

He said he hoped Japan's participation in the comprehensive Trans-Pacific Partnership will serve as an external catalyst to open the Pacific Rim economy to competition.

The Partnership was an issue in Japan's 2012 elections, and Japan is not yet a member.

Topics: Shinzo Abe
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