Economic Security Mentioned in Basic Policy for 1st Time

Politics

Tokyo, June 18 (Jiji Press)--The Japanese government at an extraordinary cabinet meeting Friday adopted a new basic economic and fiscal policy that calls for ensuring economic security, including by strengthening supply chains.

The new basic policy is the first of its kind mentioning economic security, against a backdrop of tensions between the United States and China. The government also adopted a new growth strategy.

For economic growth in the post-coronavirus pandemic era, the government plans to boost investment in four fields--decarbonization, digitalization, regional revitalization and child care support.

"By making intensive investment in the four fields, we'll address long-standing challenges and aim for strong growth," Prime Minister Yoshihide Suga said at a joint meeting of the government's Council on Economic and Fiscal Policy and Growth Strategy Council.

In the basic policy and the growth strategy, the government said it will secure the "ability at home to produce and supply" semiconductors and other strategically important materials for which Japan currently relies on imports.

[Copyright The Jiji Press, Ltd.]

Jiji Press