Japan to Target Stable Nominal GDP Growth of Over 3 Pct

Tokyo, June 30 (Jiji Press)--The Japanese government will aim to consistently achieve economic growth of more than 3 pct in nominal gross domestic product and more than 1 pct in real GDP at an early date, according to a draft outline.

For the goal, the government intends to overhaul its economic and fiscal management as a medium- to long-term policy, which covers the period from fiscal 2027 to fiscal 2040, the draft of the government's new Basic Policy on Economic and Fiscal Management and Reform showed.

The government is set to discuss the draft at a meeting on Tuesday of the Council on Economic and Fiscal Policy. It hopes to adopt the new basic policy in July.

According to the draft outline, the government will announce that strengthening Japan's comprehensive national power is the mission of the administration of Prime Minister Sanae Takaichi.

The draft calls for promoting a growth strategy featuring public-private investments exceeding 370 trillion yen in 17 strategic fields, including artificial intelligence and semiconductors, by fiscal 2040, as part of efforts to increase the country's nominal GDP to 1,100 trillion yen.

[Copyright The Jiji Press, Ltd.]