Japanese Prime Minister Shinzo Abe said wages and employment must rise for his country to beat deflation, as he promised to secure an economic partnership between Japan and Europe.
“To overcome deflation, it is absolutely necessary for wages and employment to move in a visible way in a positive direction,” Abe said in a speech in London today. Improving sentiment among small and mid-size companies shows “a discernible feeling of growth has gradually come to permeate society.”
Abe has pledged to revive Japan’s economy by implementing fiscal stimulus and reducing business regulation, while promising structural economic changes and restarting the nation’s nuclear industry. He said today his focus is to boost Japan’s growth while reinstating fiscal soundness. The prime minister said his policies “have led us to the point where we are just about to get out of deflation.”