"Japan won't have a future and won't be able to restore fiscal health without a strong economy"
- Japanese Prime Minister Shinzo Abe
On Wednesday, December 26, Shinzo Abe was sworn in as Japan's seventh Prime Minister during the last seven years. Abe claimed his and his government's readiness to pursue bold monetary policy, flexible fiscal policy and a precise growth strategy. He also plans to temper heated territorial disputes with neighbouring countries as well as bolster ties with the world's largest economy. In his second stint as Prime Minister Abe appointed a cabinet of close allies, in order to beat persisting deflation and put the economy back on the path of growth. Earlier this week, Abe has threatened to revise a law guaranteeing the Bank of Japan's independence, in case it refuses to set a 2% inflation target.
"Japan won't have a future and won't be able to restore fiscal health without a strong economy," Abe told a news conference after taking office as the country's seventh prime minister in six years.
"With the strength of my entire cabinet, I will implement bold monetary policy, flexible fiscal policy and a growth strategy that encourages private investment, and with these three policy pillars, achieve results," he added.
"These are really LDP right-wingers and close friends of Abe," said Sophia University professor Koichi Nakano.
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