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Abenomics' Third Arrow Symposium Held on the Direction of the Japanese Economy and Corporations "Growth Strategy Paves the Way—Corporate Governance Reform and National Strategic Special Zones Advancing Under Abenomics—"
A symposium titled "Growth Strategy Paves the Way: Corporate Governance Reform and National Strategic Special Zones Advancing Under Abenomics" was held on July 29 at the Otemachi Financial City Conference Center in Tokyo. It explored private-sector-led economic growth in response to the newly cabinet-approved "Basic Policy" and "Japan Revitalization Strategy." The event was hosted by the Corporate Communications Strategy Institute, a research organization within Dentsu Inc. Public Relations, and co-hosted by the Development Bank of Japan. Over 150 participants attended, including executives, corporate representatives, and media.
The event commenced with opening remarks by Takehiko Chikami, President and Representative Director of Dentsu Inc. Public Relations.
The keynote address, "The Achievements of Abenomics and the Path Forward," was delivered by Yasutoshi Nishimura, Vice Minister of the Cabinet Office. He stated, "To advance into the second stage of Abenomics, 'Expanding the Positive Economic Cycle,' we will achieve wage increases and improve transaction conditions for small and medium-sized enterprises through tripartite government-labor-management conferences. We will also enhance corporate governance to further increase shareholder returns. Furthermore, we will promote investment in the future through a productivity revolution."
The panel discussion featured five participants: Reiko Akiike (Senior Partner, Boston Consulting Group), Ryo Kiyota (Director and CEO, Japan Exchange Group), Kazuhiko Tomiyama (CEO, Management Co-Creation Foundation), Mr. Nishimura, and facilitator Heizo Takenaka (Professor, Keio University).
Mr. Kiyota noted, "The market expects the implementation of the Corporate Governance Code to significantly change the mindset of Japanese corporate executives."
In response, Mr. Tomiyama emphasized, "We've finally reached the starting line." Regarding accounting fraud issues at large corporations, he stated, "Formalities (such as code formulation) may be necessary conditions for enhancing corporate value, but they are not sufficient. The question is how to improve substance."
Mr. Akiike stated, "Nine locations were rigorously selected from many candidates for the National Strategic Special Zones and Regional Revitalization Special Zones, generating very high expectations. Regulations that had previously been stagnant—in healthcare, employment, education, and agriculture—are beginning to be addressed." Mr. Nishimura added, "We want companies to embrace diversity while transforming globally. The government is also changing. Companies must challenge themselves."
Panelists expressed high expectations for the new corporate governance code and the National Strategic Special Zones. Concluding the panel discussion, Mr. Takenaka summarized, "There are many opportunities before 2020. We anticipate a deadline effect as we aim for the Olympic year."
The symposium concluded with closing remarks by Kentaro Miura, Director of the Corporate Public Relations Strategy Institute, which hosted the event.
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