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ABENOMICSPublished in May 2017 For future growth, for future generations, and for a future that is robust.

We should look to the future, rather than worry about the present. Japan may be aging. Japan may be losing its population. But, these are incentives for us.

– Prime Minister Shinzo Abe INTRODUCTION About

Setting the economy on course to (%) Nominal GDP and growth rate2 (JPY tril) 3.0 700 overcome and make a steady 2.8 2.6 BEFORE ABENOMICS 2.5 recovery with the Three Arrows 2.5 2.1 In early 2013, after two decades of economic stagnation, Prime Minister 1.5 600 Shinzo Abe unveiled a comprehensive 1. 5 600 package to sustainably revive the Japanese economy while 554 540 maintaining fiscal discipline. 532 0.5 518 This program became known as 0.2 507 0 500 Abenomics. 494 495 -0.5 The centerpiece of Abenomics has been GDP (Expenditure Approach) the three “policy arrows” targeted at -1.1 (Right scale) aggressive , flexible fiscal Nominal GDP growth rate policy and growth strategy including -1.5 400 (Left scale) structural reform. FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 TARGET (Estimate) (Forecast) Since then, Abenomics has achieved Jobs to applicants ratio Dependency ratio on remarkable progress. (JPY tril) Corporate ordinary profits3 (X) and rate4 (%) (JPY tril) Japanese Government Bonds6 (%) For example: 80 1.75 5.0 60 57.6 57.7 50 68.2 4.5 • Nominal GDP grew from 495 to 532 1.43 4.5 47.9 1.50 50 1 4.0 44.3 35.6 trillion yen between the fiscal years of 60 35.3 1.25 3.5 40.9 2012 and 20152 2.8 40 45.3 3.0 34.4 34.4 1. 0 0 • Annual corporate ordinary profits 40 2.5 30 25 0.74 0.92 increased by 20 trillion yen between 0.75 2.0 3 20 the fiscal years of 2012 and 2015 0.50 1. 5 20 0.44 1. 0 • Unemployment rate declined from 0.25 10 0.5 4.3% to 3.1% between 2012 and 20164 0 0.00 0.0 0 0 • Core CPI improved by 3.0% between FY2011 FY2012 FY2013 FY2014 FY2015 2012 2013 2014 2015 2016 2017 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 2012 and 20165 (Forecast) Job to applicants ratio (Left scale) Amount of JGBs issued (Left scale) And now it is gaining speed. This document Job to applicants ratio of Tax revenues (Left scale) regular employees (Left scale) Level of dependence on JGBs (Right scale) offers the latest on the reforms being Unemployment rate (Right scale) implemented to reach a GDP of 600 trillion 1 Average exchange rate for March 2017: USD = JPY 113 yen, including work style reform to raise 2 Source: Cabinet Office “National Accounts”; “Fiscal 2017 Economic Outlook and Basic Stance for Economic and Fiscal Management”; The Japanese fiscal year starts in April and productivity and increase the workforce in concludes in March of the following year 3 Source: Ministry of Finance “Financial Statements Statistics of Corporations by Industry,” all industries, all (firm) sizes, seasonally adjusted figures the midst of demographic changes. 4 Source: Ministry of Health, Labour and “Statistics on Referrals for General Workers,” seasonally adjusted figures; Ministry of Internal Affairs and Communications “Labor force survey” 5 Source: Statistics Bureau, Consumer Price Index. 1.3%, excluding the rate change in April 2014. Core CPI = All items, less food (less alcoholic beverages) and energy 1 ABENOMICS 6 Source: Ministry of Finance ”Public Finance Statistics Book” TOPIC: THE FY2017 BUDGET

Opening the path Engines that keep the positive to the future:

The budget to achieve while economic cycle spinning maintaining fiscal discipline was passed on March 27. The focuses for this fiscal year are:

FURTHER STIMULATING THE ECONOMY • Promote Industry 4.0 by encouraging private in R&D in science and technology1 • Promote inbound tourism

CREATING A POSITIVE ECONOMIC CYCLE OF GROWTH AND RE-DISTRIBUTION • Increase disposable income by lowering the employment insurance premium by 0.2%2 • Expand childcare support by increasing the number of: »» childcare workers with improved labor conditions »» available childcare options • Extend the childcare leave benefit from 1.5 years to 2 years for those on the waiting list

CREATING OPPORTUNITIES FOR CHILDREN • Provide higher for students from challenging economic circumstances by: »» Introducing a grant-type scholarship with a base of 30,000 yen per month »» Eliminating virtually all academic requirements of interest-free scholarship Boost Drive Innovation Energize Corporate loans for students from low-income families 1 Productivity 2 and Trade 3 Activities REFORM WORK STYLE p. 3–4 p. 5–8 p. 9–10 TO INCREASE PRODUCTIVITY • Encourage companies that are: Boost productivity by changing work Implement structural reforms such as Continue to create a business-friendly »» Reforming their evaluation scheme style and diversifying the labor force deregulation in the agricultural sector environment and promote inward FDI »» Introducing equal pay for equal work to cope with the demographic change and other areas with growth potential, through robust corporate governance »» Small and medium-sized enterprises as well as expand international trade and further corporate tax reduction (SMEs) introducing a minimum Leads to wage increase and interval system for working hours employment, resulting in higher Leads to the creation of new demand Leads to rise in corporate performance income and a rise in consumption and increased capital investment 1 Artificial intelligence (AI), robots, Internet of Things (IoT), automated driving and cybersecurity 2 For three years THE FIRST STEP IN REALIZING FUNDAMENTAL WORK-STYLE REFORM 1 BOOST Change how we work PRODUCTIVITY

Increasing productivity and Legislative rules and guidelines of “equal pay for labor participation are keys to equal work”: Eliminate the irrational gaps in the working conditions between regular and non-regular workers in order sustaining economic growth to enable non-regular workers to be fairly evaluated and to under the demographic work with higher motivations change that Japan is experiencing. In realizing this, Regulatory limit on overtime work with penal regulations: work-style reform is the biggest Define the maximum hours of overtime work and revise challenge we need to tackle. legislation that will concretely establish a limit that cannot be exceeded even in temporary and special situations On March 28, 2017, under Prime Minister Abe’s strong Human resource cultivation and supporting reemployment: initiative as chair, the Council Support relearning of individuals, such as by enabling women, for the Realization of Work who once take child-rearing leave, to receive recurrent Style Reform has formed a education for skill improvement and re-employment promising plan to realize a society where everyone can Promoting flexible work styles: Promote teleworking, side jobs and multiple jobs with a variety of policy measures, choose various and flexible including the renewal of guidelines work styles.

Based on this plan, the Introducing new scholarship programs for children: Establish new systems that will ease economic burdens to Administration will implement encourage children to attend higher education regardless of structural and legislative economic status transformations.

WORK-STYLE REFORM

Improved Wage increase PRODUCTIVITY GROWTH & Higher corporate PARTICIPATION RATE INCREASE income performance Employment

DIVERSITY IN LABOR FORCE

3 ABENOMICS From 2012 to 2016, Embrace diversity the number of women joining the workforce increased by about Given the declining work WOMEN SENIORS population Japan faces today, 1.5 million we need to include more Lessen the burden of working Facilitate change through Source: Ministry of Internal Affairs and Communications: “Labor Force Survey” people in the workforce. parents and accelerate women’s engagement with businesses promotion That is why our work and • Provide a choice to extend business customs are in the More information: retirement age for those who Women in management http://www.japan.go.jp/women process of being reassessed, want to work, as well as support positions in the private sector and a wide range of working • Secure additional childcare companies that extend the limit approaches capacity for approximately 500,000 opportunities is becoming • Provide support in matching job children by the end of FY2017 accessible to women, senior openings and applications % citizens and expatriates whose • Increase childcare leave benefits 10 from 50% to 67%, applied to the Source: Ministry of Health, Labour and Welfare: chances were limited before. “Basic Survey on Wage Structure” first six months of leave1 EXPATRIATES

• Mandate businesses to disclose information on the employment Leverage legislative reforms to status of women and their promote and expand opportunities future targets 71% • Expedite permanent residency by of seniors report • Through collaboration with the introducing “Japanese Green Card for that they would like to continue Stock Exchange, select Highly Skilled Foreign Professionals” to work past retirement age and promote enterprises that to obtain visas after a year of arriving, Source: Cabinet Office, Annual Report on encourage women’s success in the under certain conditions the Aging society workplace as “Nadeshiko Brands” • Promote expatriate entrepreneurship • Provide female candidates with in Tokyo, City, City, executive leadership training City, Aichi Prefecture and programs from the world’s Prefecture leading business scholars • Increase expatriate housekeeping Since May 2015, the number • Further encourage recurrent support workers in Tokyo, Kanagawa education for women away on and by leveraging National of “highly-skilled foreign maternity leave Strategic Special Zones2 professionals” increased by • Expand job categories, increase 97% admission quotas and extend training (As of December 2016) 1 Law took effect in April 2014 Source: Ministry of Justice: “Number of 2 Law took effect in September 2015 periods from three to five years by Recognitions of Highly Skilled Professionals” 3 Law will take effect by November 27, 2017 revising the current Technical Intern Training Program3 ABENOMICS 4 2 DRIVE INNOVATION Realize Society 5.0 AND TRADE

Japan is a country renowned TECHNOLOGY STARTUP for its technology and skilled BUSINESSES workers. We are rapidly moving towards Society 5.0, Continue to maintain worldwide Encourage entrepreneurialism leadership in the technology nationwide through deregulation adding a fifth chapter to the industry and support four major stages of human More information: More information: development: (1) hunter- http://www.japan.go.jp/innovation http://www.japan.go.jp/innovation gatherer, (2) agricultural, (3) • Make it a government initiative to • Facilitate business partnerships industrial and (4) information. generate 30 trillion yen of added between startups and universities value by supporting growth in the In this new ultra-smart society, • Establish special incentive measures areas of the IoT, big data, artificial Japan will further expand to promote venture investment intelligence (AI), robotics, etc. networking and Internet of • Support talent development • Identify necessary regulatory Things (IoT) capabilities through exchange programs with reforms under leadership of the from advanced innovations Silicon Valley *1 in manufacturing to every Council corner of society, dramatically • Support SMEs in adopting new improving quality of life and technology such as robotics to EXAMPLE IN TOKYO AREA: BUSINESS ESTABLISHMENT accelerating economic growth. improve efficiency • Accelerate data utilization to foster Consolidate scattered registration areas such as autonomous driving outlets for different documents and drones into one convenient outlet

• Provide programming education at SPECIAL ZONES Tokyo One-Stop Business elementary and secondary schools Establishment Center to foster information literacy (as of December 2016) • Centralizes all application services in Tokyo • Increased capabilities regarding In September 2016, the Council* was established and tasked the handling of the Certification to compile a road map to realize Society 5.0 by mid FY2017 of Eligibility for visa applications * Growth Strategy Council (Chairman: PM Abe)

1 In February 2017, a subcommittee dedicated to the development of automated driving (technology, PROF. SANKAI, UNIVERSITY OF TSUKUBA / CYBERDYNE INC. legislative systems, etc.) through the formulation of a Regulatory Sandbox System was set up in Tokyo cases 4,393completed 5 ABENOMICS (As of March 2017) Pilot Initiatives in National Leverage structural reforms Strategic Special Zones2

Turning successful cases of motivated regions into HEALTHCARE ENERGY AGRICULTURE touchstones for nationwide implementation

Expand the market from Increase from Double the integrated market value1 16 trillion to 26 trillion yen 18 trillion to 28 trillion yen by from 5.1 trillion to 10 trillion yen by 2020 FY2030, addressing global warming by 2020 233 EBU reforms NGATA • Create a framework for private firms • Extend the “Energy Efficiency • Accelerate restructurings in the ENDA to provide medical-related services Benchmark Program” to cover material production business undertaken not covered by public insurance in 70% of annual energy consumption (e.g. fertilizer, feed) and also in the cooperation with insured medical of all industries distribution business (e.g. wholesale) 3 3 TY AREA services for integrated care YABU • Maximize introduction of renewable • Encourage cross-industry TA RA A • Alleviate nursing care burden by YUU energy while minimizing the collaboration to spur smart farming ANA AREA ABAR utilizing robots and sensors national burden under the revised FUUA • Aim to achieve 1 trillion yen in overall Feed-in Tariff (FIT) • Provide customized healthcare exports by 2019* NAA services based on personal data • Realize a “hydrogen society” * Agriculture, forestry, fishery and food exports have collected by wearable devices reached 750.2 billion yen in 2016, breaking the record by supporting R&D and four years in a row • Enhance R&D in drug development implementation of fuel cells and and treatments by leveraging big hydrogen refueling stations 2 Amended the Law on National Strategic Special Zones in May 2016 data analytics to extend and further advance reforms in focus areas by the end • Strengthen Natural Resource of FY2017 3 The Cabinet Office established a joint bureau with the Tokyo • Further promote Japanese medical Security in the area of marine Metropolitan Government (October 2016), and also separately services and devices overseas resources and recycling 1 Includes production, processing, retail and distribution with Yabu City (December 2016) to promote and accelerate the extensive use of the Special Zone

A shot in the arm to energize A comprehensive reform for the First major structural reform EXAMPLE IN YABU (HYOGO PREF.): the healthcare industry first time in 60 years and deregulation in 60 years AGRICULTURE • Enact an adaptive licensing approval • Open the electricity retail market to • Reform the Agricultural system to bring regenerative new entries followed by mandating Cooperative system to encourage 1st time for 3 private companies medicines to market more quickly legal unbundling of the transmission / entrepreneurialism and seek new to be allowed to buy farmland to Law took effect in 2014 distribution sector to achieve full market entrants Law took effect in 2016 produce garlic, rice, flowers, etc. • Introduce new MMS* scheme to liberalization of the market • Consolidate scattered farmland and SPECIAL ZONES allow easier and affordable access Law enacted in 2015. Partially implemented REFORMS IN PROGRESS REFORMS IN PROGRESS REFORMS IN PROGRESS optimize use Law took effect in 2016 EXAMPLE IN SEMBOKU ( PREF.): to advanced medical treatment in 2016, aim to complete by 2020. *MMS = The scenario where a patient • Eight agricultural policy reform TECHNOLOGY receives both insured and uninsured treatment • Mandate legal unbundling of bills have been introduced in the performed in the same series of medical treatments pipeline service sector for the three Law took effect in 2016 current Diet session 1st automated bus driving test major gas companies to achieve to be conducted on a public road • Strengthen export promotion through • Promote business alliances through a full liberalization of the market (November 2016) new healthcare corporation system Law enacted in 2015. Went into effect April 2017, the Japan Food Product Overseas Law enacted in 2015 with full adoption expected in phases by 2022. Promotion Center (JFOODO) ABENOMICS 6 2 DRIVE INNOVATION Build on AND TRADE international opportunities

INFRASTRUCTURE To this day, Japan’s economic FREE TRADE growth has been based EXPORT on free trade. Japan has shown its commitment to Leverage free trade and other Promote quality infrastructure economic agreements investment lead and promote free trade by swiftly approving the • Encourage the early entry into force More information: http://www.japan.go.jp/infrastructure Trans-Pacific Partnership and the expansion of TPP • Provide financing to infrastructure (TPP) agreement. • Promote negotiations on other projects worldwide of approximately economic partnership agreements, USD 200 billion as a target for the The promotion of such as Japan-EU EPA, RCEP and next five years the export of Japan’s Japan--ROK FTA high-quality infrastructure • Accelerate Japan’s assistance, and • Provide assistance for SMEs to to meet expanding global encourage investment / financing by expand their businesses overseas infrastructure needs is crucial private companies to Japan’s economic growth, • Strengthen the institutional capacity and helps to construct and financial grounds of Japan’s win-win relationships aid organizations* that contribute to the * Including JICA, JBIC, NEXI and JOGMEC economic development of FTA COVERAGE RATIO INFRASTRUCTURE PROJECT partner countries. ORDERS RECEIVED

30 trillion* 30 yen 39.5% 19 by 2020 45.5% 16 The Japanese Diet approved the TPP Under 10 and its related bills in December 2016 Negotiation 2018 target 2010 2013 2014 Agreed with Prime Minister Modi 2020 of India on the development of the 70% target Source: Ministry of Foreign Affairs, Source: Cabinet Office, 24th meeting of the bullet train between Mumbai and “Japan’s EPA Activities” Management Council for Infrastructure Strategy Ahmedabad by 2023 * Approximate figures 7 ABENOMICS Circulate growth to A booming tourism industry regional economies INBOUND TOURISTS AND EXPENDITURE 60 million 60 tourists 40 with an expenditure Japan’s business resources of SMEs TOURISM 15 trillion don’t just lie in Tokyo. In 15 yen 24 fact, the regional areas are 8 by 2030 Modernize SMEs to comply with Reinforce tourism as the center- kaleidoscopes of many (mn) 8 3.7 global standards piece of regional revitalization energetic SMEs and players (tril) 1.1 1 in the service industry. Each • Encourage financial institutions • Form world-class DMOs and train 2012 2016 2020 2030 and every one of them are to engage in the profitability tourism management specialists (estimate) target target enhancement of companies and part of a combined effort to • Promote branding of national parks, review the credit-guarantee system make the regional economy usage of cultural properties, and shine. In addition, the • Accelerate the establishment of data create globally attractive travel routes REGIONS WITH A HIGH GROWTH RATE 2 utilization platforms and provide IT OF INBOUND TOURISTS number of inbound tourists • Improve tourist experience support to increase productivity (Growth from 2012 to 2015) being attracted by the with additional free Wi-Fi spots regions is soaring. • Support the international expansion and 3,000 ATMs equipped for of SMEs, particularly Japan’s international transactions That is why we are numerous “hidden champions” • The “Integrated Resorts” Promotion 150% growth determined to accommodate Bill was enacted in December 2016 or more an environment in which the international community SERVICE 120–149% INDUSTRY EXAMPLE IN TOKYO AND growth can travel to every corner of KANSAI AREAS: TOURISM Japan conveniently. Double labor productivity growth to 2% in an industry that Deregulate private room accounts for 70% of GDP rentals for lodging in Tokyo, Osaka and • Customize plans for intensive legal Kitakyushu City SPECIAL ZONES TY restructuring, tax reductions or Increase capacity and variety financial support in seven key sectors* of accommodations for tourists— * Accommodation, Truck transportation, Restaurants, Medical, Nursing care, Childcare, Wholesale least number of stays were and Retail decreased from six to two nights

rooms authorized

1 DMO = Destination Management / Marketing as of March 2017, Source: Japan National Tourism Organization “White Paper on Organization 222 marking 827 guests Tourism in Japan”; “Annual Statistics on Overnight Travelers” 2 Excluding day trip travelers ABENOMICS 8 3 ENERGIZE CORPORATE Encourage business ACTIVITIES and investment

Continuity makes a difference. CORPORATE CORPORATE Corporate tax reduction has TAX REDUCTION GOVERNANCE been one of the key reforms that have progressed since the Stimulate growth through Strengthen investor confidence business-friendly reforms through transparency early stages of Abenomics, and one which will continue • Effective corporate tax rate reductions • Japan’s Stewardship Code to advance. Reduced the effective corporate tax Accepted by 214 institutional investors1 rate below the 30% mark in FY2016 • Japan’s Corporate Governance Code Corporate governance and (%) Applied to more than 2,000 38 the stewardship code urge companies and as a result2: companies to improve 36 37.00 »» Half of major companies reduced dialogue with investors cross-shareholdings in FY20153 for continued growth and 34 7% »» Percentage of listed companies4 investment, thus making 32 with external directors rose to 32.11 the economy more robust. nearly 100%5 30 29.97 29.74 • Effective/Efficient disclosure 28 and provision of information Eliminate overlaps in the disclosure 26 6 FY2013 FY2015 FY2017 FY2018 rules and expedite provision of Source: Ministry of Finance Japan information (relevant documents) to shareholders by electronic transfer • Property tax reduction for SMEs Halve the property tax for facilities INVESTORS CORPORATE improving productivity invested by SMEs from FY2016 to FY2018 DIALOGUE

1 Since December 2016 2 Since June 2015 3 Source: Nikkei Research Corporate 4 Companies listed on the First Section of the Stewardship Governance 5 Tokyo Stock Exchange: “Appointment of Independent Directors by TSE-listed Companies” Code Code 6 Provided by the Companies Act, the Financial Instruments and Exchange Act, and stock exchange listing rules, etc.

9 ABENOMICS Five reasons to Drive invest in Japan inward FDI An Ever-Growing Economy Through the implementation of Abenomics, 1 the Japanese economy is recovering and opening up BUSINESS PR ACTIVITIES Openness is an integral factor AND LIFESTYLE ENHANCEMENT to maintain looking forward. SUPPORT And our vision to become the A Sophisticated Market Attract foreign companies Resolve issues hindering foreign most business-friendly country Japan’s market is both large and sophisticated, through promotional activities companies’ entry into Japan in the world extends to both 2 ranking third in the world for GDP, and provides a business and societal level, • Disseminate information through • Attract and foster globally huge opportunities and potential for business as seen in the Policy Package approximately 50 FDI seminars competitive human resources with for Promoting FDI into Japan during FY2016 the ”Japanese Green Card for Highly Skilled Foreign Professionals” An Innovation Hub to Make Japan a Global Hub, • Support domestic SMEs to engage which was announced in in business matching opportunities • Relax regulations and improve An abundant talent pool, good track record May 2016. The overview is with foreign counterparts, by administrative procedures as seen in patents and an outstanding research utilizing a designated website, in the case of the Tokyo One-Stop 3 environment enable Japan to stay ahead in the shown on this page. J-GoodTech: Business Establishment Center technology industry and scientific research http://jgoodtech.smrj.go.jp/ • Improve the living environment • Promote large-scale hub for foreign nationals, through such A Business-Friendly Infrastructure establishments in regional areas, measures as the increase of bilingual Convenient transportation, low-cost office Net amount of inward with supplemental training for healthcare professionals and rents and access to quality suppliers positions foreign direct investment regional government officials and educational support 4 Japan as one of the most sophisticated (FDI) in 2015 marked a record financial support for industry- business environments high of 24.4 trillion yen academia collaboration EXAMPLE IN TOKYO 35 AND KANSAI AREAS: A Comfortable Life 27.2 EXPATRIATE OPPORTUNITIES 24.4 trillion yen A well-developed health industry and social 35 5 stability make Japan a world-class livable city by 2020 Enable certified private companies to hire expatriates 2010 2015 2016 2020 in the field of housekeeping （Preliminary services in major cities in estimate) target SPECIAL ZONES Tokyo, Kanagawa and Osaka

Six companies certified to accept expatriate housekeepers as of February 2017 www.investjapan.org COME AND INVEST IN JAPAN

• SHORTER TRAVEL TIME TO DOWNTOWN TOKYO In addition to Narita International Airport, Tokyo 1 Mingly Corp. 2 Valeo 3 Bosch Japan is served by the more centrally located Haneda International Airport. Providing domestic connections to 50 cities, Haneda is now offering a wider choice of international routes.

Haneda International Airport 30 minutes Tokyo by car Station

• ACCOMMODATION FOR LESS The Hong Kong-based company The France-based company The Germany-based manufacturer New York 254 The Hotels.com restored a traditional Japanese- supplies innovative automotive conducts research on automated London 199 Hotel Price Index (2015) style inn. More internationalized components and systems to driving in Japan, as the nation shows that Tokyo has Paris 158 and modernized, the inn is automotive manufacturers aims to implement the system a lower average price attracting both Japan and worldwide from its testing center. by 2020. Tokyo 135 point compared to overseas visitors. Madrid 109 other iconic cities.

2015 USD Yearly average currency exchange rate: 1GBP = 0.681USD; 1EUR = 0.937USD; 1JPY = 125.911USD

4 RepliCel 5 Teradyne Inc. • SHOP FOR LESS Japan is not that expensive anymore. In fact, The Economist ’s Big Mac Index—a broad Kobe, Hyogo indicator of price points—ranks Japan 34th Zao, Miyagi 1 out of 56 countries. (Jan 2017) (USD) Ozu, Tsukuba, Ibaraki 1st 6.35 Switzerland 2 3 2nd 5.67 Norway th 4 3rd 5.26 Sweden 34 Shibuya, Tokyo 34th 3.26 Japan 5 The Canada-based regenerative The U.S.-based manufacturer of medicine company chose to automatic test equipment built work with a Japanese firm to its new R&D and manufacturing • TOP DESTINATION FOR FINE DINING According to develop practical applications for facility as a central business hub The Michelin Guide (2017), 1 227 Tokyo its hair regeneration treatment. for the -Pacific region. Tokyo has the most 97 Paris Michelin-starred WATCH VIDEOS TO restaurants 96 FIND OUT MORE globally. 91 Osaka

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