Shinzo Abe promised to deliver with his economic reforms in his speech before investors at the New York Stock Exchange. Fred Katayama reports.
Speaking at the New York Stock Exchange, Japanese Prime Minister Shinzo Abe vowed to deliver, promising he would boost Japan's economy with his economic reforms. His country faces demographic challenges with its shrinking population and aging workforce. SOUNDBITE: JAPANESE PRIME MINISTER SHINZO ABE, (ENGLISH VOICE OVER JAPANESE), SAYING: "I will absolutely achieve them. I will invest the entirety of my political resources to open up the future of Japan." Abe was heavy on confidence but light on details. He was referring to his policies on taxes, the budget, and regulations aimed at boosting investment in Japan. He pledged to push for further corporate governance reforms. He also said he wants to create a "regulatory sandbox system" that would allow entrepreneurs to start new businesses without conforming to existing regulations for a period of time. It's been four years since he began implementing his so-called "Abenomics" program of aggressive fiscal and monetary policies and structural reforms. As a result, the economy has expanded for six straight quarters, and unemployment is below 3 percent. But that has yet to fuel the wage gains and inflation the government seeks. Abe said companies are pumping out big profits, but employers still have to rid themselves of what he called the "deflationary mindset".