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On May 27, a meeting of the DPJ’s Next Cabinet was held, at which the DPJ’s economic policy document, entitled “Towards Rejuvenation of the Middle Class and Local Economies and Achieving Sustained Growth” (tentative translation) was approved.
These economic policies are based upon the two main pillars, “rejuvenation of a substantial and prosperous middle class” and “rejuvenation of local economies”. With regard to rejuvenation of the middle class, considering the need to create effective policies to eliminate the reasons for economic stagnation, the DPJ aims to (1) create a society in which those who wish to do so can marry and have children free from anxiety, (2) create a society that enables its young people to have hope for the future, (3) create a society in which both the working generation and seniors are able to engage in consumption.
With regard to the rejuvenation of local economies, the DPJ aims to create employment in the regions while proceeding with regional regeneration from the perspective of ordinary citizens, by (1) urban development that ensures three things are ‘nearby’ the local population, namely that they have jobs nearby, shops nearby, and doctors nearby, and (2) citing agriculture, forestry and fisheries, small and medium-sized enterprises, support for entrepreneurs, tourism and sports as areas in which jobs can be created in local communities, and actively utilizing resources that lie sleeping in the regions.
Following the meeting, DPJ President Banri Kaieda held a press conference together with Policy Research Committee Chair Mitsuru Sakurai. Kaieda stated that “The policies we have put together on this occasion were discussed in the DPJ study group on protecting livelihoods, as well as being debated with intellectuals and local assembly members.” He added, “With the advent of these policies, the DPJ’s macro-economic policy has entered a new era when compared to the party’s economic policies of 2009.”
Kaieda went on, “These policies are based on the belief that while we cannot expect rapid economic growth, we need to increase disposable incomes, and a child allowance, implementation of free high-school tuition and providing income support to individual farmers will all serve to categorically increase the demand side. Moreover, the middle-class is getting poorer, and demand has dropped, consequently making it difficult to sustain the economy. These economic policies will rejuvenate the middle class, and are therefore policies which respond to a society with a decreasing population.” He added that the LDP’s policies focused on increasing the supply side, and were thus totally different from the DPJ, and pointed out that the LDP had no policies aimed at responding to a society with a decreasing population.
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