'It is not twilight, but a new dawn that is breaking over Japan': Shinzo Abe

For years, pundits called Japan the land of the setting sun. They said that for an economy as mature as Japan’s, growth would be impossible. They said that our public debt was unsustainable. They pointed to our supposed psyche of resignation as a symptom of relative decline.

But now such voices are rarely heard. Japan’s economy has swung from negative to positive growth and is on the verge of breaking free from chronic deflation. This spring, wages will increase – a long overdue development that will lead to greater consumption. Our fiscal position has also improved steadily, with my government on track to consolidate public finances.

And, as the economy has turned around, Japan’s people have become more vibrant and upbeat – a mood reflected in public enthusiasm over the choice of Tokyo to host the 2020 Olympic and Paralympic Games.

So it is not twilight, but a new dawn, that is breaking over Japan. And that is because we have overcome the notion that certain reforms could never be carried out. I have maintained that I am willing to act like a drill bit, strong enough to break through the solid rock of vested interests. And so we have.

For example, we will completely liberalise Japan’s electricity market. By the time the Olympians arrive in six years, the power sector will be fully competitive, with electricity generation separated from distribution.

We will also foster medical care as an industry. Japan is on the forefront of regenerative medicine, and we will make it possible to generate stem cells at private-sector labs. And I have just proposed additional reforms, because we also need large-scale health-care providers in the form of holding companies, much like America’s Mayo Clinic.