(VOVworld) – On Tuesday, the Japanese government approved a plan for financial reform from now until 2020. Under the plan, tax revenue will increase, thanks to economic growth in the business sector, offsetting rising costs for social security due to an aging population.

International ships operating at Tokyo sea port (Photo: AFP)

According to the philosophy “there is no sound finance without economic restructuring”, Prime Minister Shinzo Abe’s administration is focusing on economic growth while maintaining social security spending at the same level as 3 years ago. Japan’s economic recovery policy, called “Abenomics”, has 2 major initiatives: loosening the monetary supply and large-scale stimulus spending.

The same day, the Japanese government approved a growth strategy to promote enterprise investment in IT and human resources. To boost capital investment, the government will open dialogues with enterprises to help them in decision making.