Japan Focuses on Supply Chain Chokepoints in Security Payment – OFFICIAL By Reuters – News Couple

Japan Focuses on Supply Chain Chokepoints in Security Payment – OFFICIAL By Reuters


© Reuters. Then-Japanese Economy Minister Akira Amari speaks during a press conference in Tokyo, Japan January 28, 2016. REUTERS/Yuya Shino/File Photo


By Anthony Slodkowski

TOKYO (Reuters) – Japan’s ruling Liberal Democratic Party Secretary General Akira Amari on Saturday outlined the government’s new economic security policy that focuses on the two pillars of “strategic autonomy and indispensability”.

“‘Independence’ means understanding and correcting our own choke points… Not taking it away means securing others’ choke points,” Amari said in a conversation via Mount Fuji, a meeting of experts on the US-Japan alliance, via video message.

Amari has focused in recent years on creating policies that would allow Japan to become less dependent on other countries, while expanding into areas indispensable to others.

The new administration of Prime Minister Fumio Kishida created the position of Minister of Oversight of Economic Security which passed to Ammari’s stepson and Ammari said it will introduce a law promoting the agenda next year.

Amari faces a tough battle in his district with just over a week left until the October 31 House of Representatives elections, as the campaign focuses not only on recovery from the pandemic but also on the security situation given China’s growing assertiveness.

His economic security agenda includes a wide range of issues, from protecting sensitive technologies, to issues such as communications, energy, transportation, maritime logistics, finance, and healthcare.

“We need to check if our supply chains are able to provide a stable supply of vital commodities,” Amari said. “If we have supply chains in risky countries, we have to shift them to our allies or produce at home even if that is more expensive.”

He said that includes “low-tech items” such as medical masks and gloves whose production by Japan alone cannot be covered.

Japan experienced a severe shortage of medical equipment when the COVID-19 epidemic broke out.

In its election platform, the Liberal Democratic Party said it would “reconsider” its response to China’s increased military activity around the Taiwan Strait and its islands in the western Pacific, which are controlled by Japan and also claimed by China.

The party said it would aim to increase the defense budget “with a view to making it above 2%” of GDP, in a marked departure from Japan’s decades-old policy of spending less than 1% of GDP on defence.

Disclaimer: Fusion Media I would like to remind you that the data on this website is not necessarily current or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges but by market makers, and therefore prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for trading purposes. Therefore Fusion Media assumes no responsibility for any business losses you may incur as a result of using this data.

Fusion Media OR ANYONE INTERESTED WITH Fusion Media WILL NOT BE RESPONSIBLE FOR LOSS OR DAMAGE RESULTING FROM RELIANCE ON THE INFORMATION INCLUDING DATA, QUOTATIONS, GRAPHICS AND BUY/SELL SIGNALS CONTAINED IN THIS SITE. Please be fully aware of the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button