Washington, DC - The U.S.-Japan Business Council (USJBC), an affiliate of the U.S. Chamber of Commerce, today released its 2016 Policy Statement outlining a series of priority reform recommendations in support of Japan’s efforts to put its economy on a track toward sustainable, long-term economic growth.

The Policy Statement, titled “Re-centering Abenomics: New Structural and Regulatory Reforms Remain Vital for Economic Growth,” underscores the USJBC’s commitment to supporting and promoting new growth and opportunity across many key areas of Japan’s economy, the world’s third largest, including in areas such as life sciences and healthcare, digital economy, finance, agriculture, energy and environment, and travel and tourism.

“Many U.S. companies continue to view Japan as a dynamic market full of opportunity.  At the same time, Japan’s economy has not yet reached its true, full potential,” said USJBC President James Fatheree. “The USJBC applauds the Abe government for its tireless efforts for economic revitalization, and urges a renewed focus on new structural and regulatory reforms that have the maximum potential to help drive long-term growth.”

In order to realize Japan’s maximum long-term economic potential, the USJBC report “…encourages the Abe government to set as its top priority the adoption of further structural reforms to make the Japanese economy more open externally and dynamic internally.”

In addition to approval and implementation of the Trans-Pacific Partnership (TPP) agreement, which has substantial benefits for the economy, the USJBC emphasizes in its 2016 Policy Statement the need for additional structural reform measures across the economy. These include reforms in specific sectors as well as cross-cutting measures, such as in the areas of investment, taxes, business regulation, and labor, that will have broader, positive impact across many sectors. The report also highlights the need for policy coherence across key growth-oriented initiatives.

The U.S.-Japan Business Council is the premier business advocacy organization representing America’s top companies in Japan and is comprised of major U.S. companies across diverse sectors. USJBC companies are firmly committed to the Japanese market and promoting strong economic relations between the United States and Japan.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.