Another big plan from Japan with the Japan Revitalization Strategy 2016 (“fourth industrial revolution”)

Another committee, another organization, another plan, another panel, another bureaucracy and another program to get Japan’s economy going again. This time Japan’s PM Shinzo Abe announces the Japanese government plan to revitalize Japan called the Japan Revitalization Strategy 2016. Has anyone heard of Japan’s bold leap forward with the “fourth industrial revolution?” I haven’t. The big bold Japan plan is to advance Japan’s industry through “information technology and artificial intelligence.” I thought this is what modern economies were already building their economies around including Japan? Here’s a fun one: The JOC (Japan Olympic Committee) apparently can’t find 230 million Yen and we’re supposed to have the same trust in this kind of Japanese leadership for a Japan Revitalization Strategy? And although I think the word “fascist” is bandied about a little too often without most people accurately defining the meaning, take a look at the image in the article below. Programming for “human resource development” will be “made compulsory” in primary and middle schools. The Japanese government has just taken control of what children will be allowed to study. Not that it lost control in the first place.

The eight biggest trading houses in Japan operating through the Keidanren already dominate what is sold and what is manufactured in Japan, so how would Japan’s economy be any better off if the same people are running the show? They better do something quick because it doesn’t look too good for these people at these trading houses. They wrote down ¥970 billion in commodity investment losses in 2015. And the Japanese government is going to depend on these same people for their big plan? Does that include raising the Kei-car tax 80 percent with the intent of eliminating Kei-car manufacturing in Japan? One of the areas of planned industry growth is sports.  Why must the economy be “steered?” Why not provide more capital financing from all that liquid QE cash floating and give some of it to small creative startups instead allowing all that cash to be used for speculative investments in the market?

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Source: The Japan News

New panel to steer growth measures

May 15, 2016

The government plans to establish a public-private council that will become the government’s control tower for realizing its new growth strategy, the Japan Revitalization Strategy 2016. According to the plan, efforts will focus on the promotion of a “fourth industrial revolution” that aims at advancing industry through information technology and artificial intelligence.

Presided over by Prime Minister Shinzo Abe, the council will comprise relevant Cabinet members and economic experts, including Sadayuki Sakakibara, chairman of the Japan Business Federation (Keidanren).

The establishment of the council is aimed at preventing a hierarchy among ministries and at implementing various policies in a timely manner.

The council will be authorized at the government’s Industrial Competitiveness Council, also chaired by Abe, which is due to be held on Thursday. A decision will be made in a Cabinet meeting as early as May 31.

The fourth industrial revolution is meant to promote the automation and sophistication of industry by utilizing IT, AI, robots and big data. Plans include drone delivery services and “smart factories” that reduce production waste by predicting demand through the use of various data.

The council plans to decide on the priority issues that need to be tackled to achieve its aims, ease regulations that hamper research and development, and foster human resources.

Japan is lagging behind in these fields as major countries in Europe and the United States are prioritizing development in AI and other areas.

The council will hold its first meeting as early as this autumn and convene every three months, according to sources.

In its growth strategy plan, the government said: “Japan has a good chance of winning out, but if we miss this opportunity, we will not have another chance. Speed is absolutely essential.”

There are 10 sectors specified in the growth strategy, including the fourth industrial revolution. Also named are the environment and energy, health care and turning sports into a growth industry.

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