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Shinzo Abe to push economy with "Abenomics" program

(Credit: Reuters) The photo shows Japanese Prime Minister Shinzo Abe, proprietor of Abenomics.Shinzo Abe
July 27
6:06 AM 2013

Fresh from his election victory, Japanese Prime Minister Shinzo Abe said that he will stay focused on reviving the country's stagnant economy. The victory in the recent elections cemented Abe's power and gave him a stronger mandate for his goal to revive the world's third largest economy. On the same note, Abe's position gives the lawmakers from the Liberal Democratic Party more power to resist on-coming changes.

"If we retreat from reforms and return to the old Liberal Democratic Party, we will lose the confidence of the people," Abe told a news conference.

"It is not easy to overcome 15 years of deflation," Abe added. "It is a historic project. We will concentrate on that. We won't be able to strengthen the financial base for social security without a strong economy. The same goes for security and diplomacy."

Abe emphasized that his priority remains proceeding with his "Abenomics" program. The program targets government spending, hyper-easy monetary policies and economic reforms. Abe said that these are the cornerstones for other policy goals in the country.

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