July 10, 2016

JAMA Comment on the Outcome of Japan’s 24th Upper House Election
Hiroto Saikawa, Chairman, Japan Automobile Manufacturers Association, Inc.

The Japan Automobile Manufacturers Association, Inc. views the outcome of today’s Upper House election as an indication of voters’ evaluation of the “Abenomics” stimulus policies first introduced by the administration of Prime Minister Shinzo Abe three-and-a-half years ago, and as a strong expression of expectations for further growth strategies going forward.

Amid global economic uncertainty spurred by the results of the recent referendum in the United Kingdom and the slowdown in emerging economies, JAMA requests Japan’s ruling coalition to take all possible measures not only to definitively halt the deflationary trends in the national economy but also to revitalize it, in order to reach the 600-trillion-yen GDP target which Mr Abe has declared achievable.

We are especially concerned about recent speculative movements in the foreign exchange market, which are out of line with fundamentals and may have a destabilizing impact on corporate business activity. We believe that swift and appropriate measures by the Japanese government in response to this situation are therefore necessary.

We also would like to see the earliest possible implementation of the Trans-Pacific Partnership agreement and firm progress in Japan’s ongoing negotiations on economic partnership agreements, including the conclusion within this year of the EU-Japan EPA negotiations.

JAMA will, meanwhile, continue to lobby the government for measures to streamline Japan’s diverse automobile-related taxes and reduce the heavy burden they impose on vehicle owners in Japan.

For its part, the Japanese automobile industry will make every effort both to strengthen its international competitiveness and invigorate the domestic vehicle market by optimizing government policy in the automotive sector.