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Japan unveils strategy to restore economic growth

TOKYO--Japanese Prime Minister Shinzo Abe formally announced Tuesday an outline of his long-awaited growth strategy, a slew of reforms meant to revitalize the economy and restore its global competitiveness.

The plan, approved by the Cabinet earlier in the day, includes dozens of proposed changes to labor regulations, government pension fund investments, corporate governance and tax policies that Abe says are needed to spur corporate investment and innovation.

“We have revved up our growth strategy,” Abe told a news conference. “We must do our utmost to ensure this recovery plan reaches all parts of the country.”

Abe earlier announced several preliminary version of the growth strategy — dubbed his “third arrow” — he promised along with his first two arrows of monetary and fiscal policies — that have helped drive Japan's recovery since he took office in late 2012.

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