Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japan to focus on supply chain chokepoints in security push -official

10/22/2021 | 09:57pm EST
FILE PHOTO: Japan's then-Economics Minister Amari speaks during a news conference in Tokyo

TOKYO (Reuters) -Japan's economic security strategy will focus on two pillars of "strategic autonomy and indispensability," a top ruling party official said on Saturday, as the nation faces an increasingly assertive China.

Akira Amari, secretary general of the Liberal Democratic Party (LDP), has in recent years driven a policy push for Japan's economy to be less reliant on other countries, while investing in areas that are indispensable to other countries.

"'Autonomy' means understanding our chokepoints and rectifying them," Amari said in a video message to the Mt. Fuji Dialogue, a meeting of experts on the U.S.-Japan alliance "'Indispensability' means securing the chokepoints of others."

Amari's economic security agenda encompasses a broad portfolio of issues, from protecting sensitive technologies to communications, energy, transportation, maritime logistics, finance and healthcare.

Prime Minister Fumio Kishida, who took office this month, created the post of minister for economic security, which went to an Amari protege. Amari said the government would submit a bill promoting the economic security agenda next year.

Facing a tough battle in his home district ahead of an Oct. 31 general election, Amari is focussing his campaign not only on recovery from the pandemic but also on national security, given growing tensions between Washington and Beijing over Taiwan.

"We need to check whether our supply chains are able to provide a stable supply of critical goods," said Amari. "If we have supply chains in risky countries, we should shift them to our allies or produce at home even if it's more expensive."

Amari, who did not name China in his remarks, said his economic strategy included sensitive technologies as well as "low-tech items" such as medical masks and gloves, whose production cannot be covered by Japan alone.

Japan experienced an acute shortage of medical equipment when the COVID-19 pandemic broke out.

The LDP's election platform vows to "reconsider" how to respond to an increase in China's military activity around the Taiwan strait and islets in the western Pacific controlled by Japan but also claimed by China.

It would aim to raise the defence budget "with an eye to bringing it even above 2%" of GDP, the party said, in a marked departure from Japan's decades-long policy of spending less than 1% of GDP on defence.

(Reporting by Antoni Slodkowski; Editing by Himani Sarkar and William Mallard)

By Antoni Slodkowski

ę Reuters 2021
Latest news "Economy & Forex"
04:13pCanada says all air travelers arriving in the country, apart from those arriving from united states, must be tested for covid-19
04:12pNy ag james says filing a motion to force amazon to immediately implement covid19 safety measures at its staten island facility - tweet
04:11pWall St ends lower as taper acceleration worries pile onto virus angst
04:10pCanada says foreign nationals who have traveled to a total of 10 african countries within the previous 14 days are temporarily banned from entering canada
04:10pCanada says it is extending existing travel ban over omicron variant of covid-19 to cover nigeria, malawi and egypt
04:09p'Jobs of future' in focus as Biden visits Minnesota technical college
04:07pTRANSITORY INFLATION BLUES : Don't ask Jay and the band to play that one again
04:07pSalesforce beats quarterly revenue estimates
04:05pTech regulation leads the agenda at UK G7 forum
04:02pFor the month, the s&p unofficially fell 0.83%, the dow unofficially lost 3.73%, the nasdaq unofficially gained 0.25%
Latest news "Economy & Forex"