Japanese Prime Minister Shinzo Abe explains what is behind “Abenomics” and what the so-called third arrow of these reforms mean. Watch the full interview on "Fareed Zakaria GPS" this Sunday at 10 a.m. and 1 p.m. ET on CNN.
What is important about the third arrow, structural reform, is to convince those who resist the steps I am taking and to make them realize that what I have been doing is correct, and by so doing, to engage in structural reform.
Last autumn, the Diet (Parliament) decided many things. In terms of agriculture, I made the decision to end the "rice production adjustment," which had continued for 40 years.
I also passed a law to make it easy to dramatically consolidate farmland, to make it easy to do that. And on the medical front, I decided that selling medicines over the Internet would be made possible. And I amended the pharmaceutical laws, to make it possible for companies to continue to develop regenerative medicine, creating opportunities in that area.
In addition, policy amendments in such areas as medicine, nursing and sports instruction for health maintenance have to be made separately by different entities. I ordered…comprehensive change in this regulation.
And I hope that this will create opportunities for new investments and businesses in the medical sector, which in turn, will lead to the increased health of our citizens.