Companies in Japan urged to innovate by business groups

Business leaders in Japan are calling for companies to innovate, spurring economic growth, and to view the pandemic as a business opportunity. 

“I want this year to mark the beginning of a time when people in Japan become richer through a new cycle of growth and distribution,” said Sakurada Kengo, Chairman of the Japan Association of Corporate Executives. 

Tokura Masakazu, Chairman of Keidanren, or the Japan Business Federation, highlighted that firms that enjoy strong economic performance should pass on some of their profits to workers and to society as a whole, reports NHK. 

Masakazu also called on the government to create a sustainable social security system to encourage people to spend more. 

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The business leaders were speaking at an annual gathering where three major business organisations were present, with an attendance of over 200 people. The same event was called off last year due to the pandemic.