It could have been an odd combination: Financial Ministry officials -- who are often criticized for mismanaged economic policy -- and the nation's leading entrepreneurs like Softbank Corp.'s Masayoshi Son -- who don't want government intervention.
But in a very rare, informal discussion organized Friday, the two groups apparently hit it off and agreed on the need for freer competition and fewer subsidies. "The point is motivation," Nobutaka Murao, a ministry budget examiner, told reporters. "Government action (for private businesses) is meaningless unless it is targeted at well-motivated people."
Murao said he was impressed with entrepreneurs who, instead of looking to the government, look into their own minds and to consumers. "We should carefully examine government support (for private businesses)," he commented.
The ministry organized the meeting to read the "current trend" and reflect it in budget and policy planning. About a dozen officials, mostly from the powerful Budget Bureau, exchanged opinions with eight venture businessmen for nearly three hours. Budget Bureau chief Toshiro Muto was also present.
The entrepreneurs asked for tax advantages for individuals who invest in venture businesses. They also argued it is important for Japan to have multiple stock markets to nurture ventures, mentioning Nasdaq-Japan, a planned new stock market for venture firms.
Ministry officials agreed on these points, Softbank's Son said in a jubilant mood, adding, "It was a very meaningful discussion."