Under Prime Minister Shinzo Abe's leadership, Japan is now a party to negotiations for the Trans-Pacific Partnership (TPP) free trade arrangement. Even though both Abe's ruling Liberal Democratic Party (LDP) and the opposition Democratic Party of Japan (DPJ) pushed Japan's participation in the projected scheme, they differ in their views of how Japan may benefit from the pact.
When the DPJ was in power — until late last year — successive Prime Ministers Naoto Kan and Yoshihiko Noda insisted that TPP membership would enable Japan to boost its exports and to cash in on economic growth in the Asian region.
In contrast, Abe's call for Japan's TPP membership is linked to his growth strategy, which constitutes the "third arrow" of his economic agenda, the other two being massive monetary easing and large fiscal stimulus. His government regards the TPP as a trigger for deregulating domestic business activities.
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