1. Restoring Tokyo’s economy and achieving growth beyond that

Shore up preparations and place Tokyo’s economy on the path to recovery

It will soon be two years since our harsh battle against COVID-19 began. Our exposure to the threat of an unknown virus has now taken a new turn with the infection situation in Tokyo improving dramatically. The full resources of Japan came together to promote vaccinations, and we now have one of the highest vaccination rates in the world. I would like to again deeply thank the people and businesses of Tokyo for their enormous cooperation in wearing masks, avoiding travel, and taking other preventive measures, and the health care workers for their dedication to protecting the lives of the Tokyo residents. Our current situation has only become possible through the cooperation of each and every one of you.

However, we must definitely not lower our guard. Please recall the situation just about a year ago when severely ill patients numbered 70 and the 7-day average for new cases was 419. Spurred on by the cold winter season and many year-end and New Year events, this led to the third wave. Full deployment of vaccines began around April this year. While various situations surrounding COVID were improving, we went through the fifth wave, and here we are now. We must seize the opportunity presented by the current suppression of infections to get fully prepared for a sixth wave. Now is the time for us to secure the safety of our residents by fully utilizing the knowledge and experiences we have accumulated during our fight against the virus to roll out measures that are one step ahead. We must also maintain a balance between safety and socioeconomic activities for definite establishment of the new normal, and place Tokyo—the foundation supporting Japan—on the path to economic recovery.

In addition to initiatives in the areas of health care and the economy, as we also need to provide assistance for businesses struggling from the surge in oil prices and to transition to carbon neutrality, we compiled a supplementary budget bill and have submitted it to this regular session of the Assembly. The path to recovery of the economy will be ensured by none other than enhancing the management capabilities and earning potential of small and medium-sized companies, which are the cornerstones of Tokyo’s industries. Along with promoting the development of new markets and shifts in business styles, we will provide support for sectors with labor shortages to secure manpower. In line with the national government’s “Go To Travel” initiative, we will support the recovery of the tourism industry by securing a budget for travel subsidies. In addition, in order to strike a balance between infection prevention measures and socioeconomic activities, for those who are unable to be vaccinated due to health and other reasons, tests that they require will be made available free of charge.

Eliminating Japan’s structural issues

And, what must not be forgotten are the structural issues of Japan, which were exposed by the pandemic. Among them, the miserable state of response to digital technology, in which Japan is running one lap behind the rest of the world, was clearly evident in the recent IMD World Digital Competitiveness Ranking, in which our country again ranked its lowest ever, with the other countries and regions of Asia opening a big lead as well.

Japan’s economic stagnation, once referred to as the “lost decade,” is now called by some as the “lost three decades,” but we definitely cannot fall behind the world by failing to ride the current tide of decarbonization, as well as the wave of digitalization. With this sense of crisis driving us forward, we will break through this situation and take Tokyo to greater heights. What is needed is not just rounds of discussions and fanfare, or an endless number of field tests, but concrete action. We will boldly push forward with digital, green, and other investments in the future. Building on the legacy of the Tokyo 2020 Games, we will increase diversity and generate innovations one after another. Above all, we will nurture people, who are the very source of this growth.

Amid this unprecedented, critical situation, we will use our latent power—the power that was able to deliver a successful Games—to boost Tokyo’s international competitiveness and have this contribute to realizing fulfilling lives for the people of Tokyo. I am strongly determined to press forward by taking the lead in such actions.