The three key elements of this policy remained the adoption of a floating exchange rate system, the anchoring of monetary policy to the inflation target and the acceleration of banking sector reforms, he said.

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Hashimoto has earned kudos for his "Big Bang" reforms, which involve restructuring the nation's economy, fiscal policy and finance sector.

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Looking ahead, the key, presumably, is to find ways - taxation policy and labour law reforms being obvious ones - to lure more small businesses into the "formal sector", and to balance the urgent need to create more jobs with the need to ensure against exploitation and abuse.

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