Keidanren to install first leader from financial sector

Japan Times

23-05-2025

Yoshinobu Tsutsui, former chairman of Nippon Life Insurance, is slated to become the next chairman of the Japan Business Federation, or Keidanren, later this month, marking the first time the nation's most influential business lobby will be led by a figure from the financial industry.
Tsutsui, 71, currently serves as vice chairman of Keidanren and will succeed the current chairman, Masakazu Tokura, 74, upon the completion of his term.
The post of Keidanren chairman, often dubbed "the prime minister of the business world," has traditionally been held by leaders from the manufacturing sector.
With Tsutsui at its helm, Keidanren will be expected to broaden its focus and strengthen its capacity to propose policy solutions that address a wide range of social issues, extending beyond its conventional emphasis on industrial policy.
At a joint news conference with Tokura in late March, Tsutsui expressed his enthusiasm about taking on the role. "At a time when the outlook is very uncertain for both domestic and international affairs, I am resolved to show the way forward for Japan as a front-runner and to open up the future with strong determination," he said.
Keidanren's growing sense of urgency over Japan's slowing economic growth, attributed to a declining birth rate and aging population, has lent greater weight to its policy proposals aimed at building a sustainable society, including reforms to the pension and social security systems.
In June last year, Keidanren proposed the early introduction of a system allowing married couples to choose separate surnames, aiming to promote the active participation of women in society, an essential element for sustainable growth.
At Tokura's initiative, Keidanren released Future Design 2040, a set of long-term policy recommendations for the Japanese economy in the 2040s, late last year. The document calls for bold investments in energy and decarbonization, the establishment of an inclusive social security system covering all generations, including tax increases on the wealthy, and the promotion of regional economic revitalization through a realignment of Japan's prefectures into broader administrative units.
Regarding the selection of his successor, Tokura said he prioritized "the ability to take a comprehensive, panoramic view of society and propose solutions from a medium- to long-term perspective." He added, "I judged that Tsutsui was the best fit, as he surprisingly shared the same way of thinking (as me)."
Tsutsui said, "I will fulfill my duties by prioritizing medium- to long-term perspectives, as well as the broader goal of contributing to Japan as a whole, and shoulder responsibility for future generations."
He also indicated that shortly after assuming office as chairman, he would develop a road map to implement the proposals outlined in Future Design 2040.
With over 1,500 member companies, primarily large businesses, Keidanren focuses on presenting policy proposals to the government and engaging in private-sector diplomacy with overseas economic organizations.
The current federation was formed in 2002 through the merger of the former Federation of Economic Organizations, or Keidanren, and the Japan Federation of Employers' Associations, or Nikkeiren.
Along with the Japan Chamber of Commerce and Industry and the Japan Association of Corporate Executives, or Keizai Doyukai, Keidanren is considered one of Japan's three major economic organizations.
The post of chairman at Keidanren, including its predecessor organization, has most frequently been held by executives from Nippon Steel, with three appointments. The steelmaker is followed by Tokyo Shibaura Electric, now Toshiba, Toyota and Sumitomo Chemical, each with two appointments. The current chairman, Tokura, is from Sumitomo Chemical.
Nippon Steel Chairman Eiji Hashimoto and Hitachi Chairman Toshiaki Higashihara were among those considered strong candidates to be the next Keidanren chairman.
However, Tokura has emphasized that Keidanren should speak out with integrity on a broad range of social issues, making policy proposals not just on industrial matters but also on various other concerns.
He explained that he selected Tsutsui "on the basis of his personal character, without considering whether he comes from the manufacturing or nonmanufacturing sector."
"There can be no sustainable growth if we ignore discussions on inequality and division. I hope he (Tsutsui) will take over from me and address this challenge," Tokura added.