Amid rising global uncertainty, Takai's government pushes 'responsible active fiscal policy,' but veteran economist Paul Sheard says today’s conditions differ sharply from 2013. He criticizes Sanaenomics as overly government-led and protectionist, warning that the 17 strategic sectors reflect an old-fashioned industrial policy. He favors deregulation, a pro-innovation climate, and corporate restructuring to broaden markets with private-sector leadership. He also notes Japan's ample corporate reserves require incentives to raise wages, increase buybacks or dividends, or invest in growth. On the supply side, reforms are needed, including greater foreign labor participation and looser labor rules; gasoline subsidies during inflation stimulate demand and hinder decarbonization.