Today, Prime Minister Abe gave a general policy speech at the Japanese Diet, where he emphasized "long-term strategies" for economic growth, namely, innovation and openness. Strangely enough, there seem to be no short-term policies to accelerate economic growth. In fact, there are no "economic" policies (to manage the economy as a whole) mentioned in his speech. This is somewhat worrysome, because no economic ministers just appointed by Prime Minister Abe appear to be knowledgeable about the economy, although they may be good at dealing with industry, technology, institutions, bureaucracy, etc. One piece of good news, though, is the fact that Professor Takatoshi Ito has just been selected as a private-sector member of the Council of Economic and Fiscal Policy, a key council for economic policy, for the government. Prof. Ito is a well-trained, world-renowned economist, who has made significant contributions to the economics profession as well as policy formation in Japan as well as for international organizations. Hopefully, Prof. Ito will be influential enough to help the Abe administration formulate sound economic policies in the future.