Among the steps outlined so far is a future cut in Japan's effective corporate tax rate - among the highest in the world - to below 30 percent over the next several years, and a promise to reform the $1.26 trillion Government Pension Investment Fund in ways likely to reallocate more money to the stock market.
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Abe's reform package is a welcome move for the Bank of Japan, which has called for bold government to help sustain the current recovery fueled in part by its massive monetary stimulus.
But many BOJ officials say the key now is implementation and Abe's commitment to meet words with action, so that companies feel confident enough to boost investment for the future.
BOJ Governor Haruhiko Kuroda, a former senior finance ministry bureaucrat, has also warned against cutting Japan's corporate tax rate without securing an alternative source of tax revenue, given the country's massive public debt.
In a nod to that need for balance, the tax plan will seek to offset the cuts by broadening the tax base.
But tough, key details of many steps have been left to be worked out later and several bold but politically contentious proposals were watered down or omitted.
By dribbling out key elements of the package in recent weeks, the government hopes to avoid the disappointment that led to a sharp drop in Tokyo share prices when Abe announced the first installment of his "Third Arrow" last June.
Earlier in the day, Abe urged the nation's business leaders to do more to boost the role of working women, a key plank in the growth strategy and seen as vital to address the shrinking workforce in one of the world's most rapidly ageing societies.
In a meeting with business executives, Abe urged companies to set targets for promoting female workers to senior jobs and disclose information on progress in annual earnings reports.
Abe's remarks came one day after a Tokyo assembly member from his ruling Liberal Democratic Party (LDP) had to apologize for heckling a female local lawmaker with sexist comments.
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Also included in the package are steps to raise the number of highly skilled foreign workers and expand a controversial foreign trainee program; boost productivity through a "robotic revolution"; and target the healthcare sector for growth.
Early bold proposals on agriculture reform look to have been watered down due to opposition from the powerful farm lobby, while the government has gone out of its way to say moves to increase foreign workers are not an "immigration" policy.
Discussions on easing labor market rigidities to boost productivity looked set to yield a plan to end paid overtime for workers earning the equivalent of at least $100,000 per year - only about 4 percent of the workforce. The touchy question of whether to make it easier to fire workers is likely to be left for later debate.
"Abe's 'Third Arrow' growth strategy seems to me like a dart not an arrow," said Naoki Iizuka, an economist at Citigroup Global Markets Japan. "I hope he will come up with bolder plans ahead."
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