Japan Airlines (JAL) chief financial officer Norikazu Saito had some blunt advice on what is needed to kickstart his country's moribund economy: Radical structural reform, not tinkering by the Bank of Japan.
"There has been enough [that has been done] on the monetary policy [side] already. It's time to trigger financial stimulus but … this country needs deregulation in every area, especially labor restrictions," Saito told CNBC.
"Labor reform is something very necessary for this country," Saito added.
He said that Japanese companies were open to the idea of a more diverse labor force, pointing to JAL's move to utilize a larger female employee base.
Structural reforms, such as increased female labor-force participation and changes to immigration rules, make up the "third arrow" of Japanese Prime Minister Shinzo Abe's suite of economic policies aimed at rejuvenating Japan's flagging economic growth. Yet, despite chronic economic stagnation and a rapidly aging population, policy change has been slow thus far.
Saito said that the country's sluggish 0.5 percent real GDP growth rate – clocked in 2015 – was a result of weak personal consumption.