Japan drafts growth strategy for coronavirus-hit economy

The Japanese government on Friday unveiled a draft growth strategy that promotes cashless payments and diverse workstyles, responding to the needs of the post-coronavirus era.One pillar of the strategy is to cut long-fixed interbank transfer fees, seen as a bottleneck for businesses to use cashless transactions.Interbank transfer fees have not changed for four decades in Japan, according to the government. Reduced fees between banks would translate into lower costs for businesses that use cashless settlements.The government has used a point-based rebate system to encourage consumers to use …READ FULL ARTICLE