BEIJING, March 16 (Xinhuanet) -- Japanese Prime Minister Shinzo Abe has held a press conference to announce Japan’s participation in the Trans-Pacific Partnership Negotiations, or TPP.

Following a number of drastic economic policy announcements, Prime Minister Shinzo Abe today made another crucial decision on the future of Japan’s trade.

The TPP has been a sensitive issue for Japan’s governments for a number of years.

Former Prime Minister Yoshihiko Noda lost considerable public support in his handling of the issue.

The ruling Liberal Democratic Party itself is divided on the issue. It only got an endorsement after a set of demands for measures to protect the politically sensitive agricultural sector were made.

Analysts say the TPP is important for the so called "Abenomics", and Japan’s economic recovery. Toshihiro Nagahama, chief economist of Dai-Ichi Life Research Institute Inc., said, "I think it is very important for Japan to participate in the TPP negotiations to establish its position and although it took considerable time to decide, participating in the negotiations is a positive factor for the Japanese economy."

Some say without an open market Japan will also loose opportunities. Martin Shultz, senior research fellow of Fujitsu Research Institute, said, "TPP is one of the most important steps, because it requires opening up the economy to Asian countries, it requires major structural reforms in many sectors beyond agriculture. Mr. Abe has shown that he is serious on that point and this is most important."

The majority of Japanese consumers are positive towards participating in the negotiation. "I think the merits and disadvantages will balance out. We hope the advantages outweigh the disadvantages". "Regardless of whether we are going to lift tariffs or not, I think it is important to be at the table of negotiations."

After years of debate Japan has finally made a decision to participate in the TPP negotiations. However, the government panel said if Japan cannot protect the sacred sectors it should pull out from the negotiations. Experts say the real debate on TPP has only just started.

By CCTV correspondent Terrence Terashima

(Source: CNTV.cn)