Prime Minister Shinzo Abe held the 19th meeting of the Council on Economic and Fiscal Policy at the Prime Minister's Office.

During the meeting, discussion took place on the "economic situation and other matters pertaining to the consumption tax increase decision," "2020 Tokyo Olympics and Paralympics," and "report of the Advisory Council on Regional Economies."

Based on the discussion, the Prime Minister said,

"Today, we discussed the consumption tax increase decision in light of a variety of factors, including the recent economic situation, the report of the intensive review meetings concerning the economic and fiscal situation, and the outline of issues compiled by private sector members of the Council. Based on the proposals made by experts in the Council and based on today's discussion, I would like to ask the Council to compile its opinions into a report in order to facilitate a comprehensive consideration of the economic situation and other factors. My hope is to make a decision about the consumption tax increase by early October.
The 2020 Tokyo Olympics and Paralympics will be a spark that triggers changes to cast off the deflation that has continued for 15 years and the economy oriented towards contraction. Bearing in mind the proposals made today by Council members from the private sector, initiatives will be promoted strategically while also taking into account mid- to long-term issues, such as economic globalization.
I would like to thank Council member Mr. Takahashi for compiling the report of the Advisory Council on Regional Economies. Without the revival of regions, there can be no revival for Japan. This is the basic policy of the Abe administration. To be able to elicit the hard work and ingenuity of the regional communities, I ask that the Council continue its discussions.
Breaking free from deflation is a top priority of the Abe administration. The key to succeeding in this endeavor is the achievement of positive cycles which lead to improvements in corporate profits as well as increases in wage and employment. Through the discussions of the three-party talks between the Government, the business community, and workers that will be launched as early as next week, I ask that the Council pave the way for the realization of these positive cycles."