Prime Minister Shinzo Abe held the eighth meeting in 2015 of the Council on Economic and Fiscal Policy at the Prime Minister's Office.

At the meeting, debate took place on “regional vitalization and women’s active role,” “towards formulating a plan for achieving both economic revitalization and fiscal soundness (planning framework),” and “towards formulating a plan for achieving both economic revitalization and fiscal soundness (regional fiscal measures, budget systems, and revenues).”

Based on the discussion, the Prime Minister said,

“Regional vitalization and the realization of a society in which women shine are top priorities for the Abe Cabinet. Based on today’s discussion and other discussions, I have instructed the relevant ministers to formulate a ‘Basic Policy for Overcoming Population Decline and Vitalizing Local Economy 2015’ that features effective policies, as well as priority policies for the promotion of women’s active role.

We will work with unflagging resolve for ‘comprehensive economic and fiscal reform,’ and firmly maintain the goal of fiscal soundness by FY2020. Specifically, we will realize a surplus in the primary balance by FY2020. To that end, we will shrink the ratio of GDP to primary deficits. We will aim to shrink that ratio to around 1% by 2018, the mid-point of the plan, and at that point, we will evaluate the progress of reform, including that of economic revitalization and expenditure reform. I would also like you to consolidate the other points of debate related to the planning framework, at an early date.

Over the focused period of reform leading up to FY2018, I would like Minister Takaichi to promote the full visibility of information related to the administrative costs of local governments, and the retention, maintenance and management of infrastructure. In addition, I would like Minister Takaichi to consider formulating effective support frameworks, including the revision of tax allocation systems, so that local governments can also promote reform incentives, measures for industrialization, and other such initiatives.”