• 
• 

[Provisional Translation]

Prime Minister Shinzo Abe held the 16th meeting in 2015 of the Council on Economic and Fiscal Policy at the Prime Minister's Office.

At the meeting, debate took place on the “TPP,” “toward the second stage of Abenomics,” and “crystallizing/accelerating comprehensive economic and fiscal reform.”
Based on the discussion, the Prime Minister said,

“In the second stage of Abenomics, we will bolster what we have done with our ‘three arrows’ policy up until now, and with great force, we will shoot three new arrows toward the major target of achieving the highest annual GDP since World War II of 600 trillion yen.

To that end, in the midst of a time in which corporate profits are the highest they have ever been, I would like for there to be active investments in capital, technology, and talent. We must establish a positive economic cycle led by private sector demand.

I want you to deepen debate within the Council on Economic and Fiscal Policy on issues such as increasing wages next spring, raising the minimum wage, and expanding private sector investment.

An agreement has been made in principle on the TPP, a pillar of the Growth Strategy.

We must communicate to the public in an easy to understand way that the TPP offers major opportunities for small- and medium-sized enterprises and the agricultural industry, as two examples. I want all of us to communicate to the public with the sense that we are extolling the benefits of the TPP in order for us all to thoroughly grasp the opportunities it offers us.

I have requested that Minister Amari conduct a comprehensive analysis of the economic impact of the TPP. Furthermore, in this council, I would like to thoroughly discuss the path to economic revitalization, in particular building on the analysis of the impact of the wide-ranging rules of the TPP on our economy.

Concerning comprehensive economic and fiscal reform, building on our discussion today, I want you to crystalize a work schedule and key performance indicators (KPIs) that can contribute to both revitalizing the economy and reducing expenditures.

Additionally, based on the proposal from private-sector members, I want the Government to work as a single entity to promote the visualization of cost-effectiveness and regional disparities.

I would like to accelerate reforms, with all ministries and agencies sharing a spirit of reform and reflecting them in the budget for FY2016. Thank you very much.”