[Provisional Translation]

Prime Minister Shinzo Abe held the 20th meeting in 2016 of the Council on Economic and Fiscal Policy, at the Prime Minister's Office.

At the meeting, there was discussion on the fundamental reform of the pharmaceutical price system; comprehensive economic and fiscal reform; and the improvement of economic statistics, focused on GDP statistics.

Based on the discussion, the Prime Minister said,

“First, we had a discussion on the fundamental reform of the pharmaceutical price system. We received proposals from private-sector members on reflecting actual market prices in pharmaceutical prices, to be achieved through annual pharmaceutical price surveys, revisions, and other means; and a proposal that the concept of promoting innovation should be incorporated in the basic policy. 

I would like Ministers Ishihara, Aso, and Shiozaki, and Chief Cabinet Secretary Suga to determine the basic policy based on the proposals from private-sector members and today’s discussion, and to report this at the next meeting of the Council.

Second, we had a discussion on comprehensive economic and fiscal reform. Private-sector members expressed the view that, in order to avoid entrenching disparities, it is important to establish an environment in which everyone can receive high-quality education.

I would like Minister Matsuno to accelerate the reforms based on today’s discussion.

In addition, at the next meeting, I would like to decide the draft revision of the Economic and Fiscal Revitalization Action Program, which we discussed today.

Finally, we discussed the improvement of economic statistics, focused on GDP statistics. Private-sector members expressed the view that it is necessary to improve the precision of GDP statistics, and to strengthen systems in order to address the structural issues in the statistical field.

Taking into account the views of the private-sector members and today’s discussion, I would like to deepen the discussion, and to compile the basic policy at our next Council meeting. Thank you.”