[Provisional Translation]

Prime Minister Shinzo Abe held the third meeting in 2017 of the Council on Economic and Fiscal Policy at the Prime Minister's Office.

At the meeting, there was discussion on the economies of the United States and other countries.

Based on the discussion, the Prime Minister said,

“Today we welcomed Professor Joseph Stiglitz of Columbia University, a recipient of the Nobel Prize in Economic Sciences whom I have met several times and who has advised us on our three arrows of Abenomics policies. He has shared his advice on the state of the global economy and policy issues.

We heard from Professor Stiglitz that a slowing of productivity growth and growing disparities are common issues faced by developed nations, and received the message that it is important that people share the benefits of growth, and that we should address issues such as achieving fairness in income; strengthening the education, health, and nursing care service sectors; and advancing innovation.

I feel that Professor Stiglitz’s views have commonalities with the concepts of the policies that we are now progressing in the second stage of Abenomics. I now have a renewed awareness that the Abe administration must advance measures such as promoting investment in research and development with the background of the fourth industrial revolution, increasing the annual wage rise to 3% and aiming for a minimum wage of 1,000 yen per hour, workstyle reforms such as introducing equal pay for equal work to improve the conditions for those in non-regular employment, maintaining the nursing care and childcare facility environment; and advancing systems and policies so that anyone can receive higher education regardless of any family financial difficulties. Moreover, I am firmly resolved that we must further accelerate these measures.

Finally, I would like to conclude my remarks by expressing my heartfelt thanks to Professor Stiglitz for crossing the ocean to visit Japan and sharing his valuable advice with us.”