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On November 16, 2017, Prime Minister Shinzo Abe jointly held the 15th meeting in FY2017 of the Council on Economic and Fiscal Policy and the 32nd meeting of the Council for Science, Technology and Innovation at the Prime Minister’s Office.

During the meeting, there were intensive deliberations over monetary policy, commodity prices, and other issues, followed by discussions on science, technology and innovation that could contribute to the productivity revolution, as well as on the administrative and fiscal affairs of local governments, and social infrastructure development.

Based on the discussion, the Prime Minister said,

“First, with regard to science, technology and innovation, private sector members shared their views about how government research and development should be carried out with a clear exit strategy and the need to simplify procedures and ensure rigorous evaluation and management as well as the importance of enhancing university reforms such as by implementing governance reforms and promoting the active roles of young researchers. Boosting innovation is essential to  sustainable growth of Japan’s economy. I ask that the relevant ministers, including Minister Matsuyama and Minister Hayashi, swiftly formulate specific measures based on today’s discussions and work toward implementing them. 

Second, with regard to the administrative and fiscal situations of local governments, we heard from private sector members that supports should be reinforced for local governments that have successfully made their spending efficient and that each local government should swiftly formulate a management soundness policy for the third sector. I would like Minster Noda to accelerate reforms for achieving a sustainable fiscal structure at local governments based on today’s discussion.

Third, with regard to social infrastructure development, private sector members shared their views that utilizing  PPP and PFI schemes for water supply, sewerage projects, and others should be expanded, and that relevant ministries and agencies should work together on the use of regional social infrastructure, in response to the declining population. I also believe developing a logistics network that helps to greatly increase productivity is extremely important. I ask that relevant ministers, including Minister Ishii, reinforce initiatives for raising the quality of social infrastructure.”