Thursday, October 30, 2008

Press Conference by Prime Minister Taro Aso

Prime Minister Taro Aso held a press conference at the Prime Minister's Office to announce the outlines of new economic countermeasures -- Measures to Counter Difficulties in People's Daily Lives, which are designed to respond to economic uncertainty and global financial instability.

The measures announced put emphasis on (i) countermeasures against difficulties in daily life; (ii) enhancing resourcefulness of MSMEs and other companies; finance-related measures; and (iii) the regions. Measures on the first point include fixed-sum tax reduction and tax reduction concerning mortgages; the second point includes countermeasures against cash-flow difficulties and the extension of reduced taxation on stock dividends; the third point includes reduction of highway tolls and the allocation of one trillion yen to the regions upon reallocation of tax revenues from road projects to general purposes.

Furthermore, Prime Minister Aso presented his views on international financial issues and his reform proposals, indicating his intention to discuss at the G8 Summit to be convened on November 15 an international coordination system for the supervision and regulation of financial institutions; what would constitute appropriate regulations on credit rating agencies; and accounting standards.

At the press conference, Prime Minister Aso said, "These require unprecedented and deft handling at the helm of government, but I will take on these challenges by mobilizing the full powers of the Japanese government."

Related Link

• "Measures to counter difficulities in people's daily lives" (PDF)
• Press Conference by Mr. Taro ASO, Prime Minister (October 30, 2008)