[Provisional translation]
On March 26, 2026, Prime Minister Takaichi held the third meeting of the Council on Economic and Fiscal Policy in 2026 at the Prime Minister’s Office.
At the meeting, a special session was held.
“Today, we are holding a special session to position Japan’s economic and fiscal management in the context of international discourse through dialogue with overseas experts.
This time, we are honored to have two world-renowned macroeconomists from the United States with us: Professor Olivier Blanchard and Professor Kenneth Rogoff. I would like to express my sincere appreciation to you for taking the time to participate in this session despite your very busy schedules.
Although Japan compares favorably with other countries in terms of ‘capacity for technological innovation’ and ‘labor efficiency,’ the country’s potential growth rate is sluggish due to an overwhelming shortage of domestic investment. In light of this, the Takaichi Cabinet has set out a policy to boldly promote domestic investments through public-private partnership under ‘responsible and proactive public finances,’ with a view to increasing employment, income, and productivity. In particular, we believe that strategic investments that enhance resilience against potential crises in such areas as economic security and investments that promote growth in such fields as AI (artificial intelligence) and semiconductors hold the key, and we are proceeding with the formulation of a ‘roadmap for public-private investments’ in strategic fields. While advancing such ‘strategic fiscal policies,’ we will seek to bring about fiscal ‘sustainability’ by steadily reducing our government debt-to-GDP (gross domestic product) ratio, thereby securing market confidence.
At today’s meeting, we would like to hear your views on the ‘analysis of the global economy’ and ‘what macroeconomic policy should be like’ to address challenges facing us. We also hope to receive your candid opinions with regard to the direction of Japan’s economic and fiscal management. I look forward to hearing your thoughts.”