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

The Council on Economic and Fiscal Policy is a council-system organization established under the Cabinet Office, with the aim of fully exerting the leadership of the Prime Minister on economic and fiscal policies, as well as to sufficiently reflect the opinions of the relevant Ministers of State, expert members and others into the formulation of policies.

Discussion took place on the immediate-term management of economy and public finance (especially on urgent economic countermeasures).

Based on the discussion, the Prime Minister said,

"The important and urgent issue for Japan is to restore a strong economy. Consequently, we decided to hold this Council on Economic and Fiscal Policy today, after a span of three years and five months, and asked four prominent experts in the private sector to participate.
I expect that this Council will serve the role of a control tower, showing a clear policy on various important problems related to the management of economy and public finance in general.
In cooperation with the Headquarters for Japan's Economic Revitalization, which is the control tower for the revival of the Japanese economy, I expect the Council to achieve significant results.
The Council will, from now on, carry forth discussion on important policy issues for revival of the economy, and would like to compile Basic Policies, which show the basic policies in the management of economy and public finance by the new administration.
The FY 2013 budget must be formulated promptly. We must realize the revival of the Japanese economy based on the target of fiscal consolidation.
I also expect that a way to realize both the revival of the Japanese economy and fiscal measures with mid- and long-term sustainability will be considered.
The urgent economic countermeasures are the first step for the revival of economy.
This is extremely important.
Based on today's discussion, I would like to ask Minister Amari for prompt compilation.
As for monetary policy, we will further deepen the cooperation between the government and the Bank of Japan, by also utilizing the occasion of this Council.
Based on various opinions presented today, I would like to ask you to work on consideration and coordination so as to build a mechanism for strengthened cooperation.
Through the House of Representatives election at the end of last year, I have been calling for the Bank of Japan to set a price stability goal of 2% and to take up a bold monetary policy, in order to break out of deflation.
I would like to ask the Bank of Japan to implement monetary policy by fully taking into consideration this fact.
I would like to ask the members of the Council, including the members from the private sector, to proceed with thorough and transparent discussion that is easy to understand from the people's perspective.
I expect the Council to compile highly effective measures that allow important issues to be overcome."