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2013 Year-end Closing Ceremony of the Tokyo Stock Exchange
Monday, December 30, 2013
Prime Minister Shinzo Abe attended the 2013 Year-end Closing Ceremony of the Tokyo Stock Exchange (TSE).
The Prime Minister said in his address,
"Thank you very much for inviting me to be the first Japanese Prime Minister to take part in this year-end closing ceremony today.
Since this morning, I have been thinking about what a shame it would be if stocks were to fall on the very day that I went to the TSE, but stocks have closed at a high for the year. This was truly an example of the TSE's great 'omotenashi' or hospitality.
According to the Japanese zodiac, this year was the Year of the Snake. The Year of the Snake is said to be a year that marks a 'milestone year' when new things start.
The previous Year of the Snake was 2001, the 'year that the 21st century started.'
This year, the Year of the Snake became the 'year that the Japan Exchange started.'
I was elected to the Diet for the first time 20 years ago. Shortly before I was elected, it was precisely when Japan was on a path of stable growth and was a bubble economy.
It was a time when we witnessed phenomena like the bonuses paid to young female employees of securities companies exceeding the bonuses paid to their fathers. Since then, however, the Japanese economy has experienced a long period of stagnation. Under these circumstances, this year was the year in which we endeavored to exit deflation through a new economic policy of the three arrows.
Right around this time last year, a group of economists made forecasts of what the stock prices would be around the same time the following year. The leading economists unanimously projected that the 'average stock price would be 1,000 higher' - a rather meager forecast, wouldn't you say?
The trading value of stocks has in fact doubled. There was 'bai-gaeshi,' double the payback. Furthermore, the Nikkei Stock Average has increased by nearly 60%, rising above the 16,000 level. This is the best annual rise since 1972 - the era when Okinawa was reverted to Japan and when the Plan for Remodeling the Japanese Archipelago was announced. This was many years ago. Nevertheless, as a result of our collective hard work and new policies, the economy has shifted dramatically from negative to positive growth, and the average current profits of the 1,300 companies on the TOPIX have increased by 50%. Additionally, according to a study of the Japanese Trade Union Confederation (RENGO), this year's winter bonus has increased by 39,000 yen.
The important thing is that everyone makes full use of this money during the remaining days of this year - there is still today and tomorrow - and keep using it during next year's New Year's holiday when everyone is in a festive mood, and that the money gets circulated. I believe this is very important.
Next year, I will continue to do my utmost to ensure that the economy is able to enter a positive cycle.
As I talked about this year in the Japanese zodiac, I must also mention next year. Next year is the Year of the Horse. I understand there are all kinds of jinxes here related to the Year of the Horse. Some people say that the Year of the Horse is 'the year of falling stock prices.' Everyone, forget about such jinxes.
If we work hard, we can do it. Today, we are joined by Paralympian Ms. Mami Sato. The two of us worked hard in Buenos Aires. I believe we were all able to feel firsthand that 'if we work hard together, our dreams will come true.'
In September of this year, I visited the New York Stock Exchange. There, I declared 'Buy my Abenomics.' I had saved visiting Kabuto-cho (where the TSE is located) for this year's year-end closing ceremony. Next year will be a year of 'galloping' growth. I will work hard with this in mind.
Everyone, I have come here to declare that next year too, Abenomics is a 'buy.'
I wish you all a wonderful year."
Following his address, the Prime Minister, jointly with Paralympian Ms. Mami Sato, rang the closing bell and then conducted a ceremonial handclapping.