Prime Minister Shinzo Abe attended the 2014 New Year Party Jointly Hosted by the Three Economic Associations held in Tokyo.

The Prime Minister said in his opening address,

"I believe that this past year has been one in which we have started to restore lost confidence.
Now the Tokyo Olympics and Paralympics will once again return to Tokyo in 2020. If we work hard, our dreams will come true. I believe that it has been possible for everyone in Japan to feel that for themselves.
However, we are entering a critical stage. That is why we will raise consumption tax from 5% to 8% in April. This is of course also for the purpose of fulfilling our responsibility to protect and pass on to the next generation our pension system, medical and nursing care system, and a social security system that Japan can be proud of before the rest of the world. Consumption tax will also be used to enhance childcare support.
At the same time, we must not let go of the chance that we have finally seized to potentially overcome deflation.
This is exactly why we are alleviating the impact that raising the consumption tax will have by undertaking other tax measures, including 5.5 trillion yen in economic measures and 1 trillion yen in tax breaks for capital investment and other activities. I hope to recover our current strength and put Japan back on its current path toward growth from July."