Prime Minister Shinzo Abe held the 11th meeting of the Council on Economic and Fiscal Policy in 2014 at the Prime Minister's Office.
During the meeting, discussion took place on the “formulation of the Basic Policies.”
Based on the discussion, the Prime Minister said in his address,
“The draft of the ‘Basic Policies’ discussed here today contains reforms that we should initiate in order for Japan to achieve growth over the medium to long term. These include further initiatives for realizing both economic revitalization and fiscal soundness, while also encouraging innovation and ensuring that Japan exits deflation; as well as the enhancement and utilization of human resources, including the facilitation of women’s active role, to halt the trend of a declining population and the extreme aging of society.
As for reform of the corporate tax rate, we have decided to prioritize growth and seek to lower the effective corporate tax rate to 20-29% over the next few years. We will begin in the next fiscal year. 
This has allowed us to send a clear message in the Basic Policies, including with regard to the tax base.
Our goal is to build a strong economy and win out against the global competition. We will secure employment opportunities and ensure that this leads to improvement in people’s everyday lives.
I would like to ask Minister Amari to move forward with discussions amongst the ruling parties based on this draft and today’s discussions. I would like to ask the members of this Council to make every effort to implement consultations and reporting at the next Council meeting, so that we can make a Cabinet decision.”