Prime Minister Shinzo Abe attended the Annual Meeting of the National Association of Shinkin Banks held in Tokyo.
The Prime Minister said in his address,
“I would like to offer my deepest respect to shinkin banks for the very important role you play in Japan’s economy as dependable financial institutions for each community, achieved through your accurate response to the needs of local small- and medium-sized enterprises and residents, in line with the concept of mutual aid.
Taking a look at Japan’s economy, we find that the GDP growth rate has been positive for six consecutive quarters since the October to December quarter of 2012. The ratio of job offers to job seekers and other indicators show that Japan’s economy is in the process of undergoing great change. In April this year, we increased the consumption tax rate for the first time in 17 years in order to hand down Japan's world-renowned social security system completely intact to future generations and maintain confidence in the Government. Since then, I have been checking consumption trends every week, and I hear that supermarkets continue to see improvements in negative year-on-year growth, while department stores and home electronics retailers are seeing a recovery. I believe the downturn in consumption will only be temporary. 
In addition, many companies decided to increase wages starting this spring. According to a study of the Japanese Trade Union Confederation (RENGO), monthly salaries have increased by more than 2% on average. This is the largest increase in the past 10 years. According to a study carried out by Keidanren (Japan Business Federation), summer bonuses will be upped by 8.8% on average compared to last year. This is the largest increase in the past 30 years. 
We must ensure that this leads to a sustainable virtuous cycle and enhance the earning ability of the entire nation, to achieve the Abe Cabinet’s goal of economic revitalization. The key to this will be bold and positive investments in the people and technologies of private sector companies, and a commitment to reform. The Government will further enhance its growth strategy, support proactive measures in private sector companies, and do its utmost to ensure that throughout the country, everyone experiences the winds of economic recovery firsthand. 
There are 3.85 million small- and medium-sized enterprises nationwide. These small- and medium-sized enterprises represent not only the key driver of local economies, but also the source of Japan’s vitality. They also provide the driving force behind the growth of both. It is imperative that small- and medium-sized enterprises achieve further breakthroughs in order for Japan’s economy to realize strong growth. Shinkin banks have played a vital role as important financial supporters of these small- and medium-sized enterprises.
When I visited Shimane Prefecture and Tottori Prefecture the other day, I had the opportunity to see one example for myself. This involved a four-party partnership between local companies, universities, local government and Shimane Chuo Shinkin Bank that is supporting proactive initiatives to utilize dormant local resources and new local companies that are now producing employment opportunities. I believe that shinkin banks in other parts of Japan, too, are providing support to local small- and medium-sized enterprises using various initiatives. I strongly urge that shinkin banks continue to provide support for small- and medium-sized enterprises to improve their management and also contribute to the further growth of Japan’s economy through ensuring local revitalization and employment opportunities, made possible through proactive efforts to facilitate financing. 
Lastly, I would like to close my remarks by sincerely wishing for the further prosperity and development of the National Association of Shinkin Banks, its members, and those in attendance.”