Prime Minister Shinzo Abe held the 13th meeting in 2014 of the Council on Economic and Fiscal Policy at the Prime Minister’s Office. During the meeting, debate took place on intensive discussion related to monetary policy, commodity prices and other issues; the budget overview; and future initiatives for the Council on Economic and Fiscal Policy.

Based on the discussions, the Prime Minister said,
“We have received a proposal regarding the budget overview from the Council members. FY2015 will mark the third year of Japan’s economic recovery. I would like to proceed with the budget formulation in a manner that helps Japan break out of deflation, further strengthens the positive cycle of the economy led by private sector demand, and ensures that the benefits of Abenomics can be felt throughout the regions.

At the same time, next fiscal year has also been set as the time for achieving our goal of reducing the primary balance by half. I would like us to aim for a budget that is even more focused than before, to achieve both economic revitalization and fiscal rehabilitation.

Moreover, the Council members have also presented initiatives that this Council should address in the second half of this fiscal year. Taking into consideration economic conditions and other matters, I intend to continue to hold discussions in order to achieve appropriate macro-economic management. Furthermore, I would like this Council to act as the control tower for economic and fiscal policy, and hold discussions to flesh out reforms to establish a neutral system for different ways of working for women, measures to enhance the positive economic cycle, and other related matters.

Regarding corporate tax reform, I ask that Minister Aso and Minister Shindo work together with Minister Amari and discuss specific plans in accordance with the policies laid out in the Basic Policies for Economic and Fiscal Management and Reform, and report the results to this Council. The Council on Economic and Fiscal Policy will also follow up on this from the viewpoint of overall economic and fiscal management.”