Prime Minister Shinzo Abe held the 18th meeting of the Council on Economic and Fiscal Policy at the Prime Minister's Office.
At the meeting, after an intensive debate on monetary policy, commodity prices, and other issues (fourth round; including the regional economic situation) had taken place, the prioritization and streamlining of expenditures (social infrastructure development) was discussed.
Based on the discussion in the meeting, the Prime Minister said,
"In regard to the bold monetary policy decided by the Bank of Japan (BOJ), I believe that this was the result of careful debate by the BOJ in consideration of the current economic and monetary situation, among other matters, and it was very timely. I anticipate that the BOJ will continue to carry out measures to realize the goal of a 2% price stability target .
As population decline and the aging of society continue to advance, in order to achieve a Japanese economy that is full of vitality and the formation of a diverse regional economy, the prioritized and planned development and management of social infrastructure are essential. Further, measures for the development, tie-ups and consolidation of social infrastructure that utilizes regional initiatives are also important.
I would like to request Minister Ota, in order to provide necessary public services in an efficient and effective manner within a limited budget, to consider measures that make greater use of the abilities of the private sector and utilize the initiatives of local governments. This should also be in cooperation with the relevant ministers while taking into account today's discussions.
Moreover, today we held the first of our review meetings on future trends in economic and fiscal policy. I would like Minister Amari, Minister Aso, and Governor Kuroda, as well as all the Council members, to listen closely to the views of experts and advisors. Thank you very much.