Prime Minister Shinzo Abe held the 21st meeting of the Council on Economic and Fiscal Policy at the Prime Minister's Office.

At the meeting, there was a discussion on “Basic Principles of FY2015 Budget Formulation,” “Emergency Economic Measures toward the Enhancement of the Positive Economic Cycle in Local Communities,” and “Future Issues for the Council on Economic and Fiscal Policy.”

Based on the discussions, the Prime Minister said,

“Today, we have received the report on the basic principles of FY2015 budget formulation. After this, there are plans to establish emergency economic measures and make a Cabinet decision. I want to express my gratitude to the private-sector members and relevant ministers for your hard work thus far.

Within the basic principles of FY2015 budget formulation, we will boldly review expenditures, designating no program as sacred, and place priority on measures that support economic growth. In doing so, we will make the maximum possible effort to steadily achieve the halving of the ratio of GDP to the national and regional primary deficit in FY2015. We aim to exit deflation and achieve both economic revitalization and fiscal soundness. We will work on budget formulation toward the creation of a more focused budget.

Next year will a crucial stage in the enhancement of the positive economic cycle. Today, Minister Amari has presented future issues for this Council on Economic and Fiscal Policy. I want you to proceed forward with discussion on these issues from next year. I would like for Minister Amari to cooperate with the relevant ministers and establish a concrete plan for the achievement of FY2020 fiscal soundness targets by the summer. I request that the Council on Economic and Fiscal Policy lead future discussion on economic and fiscal policy as a control tower for these issues. Thank you very much.”