[Provisional Translation]

Prime Minister Shinzo Abe held the 12th meeting in 2015 of the Council on Economic and Fiscal Policy at the Prime Minister's Office.

At the meeting, debate took place on the “intensive discussion related to monetary policy, commodity prices and other issues” (for the third time), the “overall budget” and “future initiatives of the Council on Economic and Fiscal Policy.”

Based on the discussion, the Prime Minister said,

“Today, we received a proposal on the overall budget from the private-sector members of this Council. The FY2016 budget represents the budget for the first fiscal year under the Plan for Economic and Fiscal Revitalization. Currently, we are establishing positive economic conditions for the first time in a quarter of a century. Taking full advantage of these circumstances, I would like to formulate a budget that contributes to economic revitalization and exiting deflation, as well as fiscal soundness.

In addition, the private-sector members also presented the challenges that the Council on Economic and Fiscal Policy will be addressing in the second half of this year. The greatest challenge will be to specify the details of the Basic Policies for Economic and Fiscal Management and Reform 2015. We must push forward with comprehensive economic and fiscal reform. Based on today’s discussions, I would like to ask the relevant ministers, led by Minister Amari, to implement thorough initiatives, including the promotion of strong institutional reforms that help keep expenditures under control, while making use of the specialist committee.”