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The Prime Minister in Action

Ministerial Meeting on the UK Exit from the EU

June 24, 2016

                                                                                                                               [Provisional Translation]

Prime Minister Shinzo Abe held the Ministerial Meeting on the UK Exit from the EU at the Prime Minister’s Office.

During the meeting, discussion took place on the information analysis and information exchange regarding the issue of the UK exit from the EU.

Based on the discussion, the Prime Minister said,

“The national referendum held in the UK has indicated that the UK intends to leave the EU. At the G7 Ise-Shima Summit, the G7 leaders shared the recognition that a UK exit from the EU is a risk to global economic growth.

I am concerned by the risk that the result of the referendum will pose for the global economy, as well as financial and foreign exchange markets. We must take all necessary measures to ensure the stability of financial markets.

In addition, this will affect the real economy, including the impact on Japanese companies doing business in the UK. We must also respond thoroughly in this regard.

International coordination is needed. At the recent Ise-Shima Summit, in response to such a risk, the G7 leaders already agreed that ‘to avoid falling into another crisis,’ we must ‘take all appropriate policy responses in a timely manner.’

In line with this agreement, as the country holding the G7 Presidency, Japan will take all necessary measures to promote global economic growth and ensure the stability of financial markets, including foreign exchange markets.

To that end, I would like Minister Aso to work together with the Bank of Japan, while also holding close consultations with the other G7 countries, and take the necessary economic and financial measures.

Working together with the relevant ministers, I would like Minister Ishihara to analyze and comprehend domestic and overseas macroeconomic trends, and take thorough measures to ensure appropriate economic management.

I would like the Minister of Economy, Trade and Industry to analyze the impact on the real economy, including on domestic small- and medium-sized enterprises, and respond thoroughly.

Furthermore, I would like the Minister for Foreign Affairs to take all necessary measures in regard to our international relations with the UK and the EU.”

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