[Provisional Translation]

Prime Minister Shinzo Abe held the 13th meeting in 2016 of the Council on Economic and Fiscal Policy at the Prime Minister's Office.

At the meeting, there was a discussion on the mid- and long-term estimates, the overall approach to the budget for FY 2017 and the FY2017 Guidelines for Budget Requests, and the future issues and measures of the Council on Economic and Fiscal Policy.

Based on the discussion, the Prime Minister said in his address,

“In the mid- and long-term estimates, the prospect of achieving the goal of halving the ratio of GDP to the national and regional primary deficit in FY2015 compared to FY 2010, through measures such as improvement in revenue, has been indicated. We will continue to stick by our goal of achieving fiscal soundness by FY2020, with the basic policy that there can be no fiscal soundness without economic revitalization. 

To that end, we must accelerate measures toward the realization of a 600 trillion yen economy and expenditure reform based on the Plan for Economic and Fiscal Revitalization. I would like the relevant ministers to advance seamless measures for the future that combine the supplementary budget and the initial budget of FY 2017, for the implementation of economic measures to be compiled in the future, taking into consideration the overall approach to the budget for FY 2017 that was formulated today.

Furthermore, as well as advancing important measures aimed at realizing a society in which all citizens are dynamically engaged, utilizing the fruits of both sides of Abenomics, spending and income, I would also like you to prioritize highly effective policies and specify expenditure reforms and other items.

Today, we have formulated the issues of the Council on Economic and Fiscal Policy for the latter half of this year. Based on this policy, toward the stimulation of consumption and capital investment, and the raising of the latent growth rate, we will implement improvements in the lives of the people, the expansion of disposable income, and the activation of innovation.”