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The Prime Minister in Action
Meeting of the Council on Economic and Fiscal Policy
December 21, 2017
Photograph of the Prime Minister making a statement (1)
Photograph of the Prime Minister making a statement (2)
On December 21, 2017, Prime Minister Shinzo Abe held the 17th meeting in 2017 of the Council on Economic and Fiscal Policy at the Prime Minister's Office.
At the meeting, there was discussion on the Fiscal 2018 Economic Outlook and the Progress of Integrated Economic and Fiscal Reforms.
Based on the discussion, the Prime Minister said,
“First, we held a discussion on future economic and fiscal management based on the Fiscal 2018 Economic Outlook. Amidst ongoing improvements in the employment and income situation this fiscal year, Japan’s economy is seeing the realization of a positive economic cycle marked by improving personal consumption and capital investments. As this positive cycle continues to advance further next fiscal year, we can expect an economic recovery, with a real economic growth rate of 1.8%, which is driven mainly by private sector demand. Seizing the opportunity of these favorable economic conditions, we must carry out the revolutions in productivity and human resources development, toward overcoming our greatest challenge of the declining birthrate and aging population. I would like the relevant ministers to steadily implement the new economic policy package that was approved by the Cabinet recently.
Second, we had a discussion on reform of the drug pricing system. I would like Minister Kato to steadily implement concrete reform policies, while promoting innovation in drug development, in order to realize a balance between reducing the cost burden on the public and improving the quality of medical care. In addition, we also took time to discuss ways to handle land with unknown owners. A large number of inheritances will occur as our population ages, and there are fears that going forward the amount of land with unknown owners could increase. I would like to ask the relevant ministers including Chief Cabinet Secretary Suga and Minister Ishii to cooperate with each other in formulating and implementing comprehensive measures.
Third, we approved the revised 2017 Reform Schedule for the Plan for Economic and Fiscal Revitalization. I would like the relevant ministers to follow the Reform Schedule and steadily implement the reforms, while advancing visualization of reforms thoroughly and expanding it, and promoting and scaling up best practices and excellence.”
At the meeting, there was discussion on the Fiscal 2018 Economic Outlook and the Progress of Integrated Economic and Fiscal Reforms.
Based on the discussion, the Prime Minister said,
“First, we held a discussion on future economic and fiscal management based on the Fiscal 2018 Economic Outlook. Amidst ongoing improvements in the employment and income situation this fiscal year, Japan’s economy is seeing the realization of a positive economic cycle marked by improving personal consumption and capital investments. As this positive cycle continues to advance further next fiscal year, we can expect an economic recovery, with a real economic growth rate of 1.8%, which is driven mainly by private sector demand. Seizing the opportunity of these favorable economic conditions, we must carry out the revolutions in productivity and human resources development, toward overcoming our greatest challenge of the declining birthrate and aging population. I would like the relevant ministers to steadily implement the new economic policy package that was approved by the Cabinet recently.
Second, we had a discussion on reform of the drug pricing system. I would like Minister Kato to steadily implement concrete reform policies, while promoting innovation in drug development, in order to realize a balance between reducing the cost burden on the public and improving the quality of medical care. In addition, we also took time to discuss ways to handle land with unknown owners. A large number of inheritances will occur as our population ages, and there are fears that going forward the amount of land with unknown owners could increase. I would like to ask the relevant ministers including Chief Cabinet Secretary Suga and Minister Ishii to cooperate with each other in formulating and implementing comprehensive measures.
Third, we approved the revised 2017 Reform Schedule for the Plan for Economic and Fiscal Revitalization. I would like the relevant ministers to follow the Reform Schedule and steadily implement the reforms, while advancing visualization of reforms thoroughly and expanding it, and promoting and scaling up best practices and excellence.”
