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On May 14, 2019, Prime Minister Shinzo Abe held the first meeting of the Council on Economic and Fiscal Policy in the first year of Reiwa at the Prime Minister’s Office.
 
At the meeting, a discussion was held on local public administration and finance, one of the thematic topics of the Integrated Economic and Fiscal Reforms. There was also an intensive discussion on monetary policy, commodity prices and other issues.
 
Based on the discussion, the Prime Minister said,
 
“Today, we first held a discussion on local public administration and finance, one of the thematic topics of the Integrated Economic and Fiscal Reforms. For those regions facing pressing issues, looking towards the advent of the Society 5.0 era and the progress of a serious population decline, promoting the reform of local public administration and finance means more than just reforming government expenditures and improving the efficiency of the administration. Rather, it is a foundational effort premised on ensuring the stable daily lives of residents and revitalizing local economies by strengthening the flows of people, goods, and money to these regions. I would like Minister of Internal Affairs and Communications Ishida to implement various measures with a sense of urgency to promote the reform of local public administration and finance, including the promotion of digital government, which corresponds to the Society 5.0 era, based on the recommendations that we have received from the expert members today.
 
Afterwards, we held an intensive discussion on monetary policy, commodity prices, and other issues. In the Japanese economy, weakness is seen recently in exports and industrial production in some sectors, and, concerning short-term prospects, there is a need to pay close attention to the economic trends overseas. It is important to firmly reinforce the virtuous cycle of growth and distribution by sustaining domestic demand. In particular, with respect to the minimum wage, which was raised by the expert members, I ask Minister of Health, Labour and Welfare Nemoto to report to this Council at an appropriate timing.”