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On July 29, 2019, Prime Minister Shinzo Abe held the fifth meeting of the Council on Economic and Fiscal Policy in 2019 at the Prime Minister’s Office.
 
At the meeting, a discussion was held on the Mid-year Economic Projection, the budget overview, and the guidelines for FY2020 budget requests.
 
Based on the discussion, the Prime Minister said,
 
“Today, we first received a report on the Mid-year Economic Projection which provides a short-term economic outlook.
 
While there is a growing concern over the impact of downside risks overseas on the Japanese economy, it is necessary to take all possible measures to maintain the recovery trend of the economy. In the event that the risks become tangible, we will implement flexible macroeconomic policies resolutely and without any delay.
 
The budget for the next fiscal year will be the first budgeting process in the Reiwa era. I ask you to create a budget that will ensure sustainable growth centered on private demand, by expanding demand and strengthening our growth potential, based on the proposals that we have received from the expert members today. At the same time, I would like you to put steady efforts into achieving fiscal consolidation in line with the New Plan to Advance Economic and Fiscal Revitalization.
 
I would like you to streamline its items and materialize the contents of the Basic Policies, which was compiled last month, to make it a budget befitting of the new era.”