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On March 5, 2020, the Prime Minister held the 36th Council on Investments for the Future at the Prime Minister’s Office.
 
At the meeting, discussions were held on supply chains, tourism and related matters, cashless transactions, productivity increases in small- and medium-sized enterprises (SMEs), and the environment and energy.
 
Based on the discussion, the Prime Minister said,
 
“Firstly, amid the situation where the spreading of infections of novel coronavirus (COVID-19) is widely seen across the world, we discussed reform of Japan’s supply chains and the state of local economies, including the tourism industry.
 
There are some concerns over the impacts of the decline in product supply from China to Japan on our supply chains. In light of that, as for those products with high added value and for which we are highly dependent on a single country, we intend to relocate the production bases to Japan. Regarding products that do not fall into this category, we aim to avoid relying on a single country and diversify production bases across a number of countries, including those of the Association of Southeast Asian Nations (ASEAN).
 
Furthermore, we are prioritizing the protection of the health of the public above all and exerting every effort to preventing the spread of infections. Afterwards, we intend to send a message both domestically and overseas, by implementing a campaign towards the success of the Olympics and Paralympics through a joint effort of the public and private sectors. In order to restore the flow of visitors, we will plan a nationwide campaign that includes the stimulation of tourism demand as well as the recovery of demand for local agricultural products and the revitalization of shopping streets.
 
Secondly, at times like this, it is important to sustain the momentum of wage increases so as to overcome the downward risks of our economy, along with implementing swiftly the recent economic policy package and enacting the budget for the following fiscal year. In order to achieve a wage increase that covers broader segments, including SMEs, it is necessary that costs are passed on to transaction prices, as Chairman Mimura pointed out. I ask Minister of Economy, Trade and Industry Kajiyama and Minister Nishimura, in particular, to collaborate with relevant ministries and agencies and advance efforts thoroughly towards the coexistence between major companies and SMEs.
 
Thirdly, regarding the dissemination of cashless transactions, we intend to harmonize domestic and overseas standards to ensure both domestic and overseas consumers can easily make cashless transactions, as the next stage of our efforts after the points-based rebates end.
 
Fourthly, regarding the issues surrounding the environment and energy, Council Member Nakanishi today advised us that we need a government-wide review on long-term and global energy challenges and Japan’s response. We will establish a new forum in the Council on Investments for the Future and discuss a bold vision from a broad perspective. I ask Minister of Economy, Trade and Industry Kajiyama and Minister Nishimura to advance preparations for that.”