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On April 15, 2020, the Prime Minister held the fifth meeting of the Council on Economic and Fiscal Policy in 2020 at the Prime Minister’s Office.

At the meeting, the participants held discussions on the effects of the emergency economic measures, and the nationwide implementation of the Digital New Deal.

Following the discussions, the Prime Minister said,

“Today, we first held a discussion on the emergency economic measures.

In formulating these economic measures, we have prioritized the protection of the lives, health and lifestyles of the public the most. At the same time, the measures will contribute significantly to sustaining the economy, as they are estimated to boost real gross domestic product (GDP) by 3.8%, according to today’s report. In particular, the greatest responsibility of political leadership in the field of the economy is to protect employment. For those who are in employment, we will expand significantly the Employment Adjustment Subsidies, and safeguard up to 90% of their salaries during leave through national outlay, no matter if they are in permanent or non-permanent employment. Furthermore, we will provide 300,000 yen in subsidies to households whose revenues have declined because of the significant impact of the novel coronavirus. They can also use Special Loans from Emergency Small Funds with special exemption of repayment up to 800,000 yen. In addition to these, for micro-, small- and medium-sized business operators facing severe situations, a grace period for the payment of national taxes and social security premiums and the interest-free unsecured loans system with principal repayment deferred for a maximum of five years are currently available. Furthermore, cash payments of 1 million yen each will be made available to individual business owners, including freelancers, and of 2 million yen each to micro-, small-, and medium-sized business operators. The government will submit the budget to the Diet as early as possible and swiftly implement these measures, so as to deliver assistance to those who are in need as soon as possible.

We are now going through an extremely tough and difficult time. We must turn this challenge into a major opportunity for societal transformation. From this perspective, we also held a discussion today regarding the nationwide implementation of the Digital New Deal. I ask Minister of State for Regional Revitalization Kitamura, collaborating with the relevant ministers, including the Minister for Internal Affairs and Communication, the Minister of Economy, Trade and Industry, and the Minister of Land, Infrastructure and Transport, to firmly accelerate relevant efforts. In particular, the training of human resources majoring in science, technology, engineering, art, mathematics (STEAM) in local universities is vital for adjusting the excessive concentration of the population in Tokyo and advancing the development of vibrant local communities. I ask the Minister of Education, Culture, Sports, Science and Technology and the Minister for Internal Affairs and Communication to undertake bold reforms for that purpose.”