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On July 30, 2020, the Prime Minister held the 12th meeting of the Council on Economic and Fiscal Policy in 2020 at the Prime Minister’s Office.

At the meeting, the participants held an intensive discussion on monetary policy, commodity prices, and other issues, along with a discussion on the Mid-year Economic Projection.

Following the discussions, the Prime Minister said,

“Today, we held an intensive discussion on monetary policy, commodity prices, and other issues, along with a discussion on the Mid-year Economic Projection, which provides a short-term economic outlook. In response to the worldwide outbreak of the novel coronavirus disease (COVID-19), there is an urgent need to firmly return the Japanese economy, which is still in a severe situation, to a recovery trajectory, while protecting the lives and livelihoods, employment and businesses of the people. I therefore ask Minister Nishimura to continue to swiftly assess the current situation, including the employment situation, and strive to ensure flexible and agile macroeconomic management, as recommended by the expert members.

Furthermore, in order to swiftly realize a new normal for everyday life, the Government will formulate an action plan, as set forth in the Basic Policy, by the end of the year, and begin its implementation, which includes the budget for next fiscal year. I ask the relevant ministries to immediately begin reviews to specify the contents that should be included in the action plan. I ask Minister of State for Economic and Fiscal Policy Nishimura to collaborate with the relevant ministers to ensure consistency among different fields, such as arrangements on mutually related issues, and make the plan align with the Basic Policy 2020, through discussions at this Council.”