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On November 9, 2020, the Prime Minister held the 16th 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 investment and innovation towards green growth.

Following the discussions, the Prime Minister said,

“Firstly, regarding the novel coronavirus, the number of patients that newly tested positive exceeded 1,000 cases a day last weekend, and we must address the situation with the greatest possible vigilance.

The occupancy rate of hospital beds at present has mostly remained at around 30% even in areas where infections are spreading. In order to prevent the explosive spread of infections and work on the protection of the lives and health of the public, we will think ahead and put in place necessary countermeasures based on our experiences to date ahead of time, including large-scale and intensive testing in specific areas, and dispatching professionals in specific fields to support relevant offices in need.

In addition, today we discussed achieving carbon neutrality by 2050, which is the biggest issue that we face in the post-corona era. It will bring about a transformation of not only energy supply but also the economy and society as a whole, including Japan’s industrial structure and the flow of capital.

I ask the Committee on the Growth Strategy to advance their in-depth reviews on the points for discussion proposed by the private sector members of the Council today, such as contributions to international discussions to promote green economic growth, the wider spread of use of green investment, prioritized financial support towards core technologies, and the reform of the electricity networks and related regulations towards making renewable energies the main source of power.

Going forward, we will first take all possible measures to tackle novel coronavirus infections, and restore the economy while balancing these countermeasures with socio-economic activities. Moreover, we will undertake major transformation of society and the economy through realizing a green society, carrying out digital reforms and other such efforts. To achieve this, we will plan measures to restore the Japanese economy to a growth track at an early time, by fully mobilizing all possible measures without allowing this opportunity to slip away.”