Friday, October 17, 2008

Council on Economic and Fiscal Policy

Prime Minister Taro Aso held a meeting of the Council on Economic and Fiscal Policy at the Prime Minister's Office. At this first Council meeting under the Aso Cabinet, discussions took place on the response to the financial and economic situation, and integral reforms of the social security system and tax and fiscal administrations, among other matters.

In his opening address, Prime Minister Aso said, "As we all are aware, we now face a financial crisis, which is reminiscent of the financial panic, with a declining growth rate and fiscal deficit occurring concurrently. I understand that Japan has entered a new stage. Aiming to overcome this challenging period, I will work to rebuild the Japanese economy in three phases: in the near term, we will take measures to revive business activity; in the mid-term, we will rebuild public finances; and during the mid- to long-term, we will pursue economic growth through reforms. The volatility of the international financial situation, in particular, is unprecedented, and I believe that sooner or later it will have an impact on the real economy. We must make the utmost efforts to respond to this situation."

Related Link

• Council on Economic and Fiscal Policy (Cabinet Office)