Friday, January 16, 2009

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 the meeting, "the medium- to long-term fiscal policy and an economic and fiscal outlook for next ten years" was submitted to Prime Minister Aso upon his request. The Council also discussed the current financial and labor market situation and decided to review, among other items, the understanding of employment issues and the cash-flow problems that companies face, and responses taken by each ministry, on a monthly basis at the meeting of the Council.

Referring to the "the medium- to long-term fiscal policy and an economic and fiscal outlook for next ten years," Prime Minister Aso said, "As the world's second largest economy, we must take firm responses in an unwavering manner, all the more so because we are living in an era of heightening uncertainties brought about by the global recession. First, in the near term, we will take measures to revive business activity. We will prevent the further deterioration of the economy by taking bold measures. We must demonstrate fiscal responsibility over the medium term and ensure the development of growing industries over the medium to long term. 'The medium- to long-term fiscal policy and an economic and fiscal outlook for next ten years' further developed these basic principles. I would like to extend my appreciation to all those who compiled the document. Furthermore, I ask the relevant ministries to draw upon the wisdom and come up with many model projects to create job opportunities, including the cross-ministerial efforts that have immediate effects which were proposed by private sector members today. Local governments will then be able to implement them immediately after the entry into force of the budgets."

"The medium- to long-term fiscal policy and an economic and fiscal outlook for next ten years" was decided upon at the extraordinary Cabinet meeting on January 19.

Related Link

• Council on Economic and Fiscal Policy (Cabinet Office)