The 146th session of the National Diet was convened, and Prime Minister Keizo Obuchi delivered a policy speech to plenary sessions of both houses of the Diet. In view of the need to make this session of the Diet, beginning toward the end of one millennium and on the eve of another, a highly productive one, he focused on three key issues facing the nation: the economy, security, and safety.

In regard to the economy, the Prime Minister said, "It is of paramount importance that we steer the economy onto the path toward real recovery, build a new basis for twenty-first-century development, and ensure the rebirth of an economy for the future," and declared that the government would soon formulate "measures for the rebirth of the Japanese economy." He concluded his speech by saying, "When I look back on the changes that have taken place over the course of this year, I strongly believe my comment on the need for 'constructive optimism endowed with firm resolve' was in no way mistaken. Japan is faced with a great number of urgent tasks, such as the rebirth of the economy and security measures. . . . Shall we not therefore work together to create a society full of hope for a brighter tomorrow where we can have unshakable belief in future developments?"