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Council on Economic and Fiscal Policy
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At the meeting, the members discussed the current financial market and the economic situation following the growing disquiet concerning the financial situation in the United States. It was agreed that while a serious impact on Japan's financial institutions has not been detected, attention must be paid to the existing downward risks to the economy. It was also confirmed that Japan will do all it can in international cooperation to cope with instability in global financial capital markets, and that the Government will be vigilant lest the fall in stock prices cloud consumer spending and the financial system. Prime Minister Fukuda said, "Concerning the current financial situation, the Government should keep a close watch on trends in global financial capital markets and promptly and accurately grasp the impact on Japan's markets and financial institutions, as well as on the real economy as seen through the lending trends of private financial institutions. I ask the relevant authorities to take thorough measures to stabilize the financial system, to protect users of financial services, and to ensure smooth capital supply from financial institutions, while working closely with the authorities of other countries."
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