Press Conference by the Chief Cabinet Secretary (Excerpt)

Q&As

REPORTER: The draft budget bill for fiscal 2012 has been passed by the House of Representatives. What is the Government's reaction to the passage of the budget?

CHIEF CABINET SECRETARY FUJIMURA: The fiscal 2012 budget has been passed by the House of Representatives. The fiscal 2012 budget maintains the fiscal discipline as prescribed under the Medium-Term Fiscal Framework and using financial resources gained from reductions in expenditure, it has expanded allocation for the Program to Prioritize the Rebirth of Japan to a scale of 1 trillion yen, which will be incorporated into measures that aim to contribute to the future economic growth of Japan. In addition, 3.8 trillion yen has been allocated from special accounts for reconstruction purposes, and will be implemented seamlessly for reconstruction and decontamination measures in the coming fiscal year. Overall the budget is one that is geared towards the rebirth of the Japanese economy and society. In order that these measures can be executed immediately from the start of next fiscal year, as the draft budget has currently only been passed by the House of Representatives today, the Government will submit it to the House of Councillors, making every effort to ensure its passage by the end of the current fiscal year. In addition, given the recent serious financial crisis in Europe the markets are looking with ever-more stringent focus on how every country is managing its finances. In order to avoid a situation in which the lives of the people and the economy are beset by needless confusion and also in order to boost the predictability of financial management and avert market unease, the Government will request that the House of Councillors deliberate the draft budget bill for fiscal 2012 with a view to ensuring its enactment by the end of the current fiscal year.

(Abridged)