Prime Minister Naoto Kan held a meeting of the Ministerial Committee on the Economy at the Prime Minister's Office.

The Prime Minister said in his opening address, "The Three-Step Economic Measures for the Realization of the New Growth Strategy are comprised not only of three-step economic measures but also of three fundamental perspectives.
The first perspective relates to our sense of urgency. As a first step, we will swiftly respond to the strengthening of the yen and deflation, utilizing the Reserve Budget. Secondly, we will flexibly respond to future developments keeping in mind supplementary budgets. The third step will be the implementation of the new growth strategy within the formulation of the FY2011 budget and the reform of the tax system. We will take these steps with a sense of urgency.
The second perspective is that of employment-driven economic growth. Job creation and economic growth are the cornerstones of this. We will establish a foundation for employment within every part of the budgets, the tax system, and the corporate-social system, thereby stimulating growth, which in turn will result in the further creation of jobs.
The third perspective is focused on both fiscal policies and reforms of regulations and systems. We will forcefully promote reforms of regulations and systems that will have a strong impact on the creation of demand and jobs, while implementing large-scale fiscal measures in areas such as budgets and the tax system.
We will make a Cabinet decision today on the implementation of urgent responses through the utilization of 920 billion yen from the Reserve Budget. The total scale of all projects planned is approximately 10 trillion yen. We expect that the responses we take will support the creation of jobs, affecting about 200,000 people.
Depending on future economic and employment situations, we will formulate supplementary budgets, and if necessary, utilize a carried-over expense of one trillion yen in order to make agile and flexible responses moving forward."