Top �� What's up around the Prime Minister �� February, 2002

The Fifth Meeting during the year 2002 of the Council on Economic and Fiscal Policy (CEFP) Wednesday, February 27, 2002 The fifth meeting during the year 2002 of the Council on Economic and Fiscal Policy was held at the Prime Minister's Official Residence. At this meeting, the Council discussed issues including "A Strategy to Revitalize the Economy," The Progress of the Reform Schedule" and "Countermeasures to Deflation." Among these, "Countermeasures to Deflation" was one issue that, on February 13, Prime Minister Junichiro Koizumi instructed to have urgently compiled. As such, a report was made on the efforts undertaken by the Government, including the promotion of the disposal of non-performing loans, stabilization of the financial system, market-related measures and countermeasures for credit crunch. In addition, members of the CEFP confirmed that it would respond swiftly to future changes in the economic and financial situation, and would continue to boldly and flexibly develop specific and effective measures. In particular, regarding the disposal of non-performing loans, one of the most important issues currently requiring redress, the Government will strive to take all necessary measures to ensure that there is no financial crisis, while making concrete progress in light of special inspections.