Top > What's up around the Prime Minister > January, 2005

The First Meeting of the Council on Economic and Fiscal Policy Thursday, January 20, 2005 The first meeting for the year 2005 of the Council on Economic and Fiscal Policy was held at the Prime Minister's Official Residence. At the meeting, a report on the "Structural Reform and the Medium-Term Economic and Fiscal Perspectives-FY2004 Revision" was submitted. This year's revision recognizes that "Although there are weaknesses in some parts of the Japanese economy for FY2004 when the entire fiscal year is taken into consideration, a private demand-led recovery is expected to continue as the employment environment is on track to recovery. Meanwhile, the corporate sector is continuing to recover steadily with significant improvements in corporate profit." The revision also points out that "The policy efforts that aim to defeat deflation will further be enhanced, together with the Bank of Japan. Furthermore, the aim will be to realize private demand-led sustainable economic growth through acceleration and expansion of structural reform." In receiving the report, Prime Minister Junichiro Koizumi said, "I intend for the 'Structural Reform and the Medium-Term Economic and Fiscal Perspectives' to be decided by the Cabinet as soon as possible and for it to be established as the basic policy of the government concerning medium-term economic and fiscal policy. I will further accelerate the measures for reform while keeping in line with the medium-term policy outlined in the FY2004 revision of the medium-term perspective."