Prime Minister Yoshihiko Noda held the eighth meeting of the Headquarters for the Reconstruction from the Great East Japan Earthquake at the Prime Minister's Office.

Discussion took place on measures to secure financial resources for recovery and reconstruction and the third supplementary budget for FY2011.

Based on the discussion, the Prime Minister said, "The reconstruction from the Great East Japan Earthquake is the greatest as well as the top priority issue for our Cabinet.
The basic policy for reconstruction designed to overcome this challenge was approved by the previous Cabinet in July, based on which we need to accelerate specific tasks.
For the next five years, which will be the intensive reconstruction period, it is expected that at least 19 trillion yen of fiscal measures will be necessary. Of these, we have already allocated about 6 trillion yen for the first and second supplementary budgets. First of all, it is crucial that we make sure that these measures are steadily implemented.
On that basis, the third supplementary budget will be implemented for full-fledged reconstruction. I would like to have its formulation put on a fast track, and I have just received explanations on the specific expenditure framework and items.
The most basic principle concerning financial resources for reconstruction is that our generations should cooperate on sharing the burden rather than leaving it for future generations to bear.
With regard to the financial resources other than temporary taxes, such as expenditure cuts and securing of non-tax revenues, the efforts so far have resulted in the prospect of securing as much as 5 trillion yen, more than the initial tentative target of 3 trillion yen.
For the temporary taxation measures to be taken following these, several options were presented after considering core taxes and others.
In this context, I made a request to exclude the consumption tax from these options, as the consumption tax will be allocated for the comprehensive reform of social security and taxation systems.
I also instructed that the period for the reimbursement of reconstruction bonds should be ten years, in line with the actual period of reconstruction.
Based on the proposal presented today, I would like to have arrangements promptly made with the ruling parties and to move onto negotiation involving both ruling and opposition parties. Humbly and sincerely, I would like to have the final draft compiled while hearing opinions of the opposition parties as well, in order for us to submit the third supplementary budget to the Diet at the earliest date possible, which means that projects for full-fledged reconstruction can be started that much earlier. I ask for further cooperation from the related ministers."