Prime Minister Yoshihiko Noda held a meeting of the Ministerial Committee on the Formulation of the Budget at the Prime Minister's Office.

Discussion took place on the Basic Principles of the Budget Formulation for FY2012.

Based on the discussion, the Prime Minister said, "With a mindset to turn the crisis into an opportunity, as stated in the Basic Principles, I will position the next fiscal year's budget as the "Budget for the First Year of Japan's Revival," and will exert my utmost efforts to restore Japan as a nation that inspires hope and pride among the people.
To be precise, the Basic Principles set out five priority areas for the FY2012 budget: reconstruction from the Great East Japan Earthquake, including the response to the nuclear accident; opening up of new frontiers through the Program to Prioritize the Revival of Japan; employment and human resources development for restoring the size of the middle class; revitalization of agriculture, forestry, and fisheries; and redesigning energy and environment policies.
I will also steadily promote local sovereignty reforms and, at the same time, continually review the existing budgets.
Meanwhile, we must thoroughly adhere to the cap of 71 trillion yen for the General Account expenditure and 44 trillion yen for the new bond issuance, in order to ensure market confidence in Japan's fiscal management.
Following these Basic Principles, I ask you to proceed with the final work to formulate the budget."