Prime Minister Yoshihiko Noda attended the first Council on the Economic Situation including the Issue of Overcoming Deflation.

The Council is held as a part of the discussions for the Strategy for Rebirth of Japan by the Council on National Strategy and Policy, in order for the government to establish economic policy effectively and systematically, and to review the economic circumstances such as commodity prices, with the cooperation of the Bank of Japan.

Discussion took place on the operation of the Council and the direction of the content of discussions.

The Prime Minister said in his opening address, "The revitalization of economy is one of the top prioritized issues for this Cabinet.
I believe that we should spare no effort to overcome deflation and revitalize the economy, by drawing on various policies. In particular, overcoming deflation is an issue that the Japanese economy has been facing for more than ten years.
I would like for the Council to discuss a systematic and effective economic policy, while closely checking on the actual economic situation at present. At the moment, I would like for the Council to present a desirable economic policy by envisaging mainly the period up to around FY 2013."