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 FY2013 (outline).

Based on the discussion, the Prime Minister said,

"The Outline for the Basic Principles of the Budget Formulation for FY2013 was compiled in this ministerial committee today.
It is the responsibility of our generation living now to achieve the reconstruction from the Great East Japan Earthquake and the revival of Fukushima, the revival of the entire economy of Japan, and to regain the hope and pride of Japan, while maintaining fiscal discipline so as not to leave the burden to future generations.
Since we took over the government, we have been aiming for the true revival of Japanese economy by opening up new frontiers and creating new industries that lead to Japan's future, rather than increasing public works as a stopgap measure and taking the easy way of forcing debt onto future generations.
The culmination of such efforts is the Strategy for Rebirth of Japan. In order to implement this plan also from the budgetary aspect, we must effectively carry forward the prioritization of resource allocation to areas generating new growth, including the fields of green, life, agriculture, forestry and fisheries, while also utilizing the vitality of small- and mid-sized enterprises.
Considering the current economic situation, any blank period in the implementation of policies is intolerable. I would like the relevant ministers to carry forward the efforts toward formulation of the FY2013 budget based on the outline compiled today."