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Press Conference by the Chief Cabinet Secretary

Monday, February 3, 2014 (PM)

Press Conference by the Chief Cabinet Secretary (Excerpt)

[Provisional Translation]


  • The issues related to share prices


REPORTER: With regard to share prices, today the Nikkei Stock Average has fallen once again and is now down 10% compared to its level on the last day of trading in 2013. The situation since the start of the new year has been overseas investors continue to sell off shares. This downturn in share prices has even led some people to suggest that overseas expectations of Abenomics may be fading. What is your view of the current downturn in the stock markets?

CHIEF CABINET SECRETARY SUGA: I would like to refrain from making any comment about share prices. However, it is clear that Japan's economic indicators have improved under Abenomics and the Government will continue to promote the three arrows of economic revival in an integrated manner. I believe that the Government's role is to exit deflation as soon as possible, achieve economic revitalization, and work to build a society in which the very power of the private sector creates a positive economic cycle.

REPORTER: On a related note, in general it is said that share prices move in response to expectations. Can it not be plainly stated, therefore, that expectations for the vitality of the private sector that you just mentioned, in other words the third arrow of Abenomics, are fading?

CHIEF CABINET SECRETARY SUGA: I don't think this is the case at all. Is it not a fact that all economic indicators have improved tremendously? The Government believes that the only road forward is to proceed with confidence. That is why we are currently making every effort to ensure the passage of the FY2013 supplementary budget and the new budget for FY2014, the drafts for which have already been submitted, at the earliest possible time.


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