Press Conference by the Chief Cabinet Secretary (Excerpt)

Q&As

• Economy

(Abridged)

REPORTER: I have a question regarding stock prices. The Nikkei Stock Average once again rose above the 20,000 mark and is close to breaking the high set on April 10. When the Nikkei Stock Average previously passed the 20,000 mark, you stated, “It is amazing how far we have progressed.” The Nikkei Stock Average has passed the 20,000 mark once again. Can you please share your comments?   

CHIEF CABINET SECRETARY SUGA: Essentially, the change in government took place during a very serious situation of yen appreciation and deflation and prolonged economic stagnation. At that time, after the change in government, the Abe administration introduced the three arrows collectively known as “Abenomics” in rapid succession and in an integrated manner. Various criticisms were voiced regarding this. Nevertheless, while it has taken about two years, we have finally come this far and have seen these policies bear fruit. Going forward, we will press ahead with these policies with greater confidence. At the same time, the national ratio of jobs to applicants is at its highest level in 23 years, and the unemployment rate is at its lowest level in 17 years. In addition, following on from last year, we are seeing a trend of a rise in wage increases that exceeds the level of the previous year. Simultaneously, local tax revenue from the corporate inhabitant tax and the corporate enterprise tax has increased in all 47 prefectures. In order to ensure that these trends continue to spread across the country and spur economic growth, we will steadily manage the economy with confidence and place the revitalization of the Japanese economy as our top priority.     

(Abridged)