Press Conference by the Chief Cabinet Secretary (Excerpt)

Q&As

(Abridged)

REPORTER: I have a related question. You mentioned that the Government is monitoring market trends, including in overseas markets, and I believe that the Chinese economy has impacted share prices again today. Do you consider that concerns about the Chinese economy will continue for some time to come?

CHIEF CABINET SECRETARY SUGA: My understanding is that the Chinese economy is in a slowdown process and this is having an impact on the other economies of countries in the Asian region that depend on exports to China, as well as on stock markets around the world. In any event, I believe that concerns about the prospects for the economy are growing in China, and the Government hopes that the Government of China will continue to take appropriate measures, including giving consideration to new measures.

REPORTER: Today Prime Minister Abe has been reelected as the President of the Liberal Democratic Party of Japan (LDP). The Prime Minister has also said that his administration will focus on economic revitalization as the top priority going forward. However, given observations that the Growth Strategy is lacking in any substantial measures, what kind of economically-focused policies does the Government intend to announce from the extraordinary Diet session this autumn and thereafter?

CHIEF CABINET SECRETARY SUGA: Today the Prime Minister himself has expressed his resolve to give the economy top priority going forward in the second stage of Abenomics, in order to create a strong economy and a strong Japan. In specific terms, the Government will continue to advance the three arrows of Abenomics with the aim of exiting deflation and creating a positive economic cycle through expanded employment and incomes and will continue to maintain this cycle. In this regard, policies and legislation relating to agriculture, forestry and fisheries were passed during the current Diet session. The Government also wishes to dynamically move forward with policies on creating a tourism-oriented country and vitalizing local economies, which will give new vitality to local regions and people’s hometowns. With the Trans-Pacific Partnership (TPP) agreement, the Government wants above all to create a free and fair free-trade zone and ensure that Japan can be involved in vigorous business and trade overseas, while also ensuring national interests. We will also mobilize all means at our disposal to formulate policies that will address the aging society and declining birthrate and halt the decrease in the working-age population, thus ensuring that there are people to support our society, which is one of the keys to sustainable growth. These are the actions that the Government and ruling parties will be engaging in under the leadership of the Prime Minister, and all are of the utmost importance.