Press Conference by the Chief Cabinet Secretary (Excerpt)

Opening Statement by Chief Cabinet Secretary Suga

(Abridged)

Q&As

(Abridged)

REPORTER: On a different topic, there is information to suggest that North Korea has test launched its new mid-range ballistic Musudan missile, which resulted in failure. What information does the Government of Japan have about this matter?

CHIEF CABINET SECRETARY SUGA: Firstly, the Government closely monitors the situation in North Korea with great interest, and we constantly strive to gather and analyze information. I would like to refrain from making any comment about specific details.

REPORTER: On a related note, the order for destruction measures that would enable the Self Defense Forces (SDF) to intercept and destroy a missile has been extended. Was this in response to moves on the part of North Korea?

CHIEF CABINET SECRETARY SUGA: As I have just stated, the Government closely monitors the situation in North Korea with great interest and constantly strives to gather and analyze information. We are also engaged in close cooperation with the United States and the Republic of Korea (ROK) and are implementing patrols and surveillance with a sense of urgency so that we are able to respond to any situation.

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REPORTER: I have a question concerning financial measures. Today in its Monetary Policy Meeting the Bank of Japan (BOJ) decided against further easing measures and also in effect pushed back the time schedule for achievement of its two percent inflation target. The markets have reacted with a sense of disappointment and share prices have fallen more than 600 yen today. Can I ask for the views of the Government with regard to this matter?

CHIEF CABINET SECRETARY SUGA: Firstly, I am aware that in today’s Monetary Policy Meeting the BOJ decided to maintain its current policies for advancing financial easing in three dimensions: quantitative, qualitative and interest rates. In addition, the BOJ also decided today to introduce support for financial institutions affected by the recent Kumamoto Earthquake. The Government expects that based on its outlook for economic activity and prices the BOJ will continue to work towards the achievement of its price stability target. I believe that it is necessary to look at the effect of current financial easing measures from a mid- to long-term perspective. It will continue to be necessary for the BOJ to explain carefully to the public about its management of monetary policy.

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REPORTER: I have a question concerning the Prime Minister’s overseas visit from May 1. I imagine that in order to issue a message at the G7 Ise-Shima Summit that will spur growth in the global economy it is necessary to achieve a convergence of opinions among G7 nations. How will the Prime Minister be seeking to gain the understanding of countries such as Germany, which place priority on fiscal discipline?

CHIEF CABINET SECRETARY SUGA: Your question suggests that you have already come to your own conclusion, but let me answer it anyway. On his overseas visit the Prime Minister will be engaging in an exchange of opinions with leaders on various topics, with a view to achieving a successful outcome at the G7 Ise-Shima Summit. Among the topics for discussion I think that the economy will be central, given the current uncertainty in the economic environment. Through the summit meetings the Prime Minister will be holding during his overseas visit he will seek the opinions of other leaders on various policies. As the country holding the G7 Presidency this year Japan will continue to engage in various coordination efforts in order to demonstrate leadership and ensure that a clear message is issued from the Summit that will contribute to the sustainable and robust growth of the global economy.

(Abridged)