Council on Economic Fiscal Policy and Economic Blueprint

Prime Minister Shinzo Abe: At a meeting of the Council on Economic and Fiscal Policy on Monday, the prime minister instructed ministers to formulate bold and convincing measures to be included in a fiscal and economic blueprint to be compiled in or around June, according to The Japan Times. His remarks came after private-sector members of the government panel called it an extremely important challenge for Japan as the chair of this year G-7 summit to exert leadership on sustainable global growth. It is extremely important to present a solid road map toward achieving the ¥600 trillion economy, when the G-7 economies are being looked to for strong commitment and policy coordination amid an uncertain economic outlook, Prime Minister Shinzo Abe said. The members — drawn from academic and business circles — called for measures to spur consumption and increase disposable income through tax breaks and other measures ahead of a planned hike in consumption tax in April 2017. A previous hike in April 2014 stunted demand. It remains uncertain whether the government will go ahead with the increase to 10 percent from the current 8 percent, amid weak consumption and low wage growth. (news.financializer.com). As reported in the news.