Japan's top economic policymakers vowed yesterday to support economic recovery by extending tax cuts and benefits, implementing reforms and restoring public and private finances to sound health.
Finance Minister Sadakazu Tanigaki told parliament the government will extend income tax cuts and tax benefits to help home buyers, while providing other incentives to help stimulate the real-estate and stock markets.
"In order to build the bridge from economic recovery to sustained growth, it is important to push for a comprehensive policy of revitalizing the economy and building a sustainable fiscal base," Tanigaki said in a prepared speech.
Members of parliament yesterday returned from a winter break for a 150-day session, during which they will debate and approve the national budget and tax policy for the next fiscal year starting April 1, as well as other key issues.
Tanigaki stressed that Japan will take a firm step in the new fiscal year toward its ultimate goal of turning the national and regional budget deficits, the highest among the major economies, into surpluses within 10 years.
Tanigaki repeated that Tokyo will "take appropriate action" in the currency market when it moves out of line with economic fundamentals, meaning it will continue intervention to prevent a rising yen from hurting Japanese exports.
Economic and Fiscal Policy Minister Heizo Takenaka called for "structural reforms" as the most effective way of improving the world's second-largest economy.
Takenaka told parliament that banks are making progress in reducing non-performing loans.
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