Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Thursday, August 15, 2024, 2:17 pm to 2:33 pm)

Q.

Yesterday, Prime Minister Kishida announced that he would not run for the next Liberal Democratic Party's presidential election.
Can you please tell us your reaction to this, as well as what kind of person do you think is appropriate as the next candidate for the president including your own candidacy?

A.

Honestly, I was very surprised yesterday to hear the first report that the prime minister decided not to run for re-election.
The Kishida administration was inaugurated in October three years ago. It is only the present Minister of Land, Infrastructure, Transport and Tourism Saito, who is a member of Komeito, and I, a member of the Liberal Democratic Party, that have continuously served as ministers since then. I have been beside the prime minister and have worked for various challenges under his initiative. I have witnessed the various challenges he has faced for these three years, so I was surprised and at the same time felt sad.
Various views are presented in newspapers and other media, but unfortunately, the approval rates have declined as seen in opinion polls, and it has become very difficult to pursue the national government's policies. The driving force for policy promotion depends on people's support and I think that the prime minister has been facing difficulties. However, he has done what must be done and has made achievements.
For example, the Kishida administration has focused on wage increases since its inauguration. The wage hike rate in the first spring labor offensive after the inauguration was 1.78%, but it increased to 5.10% in the latest spring labor offensive. Partly due to such increase in the wage hike rate, the real wage also turned positive for the first time in two years and three months. Regarding tax revenue, it was 61 trillion yen at the time of the inauguration, but it amounted to 72 trillion yen in FY2023. Thus, the Kishida administration was able to increase tax revenue considerably. Nominal GDP also increased from 550 trillion yen to 600 trillion yen. The achievements are thus proven numerically. Stock prices declined sharply recently but the Nikkei Stock Average is around 36,000 yen today. At the time of the inauguration, it was around 28,000 yen. This also numerically shows the achievement of the Kishida administration. Nevertheless, there have been various incidents and the approval rates have remained low up until now. This is very regrettable.
However, the prime minister committed himself to fulfilling his duties in full force until the very last day of his administration and he mentioned the same at today's Cabinet meeting. We have formulated the Basic Policy for Economic and Fiscal Management and Reform 2024, the latest version of the national government's ongoing initiative, and have been promoting measures while expressing our commitment to getting the Japanese economy onto a new growth stage. I think that the prime minister will make the utmost efforts toward that goal until his term ends.