Ad Hoc Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Thursday, October 3, 2024, 6:01 pm to 6:08 pm)

[Opening remarks:]

Minister)

The day before yesterday, the Ishiba administration was inaugurated and the new Cabinet was established. Following yesterday's meeting between Prime Minister Ishiba and the BOJ Governor, we had an opportunity today to confirm continued close collaboration between the national government and the Bank of Japan, with the attendance of Minister of State for Economic and Fiscal Policy Akazawa.
I explained that we will inherit the economic policies of the Kishida administration for overcoming deflation, and will formulate a new economic package first. As the Finance Minister, I expressed my commitment to developing high-quality budgets in collaboration with the ruling party to achieve a strong economy, and to inheriting and developing the initiative to promote Japan as a leading asset management center and as an investment superpower wherein the flow of invested funds bring about economic growth in the entirety of the nation. The real wage in July was positive, showing increases in two consecutive months. In order to maintain such bright signs of recovery, we will mobilize all policies, including facilitating the use of a tax incentive for wage increases, measures for price pass-through, and support for investment for labor-saving, and we will endeavor to achieve sustainable and structural wage increases above price hikes. I explained that the national government and the Bank of Japan will continue taking all possible measures for economic and fiscal management in close collaboration.