Skepticism on Achieving Fiscal Soundness
The Fumio Kishida Cabinet made a decision to fix Basic Policy on Economic and Fiscal Management and Reform (Honebuto) 2024 on June 21. The annual plan on handling of economy and fiscal policy this year insisted on completely getting rid of deflation, making little difference from previous years. There still remains a skepticism on whether Kishida can be successful in achieving both growth and fiscal soundness. Honebuto 2024 was made by Council on Economic and Fiscal Policy, which members included six ministers of Kishida Cabinet including Kishida himself, Governor of Bank of Japan and four business leaders. Based on request of the prime minister, the council members discuss economic and fiscal policy and submit their opinion on those issues every year. The council basically supported the policies taken by Kishida Cabinet. “Economy of our country is facing one opportunity in a thousand to completely get rid of deflation and achieve growth-oriented economy,” said the ...