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Heizo Takenaka, economic and fiscal policy minister, said Wednesday the introduction of a multiyear budget system will be discussed by a key economic policymaking panel.

Speaking at a news conference, Takenaka said he expects the Council on Economic and Fiscal Policy to take up the matter at a meeting Monday and that there is room for considering introducing the idea under the current legal framework.

Takenaka said he would like to see such a system, under which specific targets, discretion accorded to each ministry, and progress in attaining targets will be assessed for a sound budget.

Under law, the government is obliged to compile a national budget on a single-year basis.

Takenaka began a visit to Australia on Monday.

Antideflation goal OK’d

CANBERRA (Kyodo) Financial Services Minister Heizo Takenaka and Australia’s central bank governor, Ian Macfarlane, agreed Wednesday that fighting deflation will help bring about a recovery in Japan.

Japanese officials said the two discussed the issue when they met at the Reserve Bank of Australia in Sydney.

Macfarlane told Takenaka that Australia’s inflation-targeting policy of creating 2 percent to 3 percent year-on-year price increases has been a success, the officials said.

Takenaka expressed his willingness to study the Australian policy, they said.

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