The Liberal Democratic Party’s General Council has agreed the government should sell off about 140 trillion yen in assets by the end of fiscal 2015 as a part of its fiscal reform program, party officials said Tuesday.

The proposal is aimed at ensuring the progress of fiscal reform measures to be included in the annual economic policy guidelines, which the Cabinet is expected to adopt Friday.

The ruling party’s proposals state the government’s assets as a share of gross domestic product should be cut in half by the end of fiscal 2015 by selling off, for example, government office buildings and housing for public servants.

The asset disposals, if they go ahead, are projected to raise some 12 trillion yen over the next 10 years.

The party also wants the government to securitize its loan assets, cutting them by more than 130 trillion yen.

The council agreed the government should set up an independent body to supervise the revamp of the government’s asset portfolio.

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