Newly appointed economic and fiscal policy minister Kaoru Yosano said Sunday he expects the ruling and opposition parties to agree on a consumption tax hike aimed at covering social welfare costs rather than reducing the fiscal deficit.

"The idea that, if the tax should be raised, it should be used to cover social welfare costs, not fiscal reconstruction, is shared by many parties," Yosano said on an NHK political show.

However, he stopped short of detailing specific measures to comprehensively reform the nation's ailing social welfare and public financing programs.