• Kyodo

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The medium-term fiscal rehabilitation plan:

Calls on the government to narrow the nation’s budget deficit by ¥17 trillion over the next two years.

Urges the government to avoid increasing new debt issuance over the next two years.

Aims to limit the amount of social security costs across the board.

Stipulates the government will make a final decision on the planned consumption tax hike while comprehensively taking economic conditions into consideration.

The guidelines for the compilation of an initial budget for fiscal 2014:

Ask all ministries and agencies to cut spending for public works projects by 10 percent from the previous fiscal year.

Sets special reserves in the budget to promote the government’s growth strategy.

Does not impose a ceiling on budgetary requests for reconstruction work related to the March 2011 earthquake and tsunami.

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