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On July 2, DPJ Next Minister of Finance Masaharu Nakagawa participated in a seminar hosted by the Economist Group for the foreign business community, and gave a speech on the DPJ’s fiscal policy. Three speakers from the current administration, the opposition and the private sector were invited to speak at the seminar, and gave speeches on the current state of Japan’s finances and future prospects and measures to be taken with regard to fiscal policy, a topic that is also a focus of much concern overseas, to an audience consisting mainly of senior executives with overseas companies based in Japan. Following the speeches there was a vigorous discussion and exchange of opinions between speakers and participants.
In his speech, Nakagawa carefully explained the DPJ’s policies with regard to fiscal spending and the funding sources for its proposed new spending. He said that if the DPJ were to take power “We would first strengthen the safety net, and we then plan to increase disposable income and stimulate domestic demand.” He emphasised that “We will not create additional debt for the new policy implementations we are proposing. The new policies will be entirely funded by thoroughly eliminating wasteful use of tax payers’ money and the like.” He also stressed that “We will not increase consumption tax in the first 4 years [after coming to power].”
In the question and answer session following the speeches, Nakagawa received numerous questions on a wide range of topics, reflecting the fact that the interest in and expectations of a DPJ government are also growing within the foreign business community.
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