The Comprehensive Economic Measures to Create a Future with Security.
今後も、総合経済対策に伴う事業の発注等から、高めの水準で推移するとみられる。
This high level was expected to continue in the futuredue to an increase in orders accompanying the implementation of the comprehensive economic stimulus package.
長期国債利回りや株価は、政府による総合経済対策の骨格発表後、むしろ軟化している。
Long-term government bond yields andstock prices declined despite the unveiling of the outline of the comprehensive economic package.
In these circumstances, the government decided to implement a comprehensive economic package with expenditures totaling more than 16 trillion yen, and submitted the necessary fiscal 1998 supplementary budget bill to the Diet.
It was expected that the effects of the comprehensive economic package of April 24 would stop the deterioration in the economy, at least temporarily, some time after the early autumn, and thereby avert the economy falling into a deflationary spiral.
The ultimate goal is to establish an ideal, digital,decentralized or non-sovereign global currency based on each country's overall economic strength and trade value.
With the implementation of the government's comprehensive economic stimulus package and recently launched emergency economic measures, the economy is likely to be underpinned mainly by public investment toward the first half of fiscal 1999.
Steelmaking efficiency, improving the quality of steel, reducing the consumption of raw and auxiliary materials, reducing environmental pollution, improving working conditions,and improving the overall economic efficiency of electric furnaces are of great value.
In the discussion on financial market developments, members focused on the long-term interest rates and stock prices,both of which generally remained at low levels despite the announcement of the comprehensive economic package.
In actuality, the government introduced in April a comprehensive economic package in excess of 16 trillion yen, and the supplementary budget for fiscal 1998, which embodied the package, is now being implemented.
The Board then discussed the economic outlook taking into account the scale andcontent of the comprehensive economic package announced formally after the previous meeting on April 24.
From this perspective, the comprehensive economic package, the Total Plan, and the ongoing discussions on tax system reforms are very timely indeed, and I strongly hope that steady progress will be made in these areas.
However, the government's comprehensive economic package was scheduled to be released later in the day, and in light of its already revealed scale and outline, it was hoped that it would alleviate the downward pressure on the economy from summer 1998.
The increase in the output gap, however,was expected to slow in the second half of fiscal 1998 as the comprehensive economic package was implemented. Thus, the risk of the economy falling into a deflationary spiral had been reduced by the announcement of the package.
In the meantime, the government has taken various countermeasures, including the enforcement of the two laws regarding the stabilization of the financial system,and the adoption of a comprehensive economic stimulus package.Economic deterioration, however, has not been so easily halted with the further weakening in economic activities in the private sector and the renewed concern over the financial system since this summer.
Some members commented that improvement in corporate andhousehold confidence was a prerequisite if public demand created by the comprehensive economic package was to lead to expanded private-sector demand. They argued that to improve confidence, it was necessary to expedite the solution of the nonperforming-asset problem and to conduct fundamental structural reform, including revision of the tax system.
Most members generally agreed that the effects of the comprehensive economic package, which would appear fully in the near future, the implementation of tax reductions of 6 trillion yen and uninterrupted public investments under the so-called"15-month budget" would contain the downturn of the economy.
Most members, however, gave emphasis to the forthcoming factors,such as the effects of the comprehensive economic package and of the yen's depreciation, generally agreeing that the downward pressure on the economy would be contained, at least temporarily, in the second half of the fiscal year.
One member pointed out that some critical points remained highly uncertain, such as(1) the development of financial system stabilization measures and the influence of the measures on stock prices; and(2)whether the effects of the comprehensive economic package would materialize, not being offset by the weakness of the private sector.
The member also stated that, since a large part of the second supplementary budget for fiscal 1998 would be implemented in fiscal 1999 andthere was a delay in the implementation of the comprehensive economic package, the projected growth for the second half of fiscal 1998 would be revised further downward, with negative repercussions on growth in fiscal 1999.
The government, therefore, judged that the economy was in a prolonged slump, and in quite a severe situation.(b) The government was putting all its efforts into realizing an economic recovery and was determined to implement steadily andexpeditiously the comprehensive economic package, the largest ever, and the Total Plan.
On public-sector investment, one member pointed out that, although a representative of the Economic Planning Agency predicted in aMonetary Policy Meeting in June that the effects of the comprehensive economic package would start to appear in August, public works orders included in the package were slow to be placed, especially in regional areas, and on the whole seemed to be delayed by about two months from the initial projection.
今後、総合経済対策の実施等によって、景気のさらなる悪化には徐々に歯止めがかかるものと期待される。
The pace of further deterioration of the economy is expected to gradually slow down by the implementation of the government's fiscal policy measures including the comprehensive economic package.
KEIDANREN is a comprehensive economic organization whose mission is to draw upon the vitality of corporations, individuals and local communities to support corporate activities which contribute to the self-sustaining development of the Japanese economy and improvement in the quality of life for the Japanese people.
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