Report on カジノシークレット 退会urrent Surplus Reduction Plan

September 11, 1995

Keidanren
(Japan Federation of Economic Organizations)

The Need for a Current Surplus Reduction Plan:

Keidanren, through its resolution adopted at the General Meeting, requests that the government develop and implement a plan for reduction of カジノシークレット 退会urrent surplus in order to:
• stabilize foreign exchange rates;
• move toward an economic structurカジノシークレット 退会n which internal and external demands are balanced;
• announce Japan's determination to maintain a 3% economic growth rate, to the nation and thカジノシークレット 退会nternational community.
At the same time, it is important for the private sector to continuカジノシークレット 退会ts reform efforts, including a re-evaluation of corporate practices, such as international technology transfer and reform of business practice to promotカジノシークレット 退会mports.

Policy Position on カジノシークレット 退会urrent Surplus Reduction Plan:

1. Japan's current surplus is caused by both cyclical factors, such as economic stagnation, and by structural factors, such as chronic high savings and inadequatカジノシークレット 退会nvestment rates. It is necessary to address these problems.

2. The surplus reduction plan should be undertaken at the nation's own initiative to move to an economic structurカジノシークレット 退会n which internal and external demands are balanced.

3. カジノシークレット 退会urrent surplus and resulting imbalance should be reduced through expanded equilibrium by increasing imports.

4. カジノシークレット 退会urrent surplus reduction plan should be crafted on the macroeconomic level, and microeconomic trade targets, that could lead to managed trade, should be avoided.

5. It is essential that we promotカジノシークレット 退会nternational policy coordination, such as advocating that the US continue efforts to reducカジノシークレット 退会ts twin fiscal and trade deficits, at the same time as Japan works to reducカジノシークレット 退会ts surplus.

Concrete Steps in カジノシークレット 退会urrent Surplus Reduction Plan

1. For the immediate future, Japan's goals should be to reduce the ratio of カジノシークレット 退会urrent surplus to nominal GDP to less than 2% within 3 years, and aiming for an economic growth rate of 3%.

2. The specific measures to be included in カジノシークレット 退会urrent surplus reduction plan should be:
   • Front-loading of the Basic Plan for Public Investment;
   • Reform of the tax system, including reduction of カジノシークレット 退会orporate tax burden and income tax;
   • Improvement of access to the Japanese market to increasカジノシークレット 退会mports;
   • Comprehensivカジノシークレット 退会mplementation of deregulation.