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財政黒字化目標の見直し提言 政権初の諮問会議で民間議員ら
Proposal to Review Fiscal Surplus Target by Private Sector Members at Government's First Advisory Council
Tokyo Shimbun | Local Language | News | Nov. 14, 2025 | UndeterminedBudgets-Budgeting
The government held the first Economic and Fiscal Advisory Council under the Takaichi administration on November 12 at the Prime Minister’s Official Residence, focusing on economic measures in response to current inflation. Three private-sector members, including Masazumi Wakatabe, former deputy governor of the Bank of Japan, proposed reviewing the primary balance (PB) surplus target, a key fiscal discipline indicator.
The PB surplus target aims to cover expenses like social security through tax revenue without relying on government bond issuance. The government has targeted a PB surplus by fiscal 2025–26, but Prime Minister Sanae Takaichi indicated possible withdrawal of single-year targets starting January next year. Wakatabe described the PB surplus target as a "historical artifact" from the deflation era and argued that with inflation-driven nominal GDP growth, a certain fiscal deficit is acceptable.
Toshihiro Nagahama, chief economist at Dai-ichi Life Research Institute, also warned that strict adherence to the PB surplus target could limit necessary fiscal spending for future priorities. The council’s discussions signal a potential shift in Japan’s fiscal policy amidst ongoing inflation concerns.