Please let me explain this economic package briefly. Our primary task is obviously, to push the Japanese economy on a robust recovery path as quickly as possible. But if we take into account the above structural problems and severe fiscal condition, a new economic package should be consistent with policies for resolving the structural problems, rather than create one shot demand in the short run. It is strongly desired to push the Japanese economy back to a private demand-led, autonomous and stable growth path by enhancing the vitality and adaptability of the Japanese economy as much as possible through promoting economic structural reform toward the 21st century, as well as trying to regain confidence on the Japanese financial system from home and abroad. In this respect, the economic package includes the following main pillars.
First measures are bold implementation of economic structural reform focussed on deregulation.
These include reform in telecommunications. The second is activation of transaction and effective use of land. These measures are essential for disposing the bad loans as well as for stimulating business activities. These include fundamental change of regulation on total floor area ratio in commercial districts in major cities, facilitation of conversion of agricultural land into other use and promotion of acquisition of houses in suburban area. The third is creation of an attractive environment for business activities.