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(Update) Welfare Min. Provided Basis for Controversial FSA Report

(Update) Welfare Min. Provided Basis for Controversial FSA Report

   Tokyo, June 13 (Jiji Press)--Japan's welfare ministry provided the basis for the controversial Financial Services Agency report suggesting that an elderly couple living on pensions needs 20 million yen in life savings, Chief Cabinet Secretary Yoshihide Suga said Thursday.
   "It's true that the ministry, citing a family spending survey, gave an explanation during the course of discussions by a working group under the FSA's Financial System Council that an elderly household on average had posted a deficit of 55,000 yen per month," Suga told a press conference.
   The comments contradict Financial Services Minister Taro Aso's recent explanation that the report is inconsistent with the government's stance. Opposition parties are expected to grill Aso at a meeting of the House of Representatives Financial Affairs Committee on Friday.
   At a meeting of the working group April 12, the welfare ministry presented a document based on 2017 family spending data saying that monthly income would be 55,000 yen short of spending at a household of a husband aged 65 or older and a wife aged 60 or over living on pensions.
   Based on this, the working group estimated that an additional 20 million yen would be needed per elderly couple in order to cover the deficit for 30 years after retirement.

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