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Japanese Panel Calls for Strengthening Fiscal Resilience

Japanese Panel Calls for Strengthening Fiscal Resilience

   Tokyo, May 21 (Jiji Press)--A Japanese government advisory panel stressed the need Tuesday to strengthen the country's fiscal resilience after the Bank of Japan ended its negative interest rate policy earlier this year.
   The Fiscal System Council, which advises the finance minister, warned that Japan's finances, already the worst among developed countries, will deteriorate further if debt servicing costs swell.
   The central bank in March raised short-term interest rates to a range of zero to 0.1 pct from minus 0.1 pct, its first rate increase in 17 years.
   The council also called for reforming medical and elderly care services in line with the country's declining birthrate and aging society.
   On social security costs, the council said that it is important to curb public spending and insurance premium burdens. Specifically, it sought to optimize expensive medical services and impose heavier burdens on wealthy aged people.

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AFP-JIJI PRESS NEWS JOURNAL


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