The 2020 Tokyo Olympics and Paralympics

I admire all people concerned for their dedicated efforts in Tokyo's bid for the right to host the Olympics and Paralympics in 2020. Signs of economic recovery are more visible on a broader front lately in Japan. I hope the good news will encourage Japanese people, the young generation in particular to summon up all their strength to reconstruct Fukushima and other areas destroyed by the earthquake and revitalize the whole nation.

The 1964 Tokyo Olympic game was held at a time of transition from the postwar reconstruction to the high economic growth period, bringing hopes and confidence to the Japanese people. The time has come. The Japanese society is anticipated to take life and enjoy more rapid economic growth towards the 2020 Olympics and Paralympics.

It is important to reinforce or rebuild aging public infrastructure by the opening day.

Economic Climate and Consumption Tax

Japan's economy increased at a real annualized rate of 3.8 % in April-June, revised up by 1.2 % points from the preliminary data, according to the latest government report. Private sector capital investment which had been estimated to record negative growth was revised upward in the official data. Expansion of companies' capital spending tells that a favorable business cycle has begun. It is some welcome news indeed.

It is necessary for the government to raise the consumption tax rate up to 8% in April next year as scheduled not to lose all its credibility of fiscal consolidation both within and outside the country.