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THE MISSION AND POLICY GOALS OF THE MINISTRY OF FINANCE (FY2013)

THE MISSION AND POLICY GOALS OF THE MINISTRY OF FINANCE (FY2013)

(provisional translation)

 

THE MISSION AND POLICY GOALS OF THE MINISTRY OF FINANCE (FY2013)

 

1.

The Mission of the Ministry of Finance

2.

General Goals

3.

Policy Goals

Policy Goal 1: Maintain stable public finance.

Policy Goal 2: Realize fair and equitable taxation.

Policy Goal 3: Appropriate management of national government assets and liabilities.

Policy Goal 4: Maintain credit to the nation’s currency and credit.

Policy Goal 5: Maintain trade order and promote the sound development of trade.

Policy Goal 6: Promote Stable and sound development of the international financial system and economic and social development in developing countries.

Policy Goal 7~11: Ensure the appropriate management of corporations, operation, etc. under the jurisdiction of the Ministry of Finance.

4.

Organizational and Operational Principles


1.The Mission of the Ministry of Finance

 

Maintain a stable, yet dynamic economy and a peaceful and prosperous society by managing the overall national finances through efficient and transparent administration in the interests of the people as taxpayers, and promote the sustainable growth of the world economy.

 

2.General Goals

 

Maintain confidence in the nation’s currency, maintain a stable, yet dynamic economy and a peaceful and prosperous society, and promote the sustainable growth of the world economy.

 

General Goal 1. Given changes in social and economic circumstances, such as an aging population with a declining birthrate, and the difficult fiscal conditions that Japan currently faces, efforts should be made to continue the Comprehensive Reform of Social Security and Tax, and to achieve fiscal consolidation in both revenues and expenditures, with the goal of halving debt as a percentage of GDP in the primary balance of both the central and local governments compared to the FY2010 level by no later than FY2015 and returning such debt to the black by no later than FY2020.

 

General Goal 2. In order to adapt to changes in Japan’s economic and social structure and address urgent issues facing Japan, a tax system designed for realizing a virtuous cycle of growth and creation of wealth, and steadily implementing the Comprehensive Reform of Social Security and Tax should be established.

 

General Goal 3. In light of Japan’s economic and financial situations as well as fiscal conditions, necessary funds are securely procured while at the same time minimizing the medium-to long-term funding costs through national debt management policy including formulation of JGB issuance plans based on close dialogue with the markets. In addition, the FILP (Fiscal Investment and Loan Program) should be utilized from the standpoint of fiscal necessity with efforts to prioritize and raise the efficiency of eligible projects.  And effective utilization of national property should be pursued by, for example, promoting utilization of unused national land and optimal use of government buildings and housing, in collaboration with local governments and other parties.

 

General Goal 4. By appropriately ascertaining the current situation of the financial system, the stability of the financial system must be secured through financial crisis management based on the Deposit Insurance Act and other legislation together with efforts to develop and operate a financial safety net in cooperation with related organizations.  Also, efforts should be made to contribute to confidence in the currency system by ascertaining the state of currency circulation, taking measures to prevent counterfeiting and forgery, and smoothly supplying high-quality currency.

 

General Goal 5. In order to contribute to the sound growth of the Japanese economy, efforts should be made for sustainable development of the world economy, stability in international financial systems and development of strengthened systems to achieve such stability, strengthened regional cooperation in Asia, economic and social development in developing countries, and orderly development of international trade through active engagement in international cooperation in regards to global issues. Efforts should also be made to enhance Japanese firms for global business development (the Growth Strategy).

 

General Goal 6. In pursuing the above-mentioned overall goals from 1 through 5, appropriate fiscal and economic management should be ensured in cooperation with related organizations, from the perspective of promoting both fiscal consolidation and economic growth, with the aim of contributing to overcoming deflation and realizing stable economic growth through the creation of new employment and demand that are driven by solution of economic and social issues .

 

3.Policy Goals

 

Policy Goal 1: Maintain stable public finance.

 

1-1   Improve the efficiency and quality of public finance through prioritized allocations of budget.

 

1-2   Maintain necessary government revenue.

 

1-3   Improve transparency of enforcement of the budget, and maintain the proper enforcement of the budget.

 

1-4   Disclose the information of the nation’s fiscal conditions accurately by compiling the settlement of accounts.

 

1-5   Appropriately implement the operations for revenue and expenditure of the local governments and for the fiscal transfer between the national and local governments.

 

1-6   Establish and properly operate the fair, efficient, and transparent systems of public finance and accounting.

 

 

 

Policy Goal 2: Realize fair and equitable taxation.

 

2-1   Establish a tax system that can adapt to changes in Japan’s economic and social structure and respond to urgent issues.

 

2-2   Assess and collect national taxes fairly and equitably.

 

2-3   Promote the sound development of the alcoholic beverage industry.

 

2-4   Ensure the appropriate management of certified public tax accountants’ operations.

 

 

 

Policy Goal 3: Appropriate management of national government assets and liabilities.

 

3-1  Ensure stable and smooth issuance of Japanese Government Bonds and minimize medium-to long-term funding costs.

 

3-2   Ensure the fund allocations of the FILP (Fiscal Investment and Loan Program) to the FILP agencies to carry out projects necessary for the purpose of the FILP, improve the prioritization and efficiency of its fund supply, and disclose information thoroughly.

 

3-3   Ensure the appropriate management and effective utilization of national property, and enhance provision of information.

 

3-4   Promote optimal use of government buildings and housing for central government officials.

 

3-5   Manage the treasury cash efficiently and accurately.

 

 

 

Policy Goal 4: Maintain credit to the nation’s currency and credit.

 

4-1   Ensure the smooth supply of the bank of Japan notes and the coins, and suppress the counterfeit or altered currency.

 

4-2   Set up and operate an appropriate financial safety net, and respond promptly and accurately to financial crises.

 

 

 

Policy Goal 5: Maintain trade order and promote the sound development of trade.

 

5-1   An appropriate tariff rate must be implemented, together with improvements to the customs system and other measures that take into account domestic and international economic conditions.

 

5-2   The multilateral trading system must be strengthened, economic partnerships must be promoted, and smoother trade must be advanced in the area of customs.

 

5-3   It is necessary that customs duties be properly imposed and collected, smuggling of illegal drugs, firearms, and other anti-social contrabands be prevented, and convenience in customs procedures be improved.

 

 

 

Policy Goal 6: Promote stable and sound development of the international financial system and economic and social development in developing countries.

 

6-1   Stability in foreign exchange markets must be ensured, and systems to stabilize international financial systems must be strengthened and the appropriate operation thereof be ensured.

 

6-2   Promote a wide variety of international cooperation, including financial support and technical assistance, to help developing countries stably develop their economy and society.

 

6-3   Promote the development of the Asian economy and the enhancement of Japanese firms for global business development (the Growth Strategy).

 

 

 

Policy Goal 7~11: Ensure the appropriate management of corporations, operation, etc. under the jurisdiction of the Ministry of Finance.

 

7-1   Appropriate and efficient management of government financial institutions, etc. must be ensured.

 

8-1   Manage the sound operations of the earthquake reinsurance.

 

9-1   Create and manage the stable and efficient national public service mutual aid system, etc.

 

10-1   Ensure the appropriate management of the operations and organization of the Bank of Japan.

 

11-1   Promote the sound progress of the tobacco and salt industries, and ensure their appropriate management.

 

4.Organizational and Operational Principles  

 

Implement administrative management that is effective, efficient and highly transparent, backed up by advanced expertise, and establish organizations necessary therefor.

 

1    Fulfill its functions of policy planning,coordination , and implementation.

 

2    Develop and maintain highly professional, capable and principled human resources.

 

3    Provide and disclose information to the people and the market and collect opinions.

 

4    Promote information and communications technology in the administration towards the realization of the "electronic government".

 

5    Ensure effective and efficient administrative management through a steady policy evaluation and a review of the operational procedures and the corporations under the jurisdiction of the Ministry of Finance.

 

 

 

 

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Financial System Stabilization
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