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00:00Good morning.
00:01Good morning.
00:02This is the News Question for Nikkei Sato on November 16.
00:05I'm your host, Sakamoto Caster.
00:07Thank you for joining us.
00:09Let me introduce today's guest.
00:12This is Mr. Masahisa Sato,
00:26Deputy Prime Minister of Japan.
00:29Thank you for joining us.
00:30Thank you for having me.
00:32This is Ms. Akira Nagatsuma,
00:35Representative of the Liberal Democratic Party.
00:37Thank you for joining us.
00:38Thank you for having me.
00:40This is Mr. Toshihiro Nagahama,
00:43Chief Economist of the First Life Economic Research Institute.
00:45Thank you for joining us.
00:46Thank you for having me.
00:48Today, I'm joined by these three guests.
00:52Now, let's take a look at what's going on.
00:57The second Ishiba administration is in full swing.
01:02It's the beginning of a wall of policy.
01:04It's the beginning of a wall of policy.
01:07That's right.
01:08In the last election,
01:10the number of parties split,
01:13so we had to decide where to form a party.
01:15But we didn't join the coalition,
01:16so we kept the minority parties.
01:18That's how it started.
01:20If you look at the middle,
01:22it's a hand-to-hand battle.
01:24What's this?
01:25This is very symbolic.
01:27I'm using this photo.
01:28It's a photo of the inauguration day.
01:30On the left is Prime Minister Ishiba.
01:32On the right is Representative Tamaki Yuichiro,
01:34a member of the Nationalist Party.
01:35The Prime Minister is holding it with both hands,
01:37but Mr. Tamaki is holding it with his right hand.
01:40Mr. Tamaki is very concerned about
01:42the fact that he has been forced to join the coalition
01:44between the People's Party and the government.
01:46He doesn't join the coalition,
01:48he doesn't take any posts,
01:49and he says he will do it in his own way.
01:52I wrote that he can really rely on the people.
01:57If the People's Party has some momentum
02:00and faces the policy,
02:02I think he can rely on it to some extent.
02:04If not, he will take a distance.
02:06The election for prime minister
02:08was elected by Mr. Ishiba
02:10as the most elected person
02:11even though it was not enough for the majority.
02:13But it's a situation where
02:14if the opposition is united,
02:15it can be released at any time.
02:16I think it will be a very stable situation.
02:19And Mr. Ishiba led the election.
02:22That's right.
02:23In Japanese time,
02:24the election was held in Japan, the U.S. and Japan-U.S.
02:27It seems that the contents of the election
02:29are coming in order.
02:31Mr. Sato, I think Mr. Ishiba
02:33led the election in earnest.
02:35What do you think?
02:37The Trump administration is about to be born,
02:40and the APEC and G20 are in the process.
02:43It's hard to make a decision.
02:46Today, the APEC and Japan-U.S. summit
02:48was held in just 10 minutes.
02:51How to face the Trump administration.
02:54As I said in the interlude,
02:56how the Ishiba administration
02:58faces the Trump administration
03:00is difficult
03:02without further reinforcement
03:04of the current situation.
03:07The whole world is now
03:08arguing about how to meet Trump
03:10in reality.
03:12I would like to talk about this
03:14in the background today.
03:16After the commercial break,
03:18let's think about how to manage
03:20the APEC and Japan-U.S. summit.
03:26The 2nd Ishiba Cabinet was established
03:28on the 11th.
03:30The APEC and Japan-U.S. summit
03:32was led in earnest.
03:34What did Mr. Ishiba say?
03:38I have been managing the APEC and Japan-U.S. summit
03:42with the intention of
03:44reflecting various opinions
03:46as carefully as possible
03:48to solve the problem.
03:52Mr. Ishiba said
03:54that he would like to cooperate
03:56with the APEC
03:58and realize what he has not been able
04:00to do so far
04:02using this political situation.
04:04He showed his ideas
04:06to form a wide range of agreements.
04:09The wall of annual income
04:11is attracting the most attention
04:13in the competition with the APEC.
04:18The National Democratic Party
04:20is looking for a revision
04:22of the so-called 1.3 million yen
04:24wall of annual income
04:26where the income tax is added
04:28when the annual income exceeds
04:301.3 million yen, but
04:32the Liberal Democratic Party,
04:34the Komei Party, and the National Democratic Party
04:36have a separate meeting.
04:39The National Democratic Party
04:41has decided to hold a competition
04:43with all three parties
04:45starting next week
04:47to raise the budget
04:49to 1.78 million yen
04:51where the income tax is not added.
04:54Representative Tamaki
04:56of the National Democratic Party
04:59The competition for tax
05:01will start today.
05:04We will do our best
05:06to meet the expectations
05:08of many people.
05:15On the 15th,
05:17the three parties,
05:19the people, the Komei Party,
05:21and the National Democratic Party
05:23will hold a competition
05:25to raise the budget
05:27to 1.78 million yen
05:29where the income tax is added
05:31when the annual income
05:33exceeds 1.78 million yen.
05:37The Komei Party
05:39will hold a competition
05:41with the National Democratic Party.
05:43Representative Noda
05:45of the Liberal Democratic Party
05:47Basically,
05:49we want to show
05:51the people
05:53that we will
05:55do our best
05:57to meet the expectations
05:59of many people.
06:01We will do our best
06:03to meet the expectations
06:05of many people.
06:07That's what he said.
06:11On the 13th,
06:13the Liberal Democratic Party
06:15submitted a bill
06:17to the National Assembly
06:19to raise the budget
06:21to 1.78 million yen.
06:23The 1.78 million yen
06:25is the heaviest
06:27wall in the country.
06:29That's what we thought.
06:33The bill
06:35targets people
06:37under 2 million yen a year.
06:39It covers the burden
06:41of social insurance
06:43when the annual income
06:45exceeds 1.3 million yen.
06:47The necessary budget
06:49is estimated to be
06:51about 8 billion yen.
06:53There are various
06:55walls in the country.
06:57Which one will be
06:59removed?
07:01Meanwhile,
07:03Prime Minister Ishiba
07:05left Japan on the 14th
07:07to attend the APEC,
07:09the Asia-Pacific Economic Cooperation
07:11Conference in Peru,
07:13and the G20,
07:15which will be held
07:17in Brazil.
07:21In addition to the talks
07:23between Japan and the U.S.,
07:25he also held talks
07:27between Japan and the U.S.,
07:29but the most noteworthy
07:31was his talks
07:33with U.S. President Trump.
07:37It is said that
07:39the talks face-to-face
07:41are difficult,
07:43but how will
07:45Prime Minister Ishiba
07:47respond to Mr. Trump?
07:49Prime Minister Ishiba
07:51has been sworn in.
07:53Today, we will look at
07:55three themes.
07:57The first theme is
07:59what will happen to
08:01politics and money
08:03with a minority party.
08:05The minority party
08:07will once again
08:09check the number
08:11of seats won in this
08:13round of elections.
08:15The majority party
08:17has 148 seats,
08:19while the Democratic Party
08:21has 28 seats,
08:23which is a large number.
08:25The Democratic Party
08:27will not form a coalition
08:29with other parties,
08:31and the Ishiba administration
08:33will start as a minority party.
08:35Mr. Sakamoto.
08:37Mr. Sato,
08:39there was a problem
08:41with politics and money,
08:43and it was expected
08:45to be solved,
08:47but how did it turn out?
08:49What I heard most
08:51in the second half
08:53was the 20 million yen
08:55that was given to
08:57Seito Ishiba.
08:59I was in support
09:01of the 71st person,
09:03but it was supposed to be
09:05the other way around,
09:07but it turned out to be
09:09the opposite in the second half.
09:11Since the 20 million yen
09:13was given to Seito Ishiba,
09:15the second half of the election
09:17was more difficult,
09:19and the people who were
09:21likely to win
09:23lost the election this time.
09:25On the other hand,
09:27the Democratic Party's
09:29position is that
09:31the people's lives
09:33are suffering
09:35because of the high prices,
09:37but the Democratic Party
09:39has a catchphrase
09:41that it will break
09:43the wall of 1.3 million yen.
09:45The easy-to-understand
09:47has become more and more
09:49prevalent.
09:51On the other hand,
09:53the Democratic Party's
09:55policy of increasing
09:57the same number
09:59of people
10:01was hard to understand
10:03because it was like
10:05rebuilding the
10:07rule of the bone.
10:09So, by not knowing
10:11what to do with safe driving,
10:13the 20 million yen problem
10:15was eliminated
10:17in the end.
10:19Mr. Nagatsuma,
10:21the Democratic Party
10:23increased the number
10:25of people by 50 this time,
10:27but in terms of policy,
10:29I think the Democratic Party
10:31took some of it.
10:33What do you think
10:35about the result?
10:37I think that the tax
10:39and social insurance
10:41paid by the Democratic Party
10:43will be distributed
10:45to the places where
10:47the party can be sold.
10:49I think that the people
10:51who feel the strange
10:53way of using taxes
10:55clearly understood
10:57and acted
10:59in the political issue
11:01of the money problem
11:03this time.
11:05It's the same as
11:07the last election.
11:09It was double.
11:11This time,
11:13our policy was
11:15not greatly evaluated,
11:17but we realized that
11:19it was a victory
11:21by the quality of the enemy.
11:23We want to implement
11:25a policy that is
11:27easier to understand,
11:29a comprehensive ban
11:31on corporate bonds
11:33and a policy that
11:35the people of Japan
11:37can be proud of.
11:39We want to make the most
11:41of it and get results.
11:43Despite the increase of the number
11:45of people by 50,
11:47the current situation
11:49is that the people
11:51are very enthusiastic
11:53with the people of Japan.
11:55Do you feel bitter about this?
11:57Or do you see it
11:59as a form of
12:01political competition?
12:03It's good that good policies
12:05are being implemented,
12:07but it's not good
12:09to fully recognize
12:11the politics of the People's Party.
12:13We should also talk
12:15about the policies
12:17that the people of Japan
12:19need.
12:21In a sense,
12:23there is also a situation
12:25of political competition.
12:27Mr. Nagahama,
12:29you said
12:31that you want to implement
12:33policies that the people
12:35of Japan
12:37have not been able to do
12:39in the past.
12:41What do you think?
12:43The market
12:45has actually changed
12:47this time.
12:49The reason is that
12:51the Ishiba government
12:53was originally
12:55wary of the
12:57current situation
12:59and the People's Party
13:01held the casting vote,
13:03so I think there is a
13:05lot of expectation
13:07that the financial policy
13:09policy will be a bit
13:11of a wave.
13:13However,
13:15I think that
13:17the results were
13:19all right
13:21in the sense
13:23that the expectations
13:25of the people
13:27of Japan
13:29were high.
13:31Mr. Nagahama,
13:33what do you think
13:35about the company
13:37group audit?
13:39The opinions
13:41of each party
13:43are divided.
13:45After the inauguration
13:47of the Ishiba government,
13:49during the press conference,
13:51the Prime Minister
13:53and the People's Party
13:55passed the political
13:57fund regulation
13:59in June this year,
14:01but it seems that
14:03it will be revised again.
14:05However, the bottom part
14:07of the company group audit
14:09is that the People's Party,
14:11the Communist Party,
14:13and the People's Party
14:15have different ideas.
14:17I will tell you again.
14:19It is the representative of
14:21the People's Party of Japan
14:23who is calling for cooperation
14:25by distributing a political reform
14:27that includes a ban on
14:29corporate group audits
14:31in the four parties of the
14:33Liberal Democratic Party.
14:35The People's Democratic Party
14:37is in a cautious position,
14:39but Representative Tamaki
14:41pointed out that
14:43the ban on audits
14:45leaves a gap
14:47for audits.
14:49On the other hand,
14:51Representative Noda
14:53pointed out that
14:55if the People's Democratic Party
14:57agrees with the abolition
14:59of the ban on audits,
15:01it does not matter.
15:03On the other hand,
15:05Representative Tamaki
15:07said that if the People's Democratic Party
15:09agrees with the abolition
15:11of the ban on audits,
15:13it will cooperate.
15:15The company group audit
15:17will cooperate.
15:19Mr. Nagatsuma,
15:21Japan has two main bodies,
15:23individuals and legal entities.
15:25In a democratic country,
15:27some say that
15:29legal entities should not
15:31be involved,
15:33but as an individual,
15:35should they not be involved?
15:37Yes.
15:39Japan has a very strong
15:41bond with
15:43corporate groups.
15:4530 years ago,
15:47the Japanese government
15:49banned corporate audit
15:51in exchange for
15:53tax money from
15:55legal entities.
15:57Despite this,
15:59corporate entities
16:01continue to receive
16:03tax money.
16:05The budget for
16:07the tax money and
16:09social insurance
16:11is distributed to
16:13corporate entities.
16:15If we do not change this
16:17strange policy,
16:19no matter how good
16:21the policy is,
16:23if the budget is not
16:25met, the priority will
16:27go astray.
16:29This is the biggest point
16:31that we must never
16:33change.
16:35Mr. Nagatsuma,
16:37you have said
16:39that the purchase of
16:41corporate entities
16:43should not be
16:45distributed to
16:47corporate entities.
16:49In principle,
16:51we should not
16:53allow certain
16:55corporate entities
16:57to have political
16:59influence.
17:01When discussing
17:03this issue,
17:05I think that
17:07we should discuss
17:09the issue of real estate
17:11supply.
17:13If we do not discuss
17:15the issue of real estate
17:17supply,
17:19we should not
17:21allow certain
17:23entities
17:25to have
17:27political influence.
17:29In order to achieve
17:31this goal,
17:33we must discuss
17:35the issue of
17:37real estate supply.
17:39Mr. Sato,
17:41we accept
17:43your proposal.
17:45However,
17:47we cannot allow
17:49corporate entities
17:51to have
17:53political influence.
17:55One company
17:57can give
17:5950 million yen
18:01to the JCPOA
18:03without
18:05any problems.
18:07However,
18:09the JCPOA
18:11cannot buy
18:13corporate entities.
18:15The JCPOA
18:17cannot buy
18:19corporate entities.
18:21We have not
18:23been able to
18:25fix the problem.
18:27We have not been able
18:29to fix the problem.
18:31We have not been able
18:33to fix the problem.
18:35We have not been able
18:37to fix the problem.
18:39We have not been able
18:41to fix the problem.
18:43We have not been able
18:45to fix the problem.
18:47We have not been able
18:49to fix the problem.
18:51We have not been able
18:53to fix the problem.
18:55We have not been able
18:57to fix the problem.
18:59We have not been able
19:01to fix the problem.
19:03We have not been able
19:05to fix the problem.
19:07We have not been able
19:09to fix the problem.
19:11We have not been able
19:13to fix the problem.
19:15We have not been able
19:17to fix the problem.
19:19We have not been able
19:21to fix the problem.
19:23We have not been able
19:25to fix the problem.
19:27We have not been able
19:29to fix the problem.
19:31We have not been able
19:33to fix the problem.
19:35We have not been able
19:37to fix the problem.
19:39We have not been able
19:41to fix the problem.
19:43We have not been able
19:45to fix the problem.
19:47We have not been able
19:49to fix the problem.
19:51We have not been able
19:53to fix the problem.
19:55We have not been able
19:57to fix the problem.
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21:51If the debt is raised to 1.78 million yen, the government estimates it will be around 7.6 trillion yen.
22:01Mr. Nakamoto.
22:02I asked Mr. Tamaki about this after the election.
22:05It is as I just explained.
22:07In 1995, after building the 1.3 million yen wall, the minimum deposit was 1.73 times.
22:13Simply multiply that by 1.78 million yen.
22:17On the other hand, as I asked Mr. Tamaki in the program,
22:20the inflation rate is about 1.1 times lower.
22:24The reason why it remained 1.3 million yen is because the inflation continued for a long time.
22:29The economic situation is different.
22:31I think it is good to consider raising the minimum deposit.
22:34But how much will it be raised?
22:36If it is raised to 1.78 million yen, it will be around 7.6 trillion yen.
22:42The government and other parties say that it has a great impact.
22:45The National Council of the Chief Executives of Japan is also concerned about the reduction of local taxes.
22:49Mr. Nagatsuma, how do you evaluate the proposal of the National Council of the Chief Executives of Japan?
22:53We agree with many points.
22:57However, the budget is huge.
23:00So, I would like them to narrow the range and wisdom to land.
23:07However, I think there will be a discussion after this.
23:09However, there is a cliff rather than a big wall.
23:13I think we have to solve it properly.
23:16Mr. Sato, this problem is very close to the life of the people.
23:20In the old way of thinking, as I said earlier,
23:22men work and women are housewives.
23:25I think it is a good thing to pay attention to the policy after the election.
23:34What do you think about this problem?
23:35We have said that we will increase the income during the election.
23:40So, I think it is necessary to make a decision to increase the income with the interest of the people and the Democratic Party.
23:47However, we should not misunderstand the purpose and means.
23:50Increasing the income is not the purpose.
23:53After increasing the income, we have to think about how to connect it to consumption.
23:57Otherwise, we can't break the deflation.
23:59If we don't think about how to bring consumption to consumption,
24:06the pie of the economy will not grow and we can't break the deflation.
24:15So, I would like to discuss it with the Democratic Party this time.
24:20If we don't discuss how to use it after increasing the income,
24:24it will not be an economic measure.
24:26I would like to do that.
24:28Another important thing is that the budget is also important.
24:32If the people and the Democratic Party agree on this,
24:37the number will be about 238.
24:42We will get the lower half.
24:44It would be nice if we could agree on something.
24:47The problem is the budget and the range.
24:49How far can we increase the budget?
24:51This will be the final move.
24:54Will we do it with the high-level budget?
24:56Or will we combine the high-level budget with the tax increase?
25:00I think it will be a serious discussion from next week.
25:04Mr. Nagahama, I think that the inflation has exceeded 5% for the second half of the year.
25:10It's a big step forward.
25:12However, the individual consumption will not grow.
25:14It's hard to say that it will not grow in terms of actual inflation.
25:19What do you think of this?
25:28First of all, in terms of the 7.6 trillion yen tax cut,
25:32in the first place, the financial situation has improved a lot in the recent years due to inflation.
25:37One of the original purposes is to pay back some of the excess tax.
25:42In addition, if it is this much,
25:45of course, some of the consumption will be activated.
25:48According to my calculations, about 20% of the consumption will come back naturally.
25:54I don't think it's a good idea to pay too much attention to the fact that there is not enough tax.
26:01However, it will be a hole.
26:04For example, 1.78 million yen is calculated at the lowest level.
26:10If it is a consumer company, it will only be 1.17 million yen.
26:14However, from the point of view that this does not add up to the necessary income to live at the lowest level,
26:20it's not a consumer company.
26:22For example, if you look at the cost of living alone, it's about 1.28 million yen.
26:28For example, if you calculate the cost of food alone, it will be about 1.4 million yen.
26:33Personally, I think that's the final settlement.
26:37Even if it exceeds 1.3 million yen,
26:39the minimum tax rate and income tax are 5%, so even if you earn 1.4 million yen, it's still 500 yen.
26:44However, according to the National Democrats,
26:47students will be excluded from unemployment benefits,
26:50and based on 1.3 million yen,
26:54there are companies that provide loans to dispensaries and families.
26:59I think that it is necessary to correct the delay in time.
27:03About 1.3 million yen,
27:05In the case of students, it's just a coincidence that the standard of compliance with basic standards is like that.
27:11I think it's natural to review the standards.
27:15Another thing is that there are not enough people at work.
27:19There are students who quit their part-time jobs around October,
27:23and people who work part-time are also very affected by this.
27:27As Mr. Nagatsuma mentioned earlier, there is another social security barrier.
27:31I think this is a bigger barrier.
27:34Yes, let's take a look.
27:35On the 13th, the National Democrats proposed a bill to pay pensions to people
27:40who exceed 1.3 million yen, which is necessary for social security benefits.
27:46It will gradually reduce the scope of the payment and support up to 2 million yen.
27:51According to the National Democrats, the target is about 3.56 million people,
27:55and the budget is about 7.8 billion yen.
28:00Mr. Nagatsuma, I would like to ask you about this target.
28:03Now that the system is in place,
28:05does it mean that if we do this in the future, it will be a countermeasure?
28:10Yes, the barrier is quite complicated.
28:13Some people think it's a 1.3 million yen barrier, but it's actually 1.3 million yen.
28:18I say that 1.3 million yen is not a barrier, but a cliff.
28:23If you exceed 1.3 million yen, your annual income will decrease by about 300,000 yen.
28:30In other words, you can't get into your senior year.
28:36In that sense, it's a huge cliff,
28:41and I think this solution is the biggest challenge for pensions.
28:46I don't think the National Democrats have any objections to this,
28:50so I think we should do it as soon as possible.
28:52And there is also the 1.6 million yen barrier, which is also a cliff.
28:57If you exceed 1.3 million yen, your annual income will decrease by about 150,000 yen.
29:03However, if you exceed 1.6 million yen, you can get into your senior year.
29:10So there is a merit of retirement.
29:13The biggest cliff is 1.3 million yen.
29:16The next cliff is 1.6 million yen.
29:19Unless we solve this,
29:22the employment environment in Japan will not improve.
29:26I think this is a critical issue.
29:291.3 million yen is not a tax issue,
29:34but a social insurance issue,
29:37so I'll cut it short.
29:39As we discussed yesterday at the Ministry of Health, Labour and Welfare,
29:44we want as many people as possible to get into their senior year.
29:50So let's get rid of the 1.3 million yen barrier for companies under the age of 50
29:57and focus on time,
30:00so that as many people as possible can get into their senior year.
30:03In the case of 1.6 million yen,
30:06it will decrease in terms of insurance,
30:09and 1.3 million yen will also decrease.
30:11However, the difference is that if it is a public pension,
30:14it is easier to get more than a national pension,
30:17and there will be more pension in the future.
30:19Even if it is 1.6 million yen,
30:22or 1.3 million yen,
30:24it will decrease in terms of income,
30:26so how do we deal with that?
30:29Of course, there is a part of raising the rent,
30:31but as Mr. Rikken said,
30:33how do we deal with it,
30:35including the old-age pension?
30:37I think this is a political issue.
30:40Mr. Sato, even if it exceeds 1.3 million yen,
30:43you can't get into your senior year.
30:45It's the same as the national pension and the national insurance,
30:47but now it's 50 people.
30:50There is a movement to get as close to the public pension as possible,
30:55so let's try to get as close to that direction as possible.
31:00Mr. Nakayama, one more thing.
31:02Supply constraints.
31:04If you fix 1.3 million yen, 1.6 million yen, 1.3 million yen,
31:06for example, in the tourism industry,
31:08there are people who want to stay, but they are short of people.
31:10There is also a side that prevents economic growth,
31:12but if these things are reviewed,
31:14it seems to have a significant effect or effect.
31:16In fact, if you make it as smooth as the citizens are putting out,
31:20I think that you can expect the effect of a pretty good understanding of work.
31:24However, on the other hand,
31:26as I mentioned earlier,
31:28what the national democracy originally said was
31:30that if you return the tax that you took too much,
31:32the tax that you took too much inflation,
31:34there is a possibility that this alone is not enough,
31:37so I think that depending on which part of the national democracy
31:41you are focusing on,
31:43the age will probably change.
31:46It is quite difficult to review various systems
31:48as they change from deflation to inflation,
31:50as well as various pension systems,
31:52although it is the time to review them next year.
31:54And one more thing.
31:55Trigger information.
31:57I will explain it to you from my point of view,
31:59which is very difficult to understand.
32:01For gasoline,
32:02there is an oil tax and a gasoline tax
32:04for the actual price of gasoline,
32:06and since the road has to be maintained,
32:08there is a fixed tax rate of 25 yen on top of that.
32:12What the national democracy is advocating
32:14is that even though it was introduced in 1974,
32:16it has been 50 years,
32:17but how long have they been doing this?
32:19On top of that,
32:20there is a tax on the whole,
32:21and it has become a double tax.
32:23On top of that,
32:24the energy is high in the war in Ukraine,
32:26so they are putting in subsidies for it.
32:28Originally,
32:29in the form of trigger information,
32:31there is a system to lower this part,
32:33so it should be abolished.
32:35This is what the national democracy is advocating.
32:37The government is advocating that
32:39if it goes down by 25 yen,
32:41they will be able to release the gasoline.
32:43In 2008,
32:44the same thing happened at the National Assembly.
32:47First, I would like to ask Mr. Nagatsuma.
32:49What about trigger information?
32:51This is clearly included
32:53in the contract for this election,
32:56and it is exactly the same as the national democracy
33:00in that it eliminates the freezing of trigger information.
33:04We,
33:06the government is still putting money
33:08into the gasoline industry
33:10and dealing with it,
33:12but there are parts of it
33:14that consumers don't receive directly,
33:16so in terms of clarity,
33:18if it goes over 160 yen,
33:20it will go down for three months in a row.
33:22If that is understood,
33:24we believe that
33:26there will be
33:28a certain number of
33:30cuts in the price
33:32in the future.
33:34That is why we are advocating this.
33:36As for the tax,
33:38in Japan,
33:40the tax redistribution function
33:42has become the weakest
33:44among the seven advanced countries,
33:46so we are trying to strengthen
33:48the tax redistribution
33:50so that the rich
33:52can afford to pay the tax.
33:54If it goes over 100 million yen a year,
33:56the burden on tax
33:58will go down,
34:00so we would like to make it equal
34:02in terms of each tax.
34:04Mr. Sato,
34:06you mentioned the road tax,
34:08but I think that
34:10we need to reconsider
34:12the road tax.
34:14However,
34:16the government has been
34:18using subsidies
34:20to deal with
34:22the low energy prices,
34:24so what do you think?
34:26Of course, subsidies
34:28have their own benefits.
34:30In the case of TRIGGER JOKO,
34:32oil and gasoline are
34:34easier to deal with.
34:36However,
34:38the relationship between cars
34:40and EVs is increasing,
34:42so we are considering
34:44reconsidering the whole
34:46car tax,
34:48including TRIGGER JOKO.
34:50The tax related to cars
34:52has become
34:54the subject of debate,
34:56so we are considering
34:58what form is best
35:00for oil and gasoline,
35:02and how to deal
35:04with the fuel
35:06and gas.
35:10Mr. Nagamasa,
35:12it would be better
35:14if the tax was reduced
35:16to a minimum.
35:18It's hard to understand
35:20because it's a typical
35:22accumulation.
35:24I agree with TRIGGER JOKO,
35:26but what's different
35:28from subsidies is
35:30the marketability.
35:32With subsidies,
35:34there is a standard price,
35:36and the price depends
35:38on how oil and gasoline
35:40move.
35:42However,
35:44with TRIGGER JOKO,
35:46it's 25.1 yen cheaper.
35:48When oil and gasoline
35:50are increasing,
35:52the price of gasoline
35:54is also increasing,
35:56and so on.
35:58With TRIGGER JOKO,
36:00it would be better
36:02if the price of gasoline
36:04moves.
36:06However,
36:08if the price moves
36:10at once,
36:12the price changes
36:14will be adjusted
36:16gradually.
36:18I think it's better
36:20to move to the same level.
36:22TRIGGER JOKO was created
36:24at the time of the Democratic Party.
36:26If there are various ideas,
36:28I would like to negotiate flexibly
36:30with the Democratic Party
36:32and settle down.
36:34This is related to other things.
36:36There is a way of thinking
36:38that we don't take subsidies
36:40from the beginning,
36:42and there is also a point
36:44that reducing the price of gasoline
36:46is counterproductive
36:48to global warming.
36:50Originally,
36:52we would have to pay
36:54to reduce the price of gasoline.
36:56After the commercial break,
36:58I would like to ask
37:00how you will respond
37:02to the Trump administration.
37:04We have focused on
37:06the domestic movement so far,
37:08but from now on,
37:10I would like to ask
37:12how you will deal
37:14with the Trump administration
37:16in foreign countries.
37:18First of all,
37:20I would like to look back
37:22at the past two years.
37:24The next focus is
37:26on the 21st.
37:28It is said that
37:30we will return to the 21st.
37:32It is said that
37:34we will return to the 21st.
37:36It is said that
37:38we will return to the 21st.
37:40It is said that
37:42we will return to the 21st.
37:44It is said that
37:46we will return to the 21st.
37:48It is said that
37:50we will return to the 21st.
37:52It is said that
37:54we will return to the 21st.
37:56It is said that
37:58we will return to the 21st.
38:00It is said that
38:02we will return to the 21st.
38:04It is said that
38:06we will return to the 21st.
38:08It is said that
38:10we will return to the 21st.
38:12It is said that
38:14we will return to the 21st.
38:16It is said that
38:18we will return to the 21st.
38:20It is said that
38:22we will return to the 21st.
38:24It is said that
38:26we will return to the 21st.
38:28It is said that
38:30we will return to the 21st.
38:32It is said that
38:34we will return to the 21st.
38:36It is said that
38:38we will return to the 21st.
38:40It is said that
38:42we will return to the 21st.
38:44It is said that
38:46we will return to the 21st.
38:48It is said that
38:50we will return to the 21st.
38:52It is said that
38:54we will return to the 21st.
38:56It is said that
38:58we will return to the 21st.
39:00It is said that
39:02we will return to the 21st.
39:04It is said that
39:06we will return to the 21st.
39:08It is said that
39:10we will return to the 21st.
39:12It is said that
39:14we will return to the 21st.
39:16It is said that
39:18we will return to the 21st.
39:20It is said that
39:22we will return to the 21st.
39:24It is said that
39:26we will return to the 21st.
39:28It is said that
39:30we will return to the 21st.
39:32It is said that
39:34we will return to the 21st.
39:36It is said that
39:38we will return to the 21st.
39:40It is said that
39:42we will return to the 21st.
39:44It is said that
39:46we will return to the 21st.
39:48It is said that
39:50we will return to the 21st.
39:52It is said that
39:54we will return to the 21st.
39:56It is said that
39:58we will return to the 21st.
40:00It is said that
40:02we will return to the 21st.
40:04It is said that
40:06we will return to the 21st.
40:08It is said that
40:10we will return to the 21st.
40:12It is said that
40:14we will return to the 21st.
40:16It is said that
40:18we will return to the 21st.
40:20It is said that
40:22we will return to the 21st.
40:24It is said that
40:26we will return to the 21st.
40:28It is said that
40:30we will return to the 21st.
40:32It is said that
40:34we will return to the 21st.
40:36It is said that
40:38we will return to the 21st.
40:40It is said that
40:42we will return to the 21st.
40:44It is said that
40:46we will return to the 21st.
40:48It is said that
40:50we will return to the 21st.
40:52It is said that
40:54we will return to the 21st.
40:56It is said that
40:58we will return to the 21st.
41:00It is said that
41:02we will return to the 21st.
41:04It is said that
41:06I think there is a good chance that he will say something about this.
41:14I have one more question for Mr. Sato.
41:16Mr. Abe was here last time.
41:19I know that he won the presidential election, but he went to the Trump Tower in New York to build a relationship.
41:25At that time, Mr. Abe himself was quite rebellious in the Security Council.
41:30I've heard that he made Mr. Trump say that he was a rebellious genius.
41:35In the general election, Mr. Amari, Mr. Akira Amari, and Mr. Motegi were in charge of each other.
41:42I think Japan was in a good relationship among foreign countries.
41:46Looking at Mr. Ishiba, the Prime Minister, and Mr. Motegi, I feel that they have a lot of experience.
41:52It's a little hard to answer, though.
41:54In the current cabinet of President Ishiba, there is a strict aspect of facing the Trump administration.
42:03Mr. Amari and Mr. Motegi, who have just been named, will also cooperate.
42:10It is important to create a strong wife, including the Liberal Democratic Party.
42:19Otherwise, the Biden administration is a different administration.
42:24If you don't think of it as a different country, you'll be really pushed into it.
42:28Trump himself is aware of the failure of the first administration.
42:34He will not do such a thing.
42:36It's like America First.
42:38If you put in Vice President Barnes, who will ban U.S. investment,
42:43I'm thinking of doing it for the next 12 years.
42:46I'm building a wife now.
42:48I think it's pretty tough if Japan doesn't put in more effort than it has done so far.
42:57I'd like to ask Mr. Nakatsuma.
42:59As a result of the election campaign, the Liberal Democratic Party split in half.
43:02Some of the flow was taken away from Mr. Yoshiko Noda.
43:08Among them, there are many executives who said that they would not make such a choice because they could not get along with the safety insurance part and the energy policy part of the Liberal Democratic Party.
43:20The Trump administration did it.
43:22Mr. Nakatsuma, as a conservative, you don't have to increase the cost of defense that much.
43:28Or a safety policy that recognizes collective self-defense.
43:33This is also a position of opinion.
43:35This part is quite difficult.
43:37From the perspective of foreign security, I find it difficult to make a decision.
43:42First of all, it's not that I accept everything that President Trump has said.
43:51Actually, when President Trump was president, I went to the United States and exchanged views with the members of the House of Representatives.
44:00At that time, the atmosphere was that the United States is a country with a very strong sense of justice, so we won't let you do such a reckless thing.
44:08This time, Trump won by a landslide, and more than half of the members of the House of Representatives voted for the Liberal Democratic Party.
44:14I think it's going to be even more powerful than the Trump administration.
44:20We also support a realistic safety policy.
44:24However, Japan's defense spending has actually doubled by 2% of its GDP.
44:29The U.S. has also told us that Japan's defense spending is 3% of its GDP.
44:35We think it's wrong to increase the cost of defense without packing up the contents.
44:41We have also made a proposal to the government.
44:44We need to take that into account.
44:47Another concern is that the trade war between China and the U.S. may be resumed.
44:54If the U.S. spends a lot of money on such things,
44:58cheap goods from China will not go to the U.S., but will flow to Asia or the world.
45:03We are also very concerned about the economic chaos that will lead to a deflation.
45:10In a sense, I think Trump and the U.S. are a little different in terms of how they think about the safety of the U.S. and foreign trade.
45:19I think it would be good if we could meet in Florida, where the U.S. and the U.S. are cooperating to tell Trump the reality of Japan's position and the safety of the world.
45:39Also, the U.S. is the first country to negotiate with China.
45:42I think it would be good if the U.S. could negotiate with China in a way that the U.S. profits would lead to the overall profits.
45:54Mr. Nagahama, you are a president who is not interested in free trade.
45:58And you have said a lot about Japan, including cheap goods and strategy.
46:03Isn't that a concern?
46:05That's right. I think what Mr. Nagahama said is exactly right.
46:09The U.S.-China additional tariffs were discussed last time as well.
46:13In the end, what happened was that the Japanese economy was in a state of crisis from November 2018.
46:21I think this is very important.
46:24Another thing is that the current Ishiba administration is trying to act as an engine for economic growth.
46:31They are trying to increase domestic production and direct investment in foreign companies.
46:40But what Trump is trying to do is to bring it to the U.S.
46:46I think the most important thing is the semiconductor industry.
46:50In Japan, the semiconductor industry is still strong in manufacturing equipment and materials.
46:57If the manufacturing base is brought to the U.S., the seeds of Japan's growth engine will be taken away.
47:06I think we need to resist this part firmly.
47:11It's very important.
47:13That's all for Mr. Nagahama. Thank you very much.
47:17After the break, we will have market information.
47:28Here is an announcement.
47:29The guest of tomorrow's Nikkei Sunday Salon is President Itsunori Onodera of the Liberal Democratic Party.
47:34Mr. Sakamoto, what is the highlight?
47:35I recorded it on the program yesterday.
47:37I am serious about the National Democratic Party, but I would like to continue to support the Liberal Democratic Party.
47:43It is a small party, so I think the responsibility of the opposition party is very high.
47:47This week, Mr. Onodera.
47:48Next week, Mr. Shigetoku of the Liberal Democratic Party.
47:53Please take a look.
47:55Here is the market information.
48:25The price of the Nikkei Sunday Salon is more than 600 yen cheaper than the price of the Nikkei Friday Salon.
48:32I asked the market officials about the stock price at the end of December.
48:36Mr. Kawai, the hero of the Kabukomu Shoken, is expected to be 40,500 yen.
48:40As a point of interest, the decline in the FOMC in December and the Uwane challenge at the end of the year.
48:47I'm looking forward to seeing how far we can get in July.
48:51And Mr. Kinouchi of the Daiwa Shoken is expected to be 40,000 yen.
48:54He is expected to join the Trump rally and join the domestic politics.
48:57However, it is important to note that foreign investors do not like the state of the Hang Parliament, which does not have the right to close the lower half of the parliament.
49:05Let's take a look at next week's schedule.
49:08Mr. Ishiba, who is visiting the U.S., is still paying attention to whether he will go to the U.S. on the 21st and meet Trump.
49:16Mr. Sato, do you have any attention to next week's schedule?
49:18Actually, I'm interested in the COP.
49:21After the nuclear deal, the summit will begin.
49:24The most important thing is to collect funds.
49:27When Trump comes, there will be talk of withdrawal.
49:32It is very difficult to collect funds.
49:35I'm looking forward to seeing how Japan will fill the gap and respond.
49:40The role of Japan will be asked.
49:42I understand.
49:43That's all for today.
49:44Thank you very much.