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Honebuto no hōshin : ウィキペディア英語版 | Honebuto no hōshin , also known as the , is a set of policy guidelines used by the Japanese government to draft policy on economic and fiscal management. First proposed by the Liberal Democratic Party in 2001, it is formulated annually by the Council on Economic and Fiscal Policy. The initiative was abandoned by the Democratic Party of Japan in 2010, but revived in 2013 under Shinzō Abe. ==Background== Before 2001, the Ministry of Finance exercised a strong influence over the compilation of the budget. The 86th Japanese Prime Minister, Yoshirō Mori, established the Council on Economic and Fiscal Policy (CEFP), modelled on the American Council of Economic Advisers, in January 2001 to strengthen the Prime Minister’s power over economic and fiscal policy. The council has up to 11 members, including the Minister of State for Economic and Fiscal Policy and the Governor of the Bank of Japan. It is chaired by the Prime Minister, with four or more independent financial experts. Outside experts are expected to give the council opinions that are not affiliated with the government. It also gives ministers and specialists an opportunity to be more influential in shaping economic policy.
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