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Japan economy minister reaffirms fiscal surplus target

The Japanese economy minister has said he will make every effort to achieve the government's target of a primary budget surplus in the fiscal year 2020, despite recent calls by government advisers for a switch toward managing the GDP-to-debt ratio instead, Reuters reported.

A policy shift earlier this year had led some economists to suspect the government might be moving away from the primary surplus target, but Toshimitsu Motegi reaffirmed support for the objective.

"I'm not trying to say that fiscal discipline is of less importance than economic growth," Motegi said. "I'm trying to say they are both important. You cannot have one without the other."

Motegi was added to the Japanese cabinet in the week ended Aug. 4, after a reshuffle by Prime Minister Shinzo Abe.