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Aso to refuse FSA report estimating 20 million yen needed to fund retirement

Japanese Finance Minister Taro Aso speaks to reporters after a Cabinet meeting in Tokyo on May 21, 2019. (Kyodo)

TOKYO -- Finance Minister Taro Aso said on June 11 that he will not accept a Financial Services Agency (FSA) report stating that average elderly couple will need 20 million yen to fund a 30-year retirement.

"It's different from the government's policy stance," Aso, who doubles as deputy prime minister, told a news conference after a regular Cabinet meeting.

"The report was interpreted as if it meant that the public pension system will collapse. However, elderly people's lifestyles vary from person to person. There are people who can sufficiently cover their living expenses with public pension benefits, and there are others who can't," he said.

"Our political stance that the public pension system can cover people's post-retirement lives to a certain extent remains unchanged," said the finance minister.

The report was drawn up by a working group under an advisory panel to the FSA. Such reports are usually approved by the advisory panel and submitted to the Cabinet minister in charge. It is rare for a Cabinet minister to refuse to accept a report.

(Japanese original by Nozomu Takeuchi, Political News Department, and Naoko Furuyashiki, Business News Department)

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