Abe apologizes for controversial FSA report on aging

June 10, 2019

Tokyo--Japanese Prime Minister Shinzo Abe apologized Monday for a controversial Financial Services Agency report emphasizing that an average elderly couple needs to build up 20 million yen in life savings.

Expressions used in the report were "inaccurate and misleading," Abe told a meeting of the Audit Committee of the House of Councillors, the upper chamber of the Diet, Japan's parliament.

"The report gave a false impression by saying that an elderly couple household usually suffers a deficit of 50,000 yen monthly," he said.

As lifestyles vary among elderly people, so do their living standards, working practices and asset situations, he added.

Deputy Prime Minister and Finance Minister Taro Aso said that the report explained the importance of asset building for a richer postretirement life.

In the report on the country's aging population, released last month, the FSA said an average elderly couple needs savings of 20 million yen to live to 95 years old, as their pensions would not be enough to cover their living expenses.

Kohei Otsuka, acting head of the Democratic Party for the People, said that concerns over the public pension system are increasing.

Abe replied that the current design of the pension system is meant to provide relief to current and future generations.

Also at the meeting, Abe referred to the problem of many flaws found in government statistics, including the monthly labor survey.

The government will conduct thorough investigations to restore public trust and take comprehensive measures to prevent any recurrence of such a problem, he said. Jiji Press