During the meeting, a report was presented on the status of preliminary figures for the science and technology-related budget draft for FY 2008, with the total figure at 3.5708 trillion yen (year-on-year increase of 1.7%). It was also announced that a G8 Ministerial-Level Meeting on Science and Technology would be held on June 15, 2008 in Okinawa as an activity to strengthen of science and technology diplomacy. In connection with man-made pluripotent stem cells (iPS cells), which are presenting significant possibilities for the development of regenerative medicine, it was reported that studies are to be initiated in accordance with instructions from Prime Minister Fukuda, and a working group is being established under the Expert Panel on Basic Policy Promotion.
Light-emitting diodes (LEDs), which are expected to carry the next generation of illumination, were another subject covered. Cases of utilization and widespread adoption of LEDs for displays and lighting and innovative instances of LEDs were introduced.
During the session, Prime Minister Fukuda observed that "Science and technology, investment in the future, remains a priority policy. Therefore, in spite of severe fiscal conditions, budget for Science and Technology was allocated in view of its powerful impetus to policies. I will count on you to make every possible effort to implement the science and technology budget effectively and efficiently in order to obtain the most from it and yield results that are on our investment." He also remarked that "We heard Minister Kishida's report that we would be holding the first G8 Ministerial-Level Meeting on Science and Technology. Looking ahead to the Hokkaido Toyako Summit this coming July, I would like you to accelerate your consideration of specific policies and measures so that Japan can contribute to resolution of world issues by means of science and technology."