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As the world's third- and second-largest economies, Japan and China shoulder more responsibilities for the development and prosperity of Asia and beyond, Kishida said.

Experts have described it as the most significant tax and fiscal reform in decades as it further improves the country's tax structure and will sustain economic growth in the long run.

The two countries agreed earlier in the day to elevate their relations to a strategic partnership, and inked a host of intergovernmental agreements to promote ties in various areas.

They also voiced support for any country in the Asia-Pacific region to promote a peaceful, friendly and harmonious environment in the South China Sea.

Concerns over capital outflow are also likely to ease alongside a stronger yuan, which gained by 1.4 percent against the U.S. dollars in March.