The formation of a Japanese version of the U.S. National Security Council designed to respond quickly to fast-developing threats ranging from terrorism to North Korea's nuclear ambitions was endorsed Tuesday by a government panel in its final report.

The new body would be made up of four core members -- the prime minister, the chief Cabinet secretary, the foreign minister and the defense minister, the report says.

The council, however, would not have the final say on policy. Under current law, all policies must be approved by the Cabinet.