At first look I pretty much went "OMG WHAT ARE THEY DOING", but doing a bit of research, either they never meant to be so stronghanded or they've already backtracked their statement quite a bit.
They said it's not about having less bun-kei and more ri-kei (natural sciences, etc.), but reorganize within the bun-kei to cut those portions of it that are less practical.
Here's a list of all the classifications of studies that fall under the jinbun shakai-kei that is the target of this movement:
http://www.mext.go.jp/b_menu/shingi/gijyutu/gijyutu4/toushin/010703/002/02.htm
Yeah, I know, most of you can't read that.
But as you might imagine, it contains obviously useful stuff like English studies, Business/Marketing, but it also contains a such things which, in my opinion, could probably be cut to some degree without too much damage (like philosophy, and maybe education seeing as there's probably an increasing teacher:student ratio there atm).
If I understand correctly, the intent of the movement is to encourage cutting back on the latter group and increasing funding in the former.