Japan will take action to support economy, new Minister Yamagiwa says

TOKYO, Oct.5 (Reuters) – The Japanese government will take all necessary measures to support the economy, which has been hit hard by the coronavirus pandemic, New Economy Minister Daishiro Yamagiwa said on Tuesday.

Yamagiwa, who is one of the 13 new faces in the cabinet of new Prime Minister Fumio Kishida, told reporters at his first press conference that he was determined to carry out his economic and fiscal policies boldly.

“We will manage economic and financial policy flexibly and without hesitation,” he said, calling for discussions on the country’s economic growth strategy and reducing income inequalities.

Kishida has pledged to craft a stimulus package worth tens of billions of yen, which could help boost growth in the world’s third-largest economy. Read more

Also on Tuesday, the new chief cabinet secretary, Hirokazu Matsuno, said the government was monitoring oil prices as increases would hurt corporate profits and increase the burden on households.

He declined to comment on a fall in Japanese stock prices to a one-month low, saying markets move based on daily factors decided by the markets.

Reporting by Daniel Leussink and Elaine Lies; Editing by Muralikumar Anantharaman

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