Japan’s Yamagiwa assures economic support for country

New economy minister Daishiro Yamagiwa reassured on Tuesday that the Japanese government will take all necessary measures to support the country’s economy, which has been hit hard by the COVID-19 pandemic.

Yamagiwa, one of the new members of newly elected Prime Minister Fumio Kishida’s cabinet, told reporters during his first news conference that he is determined to conduct economic and fiscal policy in a bold manner.

Yamagiwa called for discussions about Japan’s economic growth strategy and reducing income inequality, stating that they will “manage economic and financial policy in a flexible manner without hesitation.”

Meanwhile, Kishida has pledged to compile a stimulus package worth tens of trillions of yen, a move that may help in stabilizing the growth in the world’s third-largest economy.

In other news, new cabinet chief secretary Hirozaku Matsuno said that the government is keeping an eye on oil prices. An increase in oil prices would hurt corporate profits and add to the burden on households.