Japan’s Kishida promises new measures to deal with rising fuel, food prices

Japanese Prime Minister Fumio Kishida speaks during a press conference at the prime minister’s official residence in Tokyo, August 10, 2022. Rodrigo Reyes Marin/Pool via REUTERS

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TOKYO (Reuters) – Prime Minister Fumio Kishida said on Wednesday he would instruct the government to take additional steps to cushion the economic blow from rising energy and food prices.

Kishida said the order will be issued at a government panel meeting on Monday to discuss measures to help retailers and households cope with rising costs of living.

“I order the government to take seamless additional measures, focusing on energy and food prices, which account for most of the recent rise in inflation,” Kishida told reporters.

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Addressing the rising cost of living has become one of Kishida’s top policy priorities to support consumption and enable Japan’s economy to sustainably recover from the damage of the pandemic.

Japan’s consumer price inflation, while much slower than other advanced economies, beat the central bank’s target of 2% in June for the third month in a row.read more

After the cabinet reshuffle on Wednesday, Kishida said at a press conference that the government would raise reserves to cover the costs of the additional measures for the time being.

But he also said the government was ready to take additional measures if inflation continued to rise.

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Reported by Yoshifumi Takemoto and Reika Kihara. Editing by Edwina Gibbs

Our standards: Thomson Reuters Trust Principles.

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