Bank of Japan should stick to easing policy, says Prime Minister Kishida

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(Bloomberg) – Prime Minister Fumio Kishida said the Bank of Japan’s financial easing policy must stay on track for now, given the negative impact an update would have on small businesses.

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Monetary policy “must be judged holistically by taking into account trends in the economy as a whole,” Kishida said Sunday on a Fuji Television program. this will have to be taken into account, he added.

Since the current easing policy accelerates the weakening of the yen, which has pushed up prices of products such as food and energy, Kishida said the government is taking steps to stop the price rise.

See also: Kuroda deepens the aberrant state of the BOJ, helps maintain pressure on the yen

The central bank on Friday rejected the policy tightening hypothesis by maintaining its rate-cutting program. The yen weakened in the wake of the decision, adding to considerations about emerging import prices for the country.

Kishida also rejected a call through some opposition parties for a nuclear-powered submarine, saying this is probably not justified given the ships’ top cargo. Japan is already deploying new submarines, such as its Taigei diesel-electric class. identify a fleet of 22 submarines, the Defense Ministry said in a white paper on security.

Meanwhile, Kishida’s cupboard approval score fell five percentage points to 48 percent in a mainichi newspaper vote, which showed respondents were concerned about emerging prices.

(Updates with main points about the nuclear submarine).