New Finance Minister Katsunobu Kato has vowed to take necessary actions to address recent foreign exchange market volatility and reduce the negative impact of sharp currency movements on businesses and households. In a recent interview with media outlets, Kato highlighted the importance of stability in the market after the dollar reached a high of around 149.10 yen, following strong U.S. employment data.
Kato emphasized the government’s expectations for the Bank of Japan to maintain a 2 percent inflation target while effectively communicating with the markets. The weakening yen continues to pose a challenge for the Ishiba administration, impacting import prices and living costs. Previously, Japan under Fumio Kishida conducted interventions to stabilize the yen’s value.
Kato, a former Finance Ministry official and close associate of the late Prime Minister Shinzo Abe, is committed to addressing economic challenges through measures like “Abenomics.” Despite his defeat in the LDP’s presidential race, Kato’s experience and vision are crucial in navigating Japan’s financial landscape.
© KYODO