Japan must hit its 2 per cent inflation target and do so via higher domestic demand, not surging commodity prices, according to one of Prime Minister Fumio Kishida’s most powerful aides.
Speaking to the Financial Times, deputy chief cabinet secretary Seiji Kihara said Kishida’s promise of a “New Capitalism” did not mark a departure from “Abenomics” but instead built on the economic strategy of Shinzo Abe, the former prime minister.
The commitment to 2 per cent inflation will have implications for the appointment of a successor to Haruhiko Kuroda, the Bank of Japan governor, when his term expires next year. It may also add to downward pressure on the yen if Japan keeps interest rates low while they rise in the US.
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