TOKYO: Japanese Prime Minister Fumio Kishida, on Friday said that he would direct the appropriate government officials to take action against inflation since rising prices are having a significant negative impact on businesses and consumers.
Kishida said that price increases for energy and food goods, in particular, are having a "great impact" on businesses and consumers on the heels of a recent cabinet reshuffle amid a decline in popular favour. The Japanese leader declared that his newly reorganised cabinet will give high priority to new measures to control inflation.
He said during a government meeting that on August 15 officials will be given instructions to "seamlessly" implement the necessary steps to address price increases for energy, raw materials, and grain.
"Bread and noodles, which are made from wheat, are essential items in our daily lives. It's crucial that their prices are stable," Kishida was quoted as saying in the meeting attended by new cabinet ministers and business leaders. The Prime Minister added, "I will direct officials to take additional measures focused on energy and food goods that make up the majority of the recent price hikes and to offer support by adapting to the needs of each region.
Japan has not been hit by inflation as hard as the United States or some European countries, and some companies here have been trying not to pass on rising costs to their consumers amid weak demand.
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