Japan Minister Pledges to Address Economic Risks Quickly

Politics

Tokyo, Jan. 23 (Jiji Press)--Japan's economic and fiscal policy minister Shigeyuki Goto on Monday vowed to work proactively to deal with downside risks such as surging prices and a slowdown of overseas economies.

The government aims to reduce the burden of higher electricity and gas bills, among other measures, to "defend the lives of people and corporate activities," Goto said in a speech at the Diet, the country's parliament, which was called for a 150-day regular session on the day.

To realize continuous wage hikes outpacing inflation ahead of the full-fledged start of this year's "shunto" labor-management negotiations, the government will help smaller companies pass on higher costs to the prices of their products so that they can secure funds for pay increases, Goto said.

He also pointed to the government's plans to increase investments in human capital, such as support for recurrent education, as well as in growth areas and startups in order to create "a new form of capitalism," a signature policy of Prime Minister Fumio Kishida.

On the fight against the novel coronavirus, Goto said, "We will work hard to bring our lives fully back to normalcy."

[Copyright The Jiji Press, Ltd.]

Jiji Press