Japan’s PM-elect Kishida: Will seek economic growth, distribution of wealth

Dhwani Mehta FXStreet

Japanese Prime Minister-elect Fumio Kishida said on Wednesday that he will strive to achieve economic growth and distribution.

Additional quotes

We must continue to do everything to prevent the spread of coronavirus.

We need to find a way to unify the people and take on this issue as 'one team'.

Will strive to achieve economic growth and distribution.

Without proper distribution of wealth there is no way to achieve growth.

Will strive to raise wages.

Determined to protect democracy.

We will build a free and open Indo-pacific.

My strength is listening to people's voices.

We as ruling party will aim to capture half of seats at next general election.

Will carefully decide on when to call a snap election.

Market reaction

USD/JPY is seen losing the upside momentum amid a retreat in the US Treasury yields, although the yen is also gaining some ground on Kishida’s victory.

Further, the Bank of Japan (BOJ) announced that it purchases JPY70.1 billion of exchange-traded funds (ETF) on Wednesday, intervening for the first time since June 21 2021 and adding to the pullback in the major.

The spot is currently trading at 111.30, down 0.17% on a daily basis.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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