Economics
Japan’s Economy Minister Insists Deflation to Be Kept at Bay
- Nishimura says government shares determination with BOJ
- Difficult to remove Tokyo now from state of emergency, he says
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Japan’s government and central bank are united in their determination to stop the country sliding back into a negative cycle of falling prices and stagnation, according to economy minister Yasutoshi Nishimura.
At the same time, Japan must brace for more economic pain as the major urban areas of Tokyo and Osaka are likely to remain under a state of emergency at least until the end of May, said Nishimura, who also leads the government’s virus response.
“We share with the Bank of Japan a firm determination that we will absolutely not allow deflation to return,” Nishimura said in an interview Wednesday. “We also share a strong sense of crisis as we work together to deal with the current situation.”