Tokyo: Prime Minister Fumio Kishida on Monday expressed his resolve to wipe out the deflationary mindset pervading the Japanese economy.

In his New Year’s statement, Kishida said he hopes to make 2024 “a year in which we will completely break away from the deflationary sentiment and the inclination toward cost cuts that have pervaded the Japanese economy.”

“Wage hikes outpacing price increases” will be the key, he said, stressing that “the mindset of society as a whole” will be changed through public-private cooperation.

On the diplomatic front, he said, “It will be a tense year,” referring to a series of important elections this year such as the U.S. presidential election in November.

“We will be required to overcome difficulties using our diplomatic capabilities and demonstrate our unique leadership,” he said, showing his eagerness to employ top-level diplomacy.

Regarding alleged violations of the political funds control law by Liberal Democratic Party factions, he promised to do his best to regain public trust.

JIJI Press