By setting a new goal of increasing overall foreign visitor expenditure to more than five trillion yen ($35 billion) yearly, Japanese Prime Minister Fumio Kishida has vowed to revitalise the inbound tourism industry, which has suffered as a result of the COVID-19 pandemic.
And today, Monday, the Japanese “Kyodo” news agency reported that Kishida had claimed that the government would profit from the swift depreciation of the Japanese yen while pledging to continue easing border controls to stop the spread of the Covid-19 virus in a political speech at the start of an extraordinary session of Parliament.
Import expenses have increased as a result of the weak yen, but the prime minister has stated his willingness to address growing energy costs and has promised to take “unprecedented” measures to lighten the burden on individuals and businesses.
Kishida stated that his government intends to support wage hikes by investing 1 trillion yen over five years in the development of human resources in promising industries in response to the people’s suffering from the growing cost of living.
Given Japan’s limited resources, Kishida further stated, “We will do everything we can to battle price spikes and without a doubt we will be able to resuscitate the economy.”
The unpopular decision to have a contentious state burial for former Prime Minister Shinzo Abe, who was assassinated last July, caused a decline in public support for the Kishida administration around the time of the extraordinary parliament session.
In banks today, Monday, October 3, 2022, dollar prices are unchanged.
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