TOKYO (Reuters) -Japan needs to come up with a new economic strategy that suits the current economic situation where inflation, rather than deflation, has become a major concern, Finance Minister Katsunobu Kato said on Tuesday.
“It goes without saying that the situation has changed,” Kato said at a regular press conference when asked about his views on former Prime Minister Shinzo Abe’s “Abenomics” stimulus policies.
“We are no longer dealing with deflation; rather, inflation has become the pressing issue. In light of this, I believe it is necessary to develop policies that are appropriate for the current circumstances,” he said.
Sanae Takaichi, the ruling Liberal Democratic Party’s choice as new leader, is known for her staunch support of “Abenomics” policies.
(Reporting by Makiko Yamazaki; Editing by Jacqueline Wong)
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