Shigeru Ishiba, the former Japanese defense minister running in the ruling party’s leadership race, said on Tuesday that a complete exit from deflation is a crucially important task for the country.
“I don’t think private consumption has recovered strongly yet despite some signs of improvement,” Ishiba said at a press conference where he laid out his policy pledges for the Liberal Democratic Party’s (LDP) leadership race.
“I promise to achieve sustainable growth in real wages to realise a full exit from deflation, so that people can spend without worrying about the future,” he added.
The LDP’s parliamentary control means its leader becomes the prime minister of Japan.
Ishiba’s comments are meant to counter speculation that he is more focused on fiscal discipline than economic growth, a ruling party source close to Ishiba’s thinking said.
