Japan's New PM Shigeru Ishiba Vows to Combat Deflation

Shigeru Ishiba, Japan's incoming prime minister, emphasized ending economic deflation and revitalizing consumption after winning the ruling party's leadership. In a news conference, he promised to accelerate policies to boost household income through wage hikes, following Prime Minister Fumio Kishida's initiatives. The yen rebounded following his election victory.

Shigeru Ishiba, Japan's incoming prime minister, has underlined the urgency of ending the nation's prolonged economic deflation. Speaking after his victory in the ruling party's leadership race, Ishiba stressed that revitalizing consumption is essential for lifting the economy out of stagnation.

Ishiba, who is poised to become the next prime minister due to the party's parliamentary majority, expressed his intention to accelerate Prime Minister Fumio Kishida's policies aimed at increasing household income through wage hikes.

The yen showed a resurgence on Friday, recovering from earlier losses, as Ishiba, known for his criticism of past aggressive monetary strategies, secured his position as the new leader of the Liberal Democratic Party.

(With inputs from agencies.)