Japan's new prime minister launches economic support program

Japan's newly appointed Prime Minister, Shigeru Ishiba, has instructed his cabinet to prepare a comprehensive economic support program aimed at definitively defeating deflation.

According to Report which cites MarketWatch, Ishiba stated that the new stimulus package will focus on mitigating the impact of rising living costs, sustaining economic growth, and bolstering measures to protect against and recover from natural disasters.

"We need to work actively over the next three years to finally overcome deflation and eliminate the risks of its return," Ishiba declared.

Analysts consider him an advocate of tighter monetary and fiscal policies. However, they believe he will refrain from "hawkish" statements until the general election on October 27.