Press Conference by Prime Minister Ishiba regarding His Meeting with the Governor of the Bank of Japan and His Bilateral Telephone Conversations with the Leaders of the Republic of Korea and Australia

Today, taking the opportunity of assuming the office of prime minister, I had an exchange of views with Bank of Japan (BOJ) Governor Ueda regarding the economy, prices, and monetary conditions. I believe it was January 2013 when the Government and the Bank of Japan released a joint statement. In line with that, we will continue to take all possible measures in deploying policies that lead to an early exit from deflation and the attainment of sustained economic growth. Additionally, we will communicate with the markets extensively, staying vigilant regarding trends in the market and watching them in a careful and level-headed manner. We confirmed that we will work in close coordination with each other towards that end.

Governor Ueda said that the Bank's monetary policy was extremely accommodative and that he intends to provide firm support for the Japanese economy. He explained the Bank's current approach to monetary policy, namely that, if the BOJ's outlook for economic activity and prices becomes a reality, the degree of monetary easing will be adjusted, but in making policy decisions, it will be necessary to make sure of financial markets and the state of the economy, both domestically and internationally, and there was ample time to spare.

That was what Governor Ueda said to me. As for me, I said that I will continue the economic policies that the previous prime minister, Prime Minister Kishida, advanced to break free of deflation, and that first of all I intend to realize a resilient economy by drawing up economic measures and other efforts. I also explained that I will work to make Japan an "investment powerhouse" where the flow of investment funds will bring economic growth to Japan as a whole.
In this way, I intend to make all possible efforts regarding economic and fiscal management, with the Government and the Bank of Japan working in close cooperation. That is all regarding my meeting with BOJ Governor Ueda.

(On Prime Minister Ishiba's thinking regarding the Bank of Japan raising interest rates further, after having met with Bank Governor Ueda)

Regarding the policies set by the BOJ, the Government is not in a position to issue directives. Accordingly, my thinking is to have the Japanese economy develop while we adopt a close partnership. That said, I personally do not consider us to be in an environment at present where interest rates should be raised further.

I said to Governor Ueda that I look forward to the economy continuing to enjoy sustained development in the future as we maintain the basic tone of easing, as well as the economy transitioning in the future towards pulling out of deflation. I myself am not aware of who, in what setting, said what you just mentioned, although I am aware of media reports along those lines. I myself have not been thinking in that way at all.

(On Prime Minister Ishiba's bilateral telephone conversations with the leaders of the Republic of Korea and Australia)

This morning I had a telephone conversation with President Biden of the U.S. And, as I mentioned here earlier, today I also spoke over the telephone with President Yoon Suk Yeol of the Republic of Korea (ROK) and the prime minister of Australia.

As for what I discussed with President Yoon, between former Prime Minister Kishida and President Yoon, Japan-ROK relations progressed in a way that can be appropriately described as "improved dramatically." It is also my understanding that trilateral cooperation among the United States, Japan, and the ROK has also progressed remarkably, making significant contributions to regional peace and stability.

I stated I intend to continue with this and develop it further, making Japan-ROK cooperation even closer. I also said I wish to make trilateral Japan-U.S.-ROK cooperation even stronger.

President Yoon responded with similar statements. If I am able to go to the ASEAN-related Summit Meetings, I would like to attend, but the Diet schedule must be accommodated, and right now, if I were to state my wish, I look forward most eagerly to meeting both President Yoon and Prime Minster Albanese of Australia face to face so that we can discuss a variety of topics. I think all of us share that feeling.

I received congratulatory messages from my counterparts in both the ROK and Australia upon becoming prime minister and I hope to make our relationships even closer.

(On whether or not the topic of an "Asian NATO (North Atlantic Treaty Organization)" was raised during the conversations)

The topic did not come up today. In today's conversations I received congratulatory messages and I responded to my counterparts' sentiments. We did not take up any concrete policy discussions at all.