A prominent minister running Japan’s Digital Agency left the door open for a bid to become prime minister as he called on the central bank to increase interest rates to boost the value of the yen and bring down energy and food costs.
Speaking on Bloomberg Television on Wednesday, Taro Kono highlighted the problems generated by the yen’s sharp decline against the dollar, including the inflationary effect on domestic prices. Kono said that while a cheaper yen can help boost exports, the benefit to the country was now limited because many Japanese companies have production facilities overseas.
"The currency is a problem for Japan," Kono said, adding, "The yen is too cheap and we need to bring it back."