Japan's Hayashi says weak Japanese Yen contributes to inflation

Japanese Prime Minister contender and Chief Cabinet Secretary Yoshimasa Hayashi said on Monday that the weak Japanese Yen, coupled with rising oil costs from the Ukraine war, has caused cost-push inflation.

Key quotes 

BoJ is conducting monetary policy in way that does not deviate much from the government's thinking.
Japan's past aversion to strong yen has diminished, when asked about risk Fed rate cut prospects could push up yen vs dollar, hurt Japan's export-reliant economy.
Weak yen, coupled with rising oil costs from Ukraine war, has caused cost-push inflation.
If chosen as premier, will compile economic package to cushion blow from rising living costs, spending for disaster relief.
Size of spending package must take into account Japan's 'quite small' output gap, avoid issuance of deficit-covering debt.

Market reaction

At the time of writing, the USD/JPY pair is trading 0.13% higher on the day to trade at 148.15.