Japan's Takaichi says will implement responsible proactive fiscal policy

Japan's Prime Minister Sanae Takaichi said on Friday that the foundation of our approach will be guided by the principle of 'economy first, then fiscal policy.' Takaichi added that she will strategically implement fiscal spending under the concept of responsible proactive fiscal policy. 

Key quotes

Principle of 'economy first, then fiscal policy' will be foundation of our approach.

Will strategically implement fiscal spending under the concept of responsible proactive fiscal policy.

To ensure fiscal sustainability, maintain market confidence by reducing debt to GDP ratio.

Will quickly prepare economic measures, submit essential supplementary budget to parliament. 

Will not implement cash handouts LDP pledged during Upper House election, as they have not gained public understanding.

Aims to pass legislation in the current diet session to abolish provisional gasoline tax rate.

Aims to abolish provisional diesel fuel tax rate at an early date.To assist with electricity, gas bills during winter.

Will start designing a system for tax credits with benefits.

Will launch the Japan Growth Strategy Council to expand economy.

Domestic energy sources like nuclear power, perovskite solar cells are important.

To aim for early deployment of next-generation innovative reactors and fusion energy.

To discuss integrated reform of taxation, social security at cross-party conference body. Japan-U.S. alliance is foundation of Japan diplomacy and national security. 

To build relationship of trust with Trump, work closely to further elevate Japan-US relations. 

Market reaction  

As of writing, the USD/JPY pair is up 0.26% on the day at 153.00.