Japan’s Katayama says will beef up efforts to promote version of doge review of subsidies, funds

Japanese Finance Minister (FM) Satsuki Katayama said on Friday that she will beef up efforts to promote the Japanese version of the doge review of subsidies and funds, adding that there are about 200 existing funds, worth about 7 trillion yen.

Meanwhile, Economy Minister Minoru Kiuchi stated that he hopes the Bank of Japan (BoJ) continues to communicate closely with the government in guiding policy. He added that Japan no longer needs extraordinary monetary stimulus, as seen in Boj's decision to end yield curve control. Kiuchi declined to comment on monetary policy, which falls under the jurisdiction of the BoJ.

Key quotes from Japan Katayama

Will beef up efforts to promote Japanese version of doge review of subsidies and funds.

Will drastically streamline idled funds in the budget process.

There are about 200 existing funds, worth about 7 trillion yen.

Market reaction

At the time of writing, the USD/JPY pair is down 0.11% on the day at 157.90.