Kishida: Weak yen presents opportunity for Japan

Oct. 3 (UPI) -- A weak yen could be used to boost the Japanese economy, Prime Minister Fumio Kishida told legislators during an address to its parliament on Monday.

Kishida said he plans to encourage the building of high-tech technology factories and increase farm exports at this time since it will be more economical for people to do so because of the yen's value.

"I will press ahead with strengthening an economic structure that capitalizes on the weak yen," Kishida said, according to Bloomberg. "While drawing out the maximum benefits of the weak yen, I will proceed with policies that return them to the people."

He admitted that a weaker yen has meant an increase in import prices but said his government is prepared to handle jumps in energy costs, including "unprecedented" steps to lower the burden on households and companies.

"We will make every effort to combat price hikes and will definitely restore the economy" of resource-poor Japan, Kishida said, according to Kyodo News. "We will take unprecedented and drastic measures in a bid to directly mitigate the rising burden on the household and corporate sectors."

The speech comes as Kashida's administration faces one of its worst crises with a dramatic fall in popularity mostly due because of the unpopular decision to hold a state funeral for former premier Shinzo Abe, who was assassinated in July.