Japan's FM Emphasizes BoJ Independence Amid Defense Spending Concerns

Japanese Finance Minister Satsuki Katayama emphasized the independence of the Bank of Japan (BoJ) during his remarks on Friday. This is the second time in the day that Katayama has spoken about economic and currency issues.

Takaichi, a fellow Japanese official, was said to 'very much respect' the BoJ's independence. Rising bond yields are seen as a global trend, rather than a specific issue for Japan, according to Katayama. The finance minister also stated that his government will not hesitate to take bold action on the yen if needed.

Katayama expressed concerns about defense spending in Japan, stating that 2% of GDP is 'not enough'. He attributed this position to a desire to address the threat posed by China. However, he emphasized that Japan's defense policy is determined by its own needs, rather than pressure from the US.