Kishida Downplays Impact of Joint US-Japan Intervention on Yen

Japan's former Prime Minister Fumio Kishida has downplayed the impact of the recent joint US-Japan intervention to support the yen, suggesting that it is only a temporary solution. The intervention, which occurred on Friday, aimed to prop up the currency and stabilize its value.

Kishida emphasized that the ¥370 trillion ($2.3 trillion) growth strategy announced by Japan's current government is the key to transforming the country's economic fortunes in the long term. He stated that while the joint intervention may have provided some relief, it does not address the underlying issues affecting the economy.

In an interview, Kishida explained his views on the situation: 'In terms of the currency, it could buy some time, but it could end up doing no more than that unless the fundamental economic situation and the broader environment changes.'