Kishida Sees Growth Strategy as Key to Yen's Long-term Prospects

Japan's former Prime Minister Fumio Kishida believes that his country's ¥370 trillion ($2.3 trillion) growth strategy will be a game-changer for the economy, but not necessarily for the yen itself.

Kishida said in an interview that joint US-Japan intervention has temporarily supported the yen, but it's unlikely to have a lasting impact unless underlying economic conditions improve.

According to Kishida, '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.'

The US and Japan announced on Monday that they had intervened in the currency market on Friday to prop up the yen.