Reuters reports that new economy minister Daishiro Yamagiwa said that Japan's government will take all necessary measures to support the economy, which has been hit hard by the coronavirus pandemic.

Yamagiwa told reporters at his first news conference he is determined to conduct economic and fiscal policy in a bold manner.

"We will manage economic and financial policy in a flexible manner without hesitation," he said, calling for discussions about the country's economic growth strategy and reducing income inequality.

Kishida has pledged to compile a stimulus package worth tens of trillions of yen, which would be a move which may help firm up growth in the world's third-largest economy.

Also on Tuesday, new chief cabinet secretary Hirokazu Matsuno said the government is watching oil prices as rises would hurt corporate profits and increase the burden on households.