Japanese Prime Minister Fumio Kishida said on Tuesday, he has asked his government economic panel to compile "urgent proposals" by early November to flesh out his signature "new capitalism" vision, per Reuters.

Key takeaways

The proposals will include promoting the development of advanced technologies for digitalization and decarbonization and economic security issues, including securing semiconductor supplies as "top priorities."

"We shared the view of aiming to improve productivity through growth strategies and increase the levels of people's income through redistribution of the fruits" of that growth.”

Market reaction

USD/JPY is testing 114.00, unperturbed by these comments, as it remains at the mercy of the US dollar’s price action.

The spot was last seen trading at 113.95, higher by 0.22% on the day.