Japan's version of a "Government Efficiency Department" has been launched, with the cabinet responding swiftly to the central bank's hints of an interest rate hike.

According to Odaily Planet Daily, on December 2nd, the Japanese government launched its own version of the "Ministry of Government Efficiency" (DOGE), and at its first meeting, it formulated a plan aimed at identifying and eliminating inefficient tax measures and subsidies.

Following the first DOGE meeting, Finance Minister Satsuki Katayama told reporters on Tuesday: “By eliminating waste through the efforts of everyone, including the public, and directing funds to where they are truly needed, we will stand in stark contrast to previous administrations. This is crucial for maintaining trust in the nation, our currency, and the markets.”

Katayama Satsuki also stated that after Bank of Japan Governor Ueda Kazuo expressed confidence in the economic outlook and hinted at a possible interest rate hike, she believed there was no disagreement between the government and the Bank of Japan regarding their assessment of the economy. Minister of Economic Growth Strategy Minoru Kiuchi repeated these comments verbatim, indicating that this response was coordinated by the cabinet and aimed at conveying a unified signal of support. (Jinshi)