First Inflation in 31 Years... 55% of Japanese Citizens Say "Bank of Japan Should Reconsider Easing Monetary Policy"

75% of Citizens Negative on Government's Inflation Measures
Kishida Cabinet Hits Record Low Approval Rating

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] As the value of the Japanese yen against the dollar fell to its lowest level in 32 years, a majority of Japanese citizens believe that the Bank of Japan's monetary policy needs to be reconsidered.

According to a poll conducted by Mainichi Shimbun from the 22nd to the 23rd (with 1,051 respondents), 75% of respondents gave a negative evaluation of Prime Minister Fumio Kishida's inflation measures, the newspaper reported on the 24th. This represents a 7 percentage point increase from 68% in the previous month. Only 11% responded positively.

Regarding the Bank of Japan's accommodative monetary policy, which is considered one of the factors driving inflation, 55% of respondents said it "needs to be reconsidered." Only 22% said the current policy stance should be maintained.

Until now, the Bank of Japan has maintained an accommodative monetary policy for a considerable period to achieve its inflation target of around 2%. However, with the sharp rise in energy and raw material prices due to the Russia-Ukraine war and the weakening yen, the consumer price index exceeded 3% in September. Excluding the price increase caused by the consumption tax hike in April 2014, this is the highest inflation rate in 31 years and 1 month since August 1991.

Furthermore, according to the "September Survey on Living Consciousness" announced by the Bank of Japan on the 13th, the perceived inflation rate felt by consumers reached 10%.

Despite the persistent yen depreciation and inflationary pressures, the Bank of Japan continues to maintain its stance on large-scale monetary easing. Bank of Japan Governor Haruhiko Kuroda emphasized on the 21st that although the price increases for energy, food, and durable goods are expected to remain high until the end of the year, "monetary easing will be implemented to sustainably and stably achieve the inflation target in a manner accompanied by wage increases."

Meanwhile, following the Unification Church scandal and the negative evaluation of inflation measures, the approval rating for the Fumio Kishida Cabinet also hit its lowest level since its inception. Support for the Kishida Cabinet stood at 27%, down 2 percentage points from 29% the previous month.

Mainichi Shimbun explained, "As prices surge rapidly, more citizens are becoming dissatisfied with the government's policies and responses."

This content was produced with the assistance of AI translation services.