New Economy Minister Yoshitaka Shindo said on Thursday that positive signs were emerging in output gaps and other areas for the economy to escape deflation.
However, Shindo said during his inaugural news conference that those signs must gather strength before declaring victory over deflation, a cycle of persistent price declines that stunts economic growth.
"It's important to achieve private demand-led growth and exit from deflation," Shindo said, echoing the resolve expressed by Prime Minister Fumio Kishida a day earlier.