Japan's Minister in charge of Economic Security, Minoru Kiuchi: Japan has moved past the reflation policy phase.

Japan's Economic Security Minister Minoru Kiuchi said the country has moved past the policy phase of driving reflation through aggressive monetary easing and flexible fiscal spending. Kiuchi is known for his reflationist policy stance. Speaking at a press conference on Friday, Kiuchi said the era of "Abenomics-style" reflationary policies, characterized by massive monetary easing and flexible use of fiscal policy, has ended, and Japan has entered a phase of gradually rising prices and higher interest rates.