Japanese Prime Minister Fumio Kishida on Monday vowed to take steps to maximize the benefits to the economy from a weak yen, such as by reviving inbound tourism and cushioning the blow from rising electricity bills.

Dealing with rising inflation and the fallout from the yen's recent sharp falls will be among steps the administration will focus on, Kishida said in a policy speech to parliament, stressing that revitalizing the economy was his "top priority."

Kishida said Japan would revive the nation's pandemic-battered inbound tourism industry by setting a new goal of increasing foreign tourists' total spending to more than 5 trillion yen ($35 billion) annually.

Japan will fully open its borders to overseas visitors from October 11.

Kishida also noted, "a big challenge Japan will face toward next spring is the risk of a sharp rise in electricity bills. We will take unprecedented, bold measures that directly ease the burden on households and companies."

Japan intervened in the foreign exchange market on September 22 to buy yen for the first time since 1998, in an attempt to shore up the battered currency after the central bank stuck with ultra-low interest rates.

(Source: Reuters with edits)