Japan will look closely at effects of Fed rate hikes: Suga

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Japan's Chief Cabinet Secretary Yoshihide Suga attends a Thomson Reuters Newsmaker event in Tokyo, Japan

TOKYO (Reuters) – The Japanese government will look closely at the effects of the U.S. Federal Reserve’s decision to raise interest rates, a top government spokesman said on Thursday.

Chief Cabinet Secretary Yoshihide Suga, speaking to reporters in a regular news briefing, added that the Fed’s decision to raise rates was based on the improving U.S. economy and is not a bad thing for the global economy.

The Fed raised rates to a range of 0.50 percent to 0.75 percent on Wednesday and signaled a faster pace of increases in 2017.

Asked about reports by a U.S. think tank that China appears to have installed weapons, including anti-aircraft and anti-missile systems, on all seven of the artificial islands it has built in the South China Sea, Suga said Japan was closely monitoring the situation.

(Reporting by Minami Funakoshi; Editing by Jacqueline Wong)

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