TOKYO (Reuters) -Former Japanese Foreign Minister Toshimitsu Motegi, a prime ministerial hopeful running in the ruling party’s leadership race, on Wednesday endorsed the Bank of Japan’s policy of gradually normalising monetary policy.

“I believe the basic policy direction is to normalise the ultra-easy monetary policy gradually,” Motegi told reporters, saying that Japan’s economy is nearing an exit to deflation.

“But it’s up the BOJ to decide on specific monetary policies,” he added.

The Liberal Democratic Party is holding a leadership vote on October 4 to replace outgoing premier Shigeru Ishiba.

The winner of the election is likely to become Japan’s next prime minister, though formal parliamentary approval is required. The LDP and its coalition partner Komeito no longer hold a majorit

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