Japan's incoming prime minister, Shigeru Ishiba, is likely to support the Bank of Japan's efforts to gradually normalize monetary policy, said former Bank of Japan policy board member Takashige Kiuchi.

Ishiba said on local television on Sunday that Japan should maintain an easy monetary environment.

Kiuchi dismissed his comments as "verbal intervention" aimed at calming stock and foreign exchange markets, which had become volatile due to speculation about the outcome of the ruling party leadership election.