TOKYO (Kyodo) -- Japanese business leaders welcomed the launch of Prime Minister Shigeru Ishiba's Cabinet on Tuesday, urging the government to ramp up efforts to accelerate the country's economic growth and push ahead with structural reforms.

Masakazu Tokura, chairman of the Japan Business Federation, Japan's biggest business lobby, hailed the new Cabinet as having "placed the right people in the right jobs."

The chairman also urged the new government to carry out necessary measures to achieve "a virtuous cycle of growth and (wealth) redistribution," emphasizing the country is on the verge of moving out of deflation completely.

Ken Kobayashi, chairman of the Japan Chamber of Commerce and Industry, echoed Tokura's view, saying that now is a great opportunity to overcome the deflation-oriented mind.

"We hope the new government carries out economic structural reforms to realize sustained economic growth," he said.

Ishiba has cited revitalizing regional economies as one of the things he will focus on as prime minister.

Takeshi Niinami, chair of the Japan Association of Corporate Executives, expressed hope that Ishiba's government ensures regional economies grow by diversifying resources currently concentrated in Tokyo.

The Japan Automobile Manufacturers Association called on the new Cabinet to tackle such issues as achieving carbon neutrality and responding to the turbulent international situation "with speed and decisiveness."

"It is our hope that the new Cabinet will...promote policies that will enable Japan to achieve flourishing and sustainable growth into the future," Chairman Masanori Katayama said in a statement.