Japanese Prime Minister Fumio Kishida will keep his finance and trade ministers in place while adding more women to his cabinet in a reshuffle Wednesday, national public broadcaster NHK and other media reported.

The premier is seeking to freshen his government’s image even as he keeps a core policy team in place that can work quickly to introduce new economic stimulus measures, something he has cited as a priority.

Price gains continue to outpace wage increases, eating into household spending power and weighing on approval for Kishida’s cabinet. Support crept up by three percentage points to 36% in a poll conducted by NHK between Sept. 8-10, after he expanded and extended subsidies for gasoline.

Japan’s Households Cut Back Spending as Kishida Mulls Measures

While Kishida need not face a national election until 2025, a further fall in popularity could see him struggle to stay on as leader of the long-ruling Liberal Democratic Party in a vote due a year from now.

“I want to carry out bold economic measures,” Kishida told reporters in India on Sunday where he was attending the Group of 20 summit. “This must be done with all haste, so when the new structure is in place, I want to get off to a running start.”

Kishida is set to retain Finance Minister Shunichi Suzuki as well as Economy, Trade and Industry Minister Yasutoshi Nishimura, NHK said late Tuesday. He’ll appoint a new minister for economic revitalization, Yoshitaka Shindo, in what could be a pointer to the cabinet’s budgetary stance, according to Takuji Aida, chief economist at Credit Agricole Securities Asia.

Shindo, a former vice minister at METI, will replace a former bureaucrat from the Finance Ministry, known for its fiscal conservatism.

“Rather than reining in spending, this brings efforts to expand the economy through investment to the fore,” Aida said, adding Shindo could work in tandem with the like-minded Nishimura, conveying a positive impression to markets previously held back by Kishida’s reputation for favoring a more austere line.

What Bloomberg Economics Says...

“Don’t expect major changes in economic and fiscal policy after this cabinet reshuffle as the key ministers are staying in place. Rising interest rates are a headache for the cabinet, so the cost will likely remain on a reasonable scale.”

— Taro Kimura, economist

Among the executives in his ruling party, Kishida kept Toshimitsu Motegi, a potential rival for the party leadership as LDP No. 2. Party policy chief Koichi Hagiuda also remained in his post.

Minoru Kihara, a five-term member of parliament, will take over as defense minister for his first cabinet posting, the Nikkei newspaper reported.

Previous prime ministers have seen support jump after appointing more women to their cabinets. The line-up is expected to include five women, equaling a previous record, NHK said, with the most prominent being former Justice Minister Yoko Kamikawa as foreign minister.

Women will also be allotted positions covering policy on children, regional revitalization and reconstruction, while Sanae Takaichi will retain her seat as minister in charge of economic security, the broadcaster said.

Eleven ministers will be joining the cabinet for the first time, according to NHK. Deputy Chief Cabinet Secretary Seiji Kihara, a close aide to Kishida, will be replaced after a series of embarrassing magazine reports about his personal life.

--With assistance from Yuki Hagiwara.

(Updates with confirmation of party positions, economist comments.)