The Prime Minister of Japan, Fumio Kishida, on Monday insisted on his idea of ​​promoting “a new capitalism” focused on achieving economic growth accompanied by wage increases for workers, after his electoral victory the day before.

“We will do everything possible to increase the salaries of workers , so that all people benefit from the fruits of economic growth,” Kishida said at a press conference on Monday, the day after the general elections.

The conservative Liberal Democratic Party (PLD) led by Kishida won 261 seats , according to the latest polls, representing a “stable majority” (above the simple 233) in the Lower House of Parliament, composed of 465 seats, which coupled with its dominance of the Upper House will allow you to legislate comfortably.

The Japanese prime minister, who is expected to be sworn in again next week, said that as soon as he receives parliamentary support “he will start promoting the new capitalism”, which is one of his political priorities.

It aims to combine post-pandemic economic growth and a better redistribution of wealth
Kishida has thus named his strategy, with which he intends to combine post-pandemic economic growth and a better redistribution of wealth, in a country that is going through a long deflationary cycle and where inequalities have widened as a result of the impact of the health crisis.

The conservative leader, however, has clarified on several occasions that achieving economic growth “is an essential step to achieve a better distribution”, after some of his proposals on tax increases caused concern in the Japanese private sector and stock market falls during last october.

“We have to rebuild the economy, that is where we must put more emphasis. Finance is key and, in this sense, we must maintain the confidence of the market,” Kishida said today in this regard.

The Japanese leader also indicated that by the middle of the month his new Executive will announce a package of measures aimed at giving new impetus to the national economy and promoting digitization in various sectors , and that it will be financed with a supplementary budget that will be approved “as soon as possible. possible”.

The average income of Japanese households has remained practically stagnant during the last decade, according to data from the Executive.

The Bank of Japan (BoJ) foresees that the Japanese economy will advance by 3.4% in the current fiscal year, which will end in April 2022, after the fall of 4.6% registered the previous year

By Rak Esh

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