September 30, 2021, 02.59 PM
A file photo of Fumio Kishida (right), then Japan's Foreign Minister, and Joko Widodo (left), then Jakarta's Governor during a meeting at the City Hall dated Tuesday, August 12, 2014. Kishida will become Japan's 100th prime minister as he is elected as the new leader of the country's ruling Liberal Democratic Party (LDP) on Wednesday, September 29. Parliament will elect him as the nation's prime minister on October 4. Alsadad RudiA file photo of Fumio Kishida (right), then Japan's Foreign Minister, and Joko Widodo (left), then Jakarta's Governor during a meeting at the City Hall dated Tuesday, August 12, 2014. Kishida will become Japan's 100th prime minister as he is elected as the new leader of the country's ruling Liberal Democratic Party (LDP) on Wednesday, September 29. Parliament will elect him as the nation's prime minister on October 4.

He also wants to put together a massive stimulus package worth about 30 trillion yen ($269 billion) by the end of the year to help Japanese businesses hit by the economic damage wrought by the Covid pandemic.

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But at the same time, during the campaign for party leader, he promised a shift away from the neoliberalism of the past two decades and announced a "new Japanese capitalism."

"Only growth, deregulation, and structural reforms do not lead to real happiness," Kishida said.

Emphasis on economic security

The designated head of government said he aims to put in place measures to boost people's incomes, for instance, by tweaking tax laws in such a way that if companies pay higher wages, they would receive tax benefits.

Kishida also wants to protect small and medium-sized enterprises from the market power and dominance of large multinational corporations.

“Companies with many suppliers should pay attention,” said Junichi Makino, chief economist of the brokerage firm SMBC Nikko.

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Kishida’s other ideas also call for a strongly expansionary fiscal policy, including a university endowment fund of 10 trillion yen for research and technology development, and his future concept of a “digital garden city-state concept” that seeks to boost rural areas through the use of advanced technologies.

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