Kishida Vows to Strengthen Wealth Redistribution

Politics

Tokyo, Sept. 8 (Jiji Press)--Fumio Kishida, former Japanese ruling party policy chief, pledged Wednesday to strengthen wealth redistribution among people, as part of his economic policy campaign promises for the party's leadership election.

Kishida, former chairman of the Liberal Democratic Party's Policy Research Council, said that he will pursue a modern version of the Income Doubling Plan, an economic policy introduced by former Prime Minister Hayato Ikeda in the 1960s.

The party holds the leadership election on Sept. 29 to select a successor to outgoing LDP President and Prime Minister Yoshihide Suga. Kishida last month announced candidacy in the race.

At a press conference, Kishida said that while neoliberal policies in place since the administration of former Prime Minister Junichiro Koizumi brought economic growth to Japan, they widened the gap between haves and have-nots in society.

Pointing to the need for a virtuous cycle of growth and wealth distribution, Kishida said, "I'll take the lead to create a new Japanese-style capitalism."

[Copyright The Jiji Press, Ltd.]

Jiji Press