Kishida to Show Action Plan for New Capitalism This Summer

Politics

Tokyo, Jan. 7 (Jiji Press)--Japanese Prime Minister Fumio Kishida has clarified his intention of compiling this summer an action plan for a new form of capitalism, one of his signature policies, and a road map to realize it.

Kishida unveiled the schedule in an article he contributed to an issue of the monthly Bungei Shunju magazine to be published Saturday.

Referring to a summit of the Group of Seven major industrial nations to be held in Japan in 2023, Kishida said in the article, "I would like to present a concrete vision for a new capitalism that overcomes division and inequality."

Kishida blamed neoliberalism, the global mainstream since the 1980s, for bringing about significant adverse effects, such as widening disparities, spreading poverty, and worsening environmental problems.

"At a time when an economic system that can be called state capitalism is gaining momentum, we have no choice but to upgrade capitalism to respond to challenges posed by authoritarian regimes," he said.

[Copyright The Jiji Press, Ltd.]

Jiji Press