Kishida's Focus on Wealth Distribution Lost in Asset Income Plan
Tokyo, Nov. 29 (Jiji Press)--The Japanese government's plan to double people's asset income marks a clear departure from Prime Minister Fumio Kishida's past pledges to reduce inequality, aides and economists said.
The new plan is centered around promoting investments in financial products such as stocks, a far cry from Kishida's emphasis on redistributing wealth and doubling income since he became prime minister in October last year.
"It's important to expand households' financial asset income to create a broad middle class," Kishida said Monday at a government meeting where the new plan was adopted. "We'll seek the doubling of asset management income."
The plan features making the NISA small-lot investment promotion scheme permanent, making tax-free periods indefinite and increasing the maximum investment amount.
The government argues that the move will "raise the middle class," saying that creating an environment making it easier for such people to invest will lead to increased financial asset incomes for households.
[Copyright The Jiji Press, Ltd.]