TOKYO, Sept 24 Japan's widening wealth gap has emerged as a key issue in a ruling party leadership contest that will decide who becomes the next prime minister, with candidates forced to reassess the legacy of former premier Shinzo Abe's “Abenomics” policies.
“What's important is to deliver the benefits of economic growth to a wider population,” Kishida said yesterday. “We must create a virtual cycle of growth and distribution.” The winner of the LDP leadership vote on September 29 is assured of becoming Japan's next prime minister because of the party's parliamentary majority. Two women - Sanae Takaichi, 60, a former internal affairs minister, and Seiko Noda, 61, a former minister for gender equality - are the other candidates in a four-way race.
Shigeto Nagai, head of Japan economics at Oxford Economics, said the survey revealed “the stark failure of Abenomics to boost household wealth through asset price growth.” “We think the new premier will need to consider the failures of Abenomics and recognise the myth that reflation policies relying on aggressive monetary easing will not solve all Japan's problems without tackling endemic structural issues,” Nagai said.
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