Ef:Busıness-Macromatters, Boj, Cen, Dbt, Gen, Job, Mce, News1, Pol, Wpay, Easıa, Asxpac, Asıa, Jp, Econ

Ef:Busıness-Macromatters, Boj

Japan's ruling party race puts legacy of Abenomics in focus

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

9/24/2021 8:23:00 AM

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

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.

3 minute read1/2Former Japanese Prime Minister Shinzo Abe, embroiled in a case against his secretary over unreported political funds, holds a news conference in Tokyo, Japan December 24, 2020. REUTERS/Issei KatoRead MoreTOKYO, Sept 24 (Reuters) - 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.

Vaccines, masks? Japan puzzling over sudden virus success All the Details on Travis Barker's 'Emotional' Proposal to Kourtney Kardashian - E! Online J&J recipients should 'feel good' about booster recommendation: Fauci

Under Abenomics, a mix of expansionary fiscal and monetary policies and a growth strategy deployed by Abe in 2013, share prices and corporate profits boomed, but a government survey published earlier this year showed households hardly benefited.Mindful of the flaws of Abenomics, frontrunners in the Liberal Democratic Party's leadership race - vaccination minister Taro Kono and former foreign minister Fumio Kishida - have pledged to focus more on boosting household wealth.

"What's important is to deliver the benefits of economic growth to a wider population," Kishida said on Thursday. "We must create a virtual cycle of growth and distribution."But the candidates are thin on details over how to do this with Japan's economic policy tool-kit depleted by years of massive monetary and fiscal stimulus. headtopics.com

Kono calls for rewarding companies that boost wages with a cut in corporate tax, while Kishida wants to expand Japan's middle class with targeted payouts to low-income households.The winner of the LDP leadership vote on Sept. 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.

Parliament is expected to convene on Oct. 4 to vote in a successor to Prime Minister Yoshihide Suga, who announced his decision to quit less than a year after taking over from Abe.A government survey, conducted once every five years and released in February, has drawn increasing attention to trends in inequality during Abe's time.

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."Average wealth among households fell by 3.5% from 2014 to 2019 with only the top 10% wealthiest enjoying an increase, according to survey conducted once every five years.

Japanese households' traditional aversion to risk meant they did not benefit from the stock market rally, with the balance of their financial assets down 8.1% in the five years from 2014, the survey showed."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. headtopics.com

Travis Barker and Kourtney Kardashian Are Engaged: ‘Forever’ China's economic growth slows to 4.9% in the third quarter Kim Kardashian Shared First Look at Kourtney’s Engagement Ring From Travis Barker

Bank of Japan Governor Haruhiko Kuroda defended Abenomics and said the pandemic, not slow wage growth, was mainly to blame for sluggish consumption."Unlike in the United States and Europe, Japanese firms protected jobs even when the pandemic hit," Kuroda said when asked why the trickle-down to households has been weak.

"Wage growth has been fairly modest, but that's not the main reason consumption is weak," he told a briefing on Wednesday. "As the pandemic subsides, consumption will likely strengthen."Reporting by Leika Kihara; Editing by Simon Cameron-Moore

Our Standards:More from ReutersSign up for our newsletterSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Read more: Reuters Top News »

Watch: Turtle stranded on Cape Cove rescued by volunteers - CNN Video

Volunteers from three organizations have moved the massive reptile back into the ocean and will continue to monitor its progress.

Hey, would it be possible for you to set up your links to redirect to the app if one has it installed?

Vampires Rule the L.A. Party Scene in First Trailer for 'Night Teeth'“On the one hand, you have a rich, dangerous, detailed underworld of vampire crime families, gang wars, power and money… and then on the other this kid who is completely out of his element,” … dffs, Xddrcctytjji

Biden set to play peacemaker for warring Democratic factionsMany party lawmakers have waited weeks for their president, after a summer largely focused on off-Hill crises, to turn his attention to the House. Did you have to have a cigarette after you typed this? And this is why we can’t have nice things. Rs stick together no matter what, Ds don’t. FFS!!! ...says the RW hack factory Politico, who doesn't even bother to pretend anymore. Who's gonna call them out, Jake Tapper? Chris Cillizza? Chuck Todd?

Liz Cheney’s Re-Election Bid Pits Trump Against BushThe race for Wyoming’s single U.S. House district has pitted two of the biggest names in Republican politics against one another: both of the party’s living former presidents. davidfrum Who voted not to pay for the republican tax scam and other debt they approved during the trump regime. ByronYork For all those with an opinion: My vote counts, and it's likely that yours doesn't. And I say throw her out on her ear. so good a Republican, her state's party doesn't want to claim her. Toss the loss

German conservatives raise spectre of far-left rule ahead of electionBehind in polls just days before Sunday's vote, Angela Merkel's conservatives are raising the specter of far-left rule by the Linke party if the Social Democrats come to power in Germany Good! The world needs long overdue progress. It’s been held back from right-wing conservatism…

Leonard A. Lauder to Be Honored at BeautyCares DreamBallLauder will be receiving the event's inaugural Legacy Award.

Michael Stipe Gives The Skinny On R.E.M.'s FutureThe rock band's frontman discussed the band's legacy and future in a new interview. Stipe as an infant in upstate New York. His father was a travelling shoe salesman. I thought this was .TheRickWilson . Politics have ruined me. If they reunited and toured I would not consider it tacky!