Japanese Prime Minister Fumio Kishida. Picture: GETTY IMAGES/TORU HANAI
In his first policy address to parliament since taking office this week, Kishida reiterated a pledge of bold spending to help recover from the pandemic and said he’d build what he calls a “new capitalism,” under which the benefits of economic growth are spread more widely. While none of the opposition parties boasts support of more than single figures, they plan to co-operate in many constituencies in a bid to reduce the ruling coalition’s majority. A major loss of seats could propel Kishida toward the “revolving door” that claimed six Japanese leaders between 2007-2012.
Kishida vowed to achieve the longstanding goal of defeating deflation and said he’d press businesses to share the fruits of growth with employees and subcontractors. His plans have worried investors, who sent the Nikkei 225 Average on an eight day losing streak that ended Thursday — the longest such run since 2009.
At least he has an idea of what he wants to do and what he eeds to be judged on. After a year or 2 in office if he doesn't deliver he will fall on his sword. You can count on Japanese to have hoour.
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