![]() His predecessors, Yoshihide Suga and Shinzo Abe, pursued ‘Abenomics,’ which consisted of aggressive monetary easing, fiscal consolidation and growth. Kishida believes a new economic policy is needed to distribute wealth more fairly in Japan. But with a fresh mandate, the plan could now resurface. When Kishida took over as Prime Minister a few weeks ago, Japan’s stock markets fell sharply, forcing him to backtrack on his CGT policy. ![]() Kishida is selling his economic policy as the ‘new capitalism,’ while its detractors on social media are likening it to China’s ‘common prosperity.’ One fierce critic, Rakuten’s CEO Hiroshi Mikitani, tweeted ‘Does he even understand how capitalism works?’ He was particularly unhappy with proposals to raise Capital Gains Tax (CGT) amid fears it would halt the rise of retail investors in the country. ![]() Japan’s Nikkei 225 and TOPIX indices both rose over 2% today, as investors believe that the new Prime Minister can now push through his economic stimulus plans worth trillions of yen. The party secured 261 seats, 28 more than the 233 needed to govern without a coalition partner. Yesterday, Fumio Kishida’s Liberal Democratic Party won an outright electoral majority. ![]()
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