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ECONOMY > Economic Policy

Kishida unveils “new form of capitalism” in London

All Friday papers highlighted an economic speech that Prime Minister Kishida delivered in London on Thursday for local economists, investors, and other businesspeople. The Japanese leader presented an outline of his “new form of capitalism” economic initiative, explaining that the public sector will take the lead in encouraging the private sector to increase investment in order to address such paramount challenges as widening wealth disparities and climate change. He vowed to help the Japanese people double their income from investment by encouraging them to move their bank savings to stocks, real estate, and other investments by providing tax breaks and other incentives. According to Nikkei, the average annual income from financial investment in Japan amounted to 158,000 yen ($1,200) in 2018 per household. In order to achieve carbon neutrality in 2050, the prime minister said Japan will “utilize safe nuclear reactors effectively,” in addition to renewable energy sources. He stressed that public and private investment in relevant sectors will amount to 150 trillion yen ($1.15 trillion) in the next 10 years, including 17 trillion yen ($130 billion) in 2030. He reportedly urged the audience to “invest in Kishida.”

 

The prime minister also disclosed that Japan will ease its COVID-19 border controls in June to allow the entry of foreigners to a degree equivalent to the other G7 members. “Japan will remain open to the world,” he was quoted as saying. “Please come to Japan. I promise maximum hospitality.”

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