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Kishida instructs cabinet to come up with economic package specifics

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Kishida reiterated his vision of realizing a "new capitalism" that focuses on economic growth and redistribution of wealth …

A lot of company executives in Japan today receive performance-based stock remuneration, which can play a significant role in creating large societal income gaps. Basically, a company will put together a management plan and then reward the executives with stock based on the degree that the financial targets have been achieved over a certain period. Of course, the bulk of company workers actually putting in the long hours to achieve those financial targets receive their monthly salaries and periodic bonuses, as do the executives, but don’t benefit from these performance-based stock remuneration programs. Address that issue, and government might be able to narrow the income gap.

7 ( +8 / -1 )

but he just assigned Abe's Yes men to each ministry?

10 ( +11 / -1 )

The folks in restaurants, hotels, tourism and air travel still need plenty of financial help. Most have lousy wages in the best of times.

12 ( +12 / -0 )

That’s like giving a bunch of 1yos a Rubik’s cube. And expecting a result.

7 ( +7 / -0 )

To bring about a "new capitalism" and achieve growth in the post-pandemic era, Kishida called for focusing the budget on four areas -- science and technology, revitalization of regional economies, economic security, and child-rearing.

And as to the second point they have already proposed restarting GoTo.

Kishida and his administration could go a long way to showing he is actually committed to what he says by addressing a couple of the biggest complaints about the pandemic response that exacerbated economic inequality: The fact that their was no payroll protection as in other nations with subsidies to businesses and many just laid off staff and pocketed the cash to shore up their capital situations. As well as having no enhanced, or any, unemployment benefits for part time, contract and gig workers who lost all or most of their wage hours due to the pandemic.

If Kishida wants to create a new Japanese style of capitalism more in line with the Scandinavian models, he could start there.

5 ( +5 / -0 )

a "new capitalism" that focuses on economic growth

Even more cement trucks and

redistribution of wealth

coupons for stuff we don't want.

4 ( +6 / -2 )

I’m sure they will have a “Special” focus on large donators from their electorate. There is no way they will actually spend tax payer money on tax payers, or make life any easier for anybody but themselves and friends.

6 ( +6 / -0 )

What happened to the up and coming former Minister of the Environment Koizumi Shinjiro? Must be some scandal to not be chosen.

5 ( +5 / -0 )

So what was the cabinet doing before these “instructions?”

5 ( +5 / -0 )

Here's novel idea. Focus on a 'trickle up' policy instead of the usual (proven not to work) 'trickle down' policy which only provides hoards of public cash to mega corporations and construction yakusa groups. Only for those mega corporations to keep hold of it, or trickle down just a fraction to other 'buddy buddy' corporations.

Support the people of Japan, give them the money (with a rule of not being able to hoard it) who will then consume, which in turn will create momentum in the economy.

If the government fails again by just giving billions of Yen to big business, nothing will change and the amakudari gravy train will continue.

9 ( +9 / -0 )

Japanese productivity per hour worked is lowest in the G7. That's the obvious place to work on improving things in Japan. Even if people can't be paid more, help them work less. Having more time is another form of enrichment.

https://www.nippon.com/en/japan-data/h00619/japan%E2%80%99s-labor-productivity-lowest-in-g7.html

3 ( +4 / -1 )

Totally agree towingtheline. Give people shopping vouchers to spend at place like shops, restaurants, hotels etc and have a short use by date so they can't hoard. That would actually stimulate the economy. But you know it's all just a whitewash. The LDP will do what they always do and line the pockets of businesses that support them. "New Capitalism" and wealth redistribution are just election soundbites.

3 ( +3 / -0 )

Start with giving me more money. America already gave me 10k USD in econmic stimulus, and Japan gave me ¥100,000. lol

1 ( +2 / -1 )

Yes, that's it! It all starts with specifics. This is something Abe and Suga just could not understand.

0 ( +0 / -0 )

Give 300,000yen to every citizen so that they can go out and spend it to kickstart the economy! The way things are now become aren’t spending much money to make the economy move…

1 ( +2 / -1 )

Big surprise -- he pledged something he had not even come up with any ideas for yet, then defers the creation of said ideas to others, who are going to defer it to the prefectures, who will defer it to the municipalities, who will wait for the central government to come up with measures.

0 ( +2 / -2 )

There is very little that the LDP has done that helps the average person in Japan.

Politicians and bureaucrats take-they are not in the giving business.

As per usual, it is just talk and nothing else!

2 ( +2 / -0 )

kurisupisuOct. 9  04:05 pm JST

There is very little that the LDP has done that helps the average person in Japan.

The way they've got elections stitched up here they don't need to worry about the average person.

2 ( +2 / -0 )

I have been trying to redistribute my wealth for years.

The populous with lots of cash need to get out to travel and spend more in their beautiful country instead of hoarding, sitting in front of the tv, and huffy puffing about the weather.

1 ( +3 / -2 )

And talk, talk, talk, but little in any sort of actual behavior in the direction of the promises or, as another venue pointed out:

 Japan's new PM says no plan to alter capital-gains and dividend taxes

Kishida, who has vowed to rectify wealth disparities, had previously said reviewing those taxes would be an option in addressing income gaps.

I guess he hadn't yet discussed it with HIS bosses in industry...

0 ( +0 / -0 )

Of course, helicopter money is always very nice and we all will actually very welcome and need it, but that’s not how it works or can work. More family support, more children, better education for them, followed by new research, inventions, products and services sold on the global market…Then you have incoming money and taxes, not by showering presents on everyone that have to be paid back afterwards, but by what?

1 ( +1 / -0 )

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