Japan PM Launches Panel on Wealth Redistribution

Japan’s new Prime Minister Fumio Kishida launched a panel that will draw up a strategy to tackle income inequality and wealth redistribution as part of his main platform that calls for a “new form of capitalism.”

The panel will hold its first meeting on Oct. 26 and will focus on creating new economic policies for during and after the COVID-19 pandemic.

The council is a flagship project for Kishida’s platform that aims to combine former prime minister Shinzo Abe’s stimulus measures with policies that will focus on trickling down wealth from companies to households.

“In order to achieve strong economic growth, it’s not enough to rely just on market competition. That won’t deliver the fruits of growth to  the broader population,” Kishida said on Thursday.

The new panel will replace the current council on growth strategy, which was former premier Yoshihide Suga’s counsel on his digitalization efforts, and will be headed by Kishida himself.

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