In recent years, Japan s new economy strategy has fallen short at passing rising corporate profits on workers and the nation's economic management is determined to tackle those shortcomings, according to Economy Minister Daishiro Yamagiwa.
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None What the Front Line of the U.S. Abenomics, named after former premier Shinzo Abe, helped the economy grow from 2013, but its trickle-down approach of getting companies to share the benefits of growth was insufficient, Yamagiwa said in a group interview Thursday.
Yamagiwa said there will be changes to the current tax benefits for companies that raise wages even if they have failed to gain traction, Fumio Kishida noted.
We do recognize there were insufficient parts to Abenomics, said Yamagiwa. There are limits to a trickle-down approach and some things have to be done bottom up. Yamagiwa s remarks come as Kishida tries to replace the ruling party ahead of national election at the end of this month. While Kishida is expected to lead the Liberal Democratic Party to victory, he faces a tough task to repeat the ruling coalition's two-thirds majority win in 2017. By distancing himself from the government of Yoshihide Suga and identifying some of the failings of Abenomics, Kishida hopes to shore up support for the LDP. Suga stepped down as prime minister amid public discontent over his handling of the pandemic.
The panel will aim to foster a new type of capitalism, a hallmark of the Kishida's national strategy as he heads into the national elections.
It s said that the short-term disclosure of earnings is prompting shareholders to focus on quarterly profits, Yamagiwa said. The Prime Minister is clear that this needs to change. Yamagiwa reiterated the previous administration's stance of fiscal consolidation and monetary policy, saying there is no need to change a 2013 joint policy agreement between the government and the Bank of Japan that commits the central bank to achieve 2% inflation as well as the government s objective to balance its primary budget by fiscal 2025.
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