December 3, 2023

Japan wants a "new form of capitalism" - moving away from Abenomics

Japan wants a “new form of capitalism” – moving away from Abenomics

Japan’s new prime minister has just dissolved parliament. Now Prime Minister Fumio Kishida wants to change his country even further – it should be nothing less than a new economic order.

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Fumio Kishida

Fumio Kishida

Photo: cornerstone

Japanese Prime Minister Fumio Kishida wants “a new form of Japanese capitalism”. This is what the new prime minister said at once to interview With the Financial Times. Kishida said that the old economic system, called Abenomics, did not achieve broad growth.

Abenomics has shown clear results in terms of GDP, corporate profits and employment. Kishida said it has failed to create a “positive cycle.” Instead, the new head of government wants to ensure that more people benefit from economic growth and thus stimulate consumption.

Abenomics is an economic model during the era of Kishida’s predecessor Shinzo Abe, who Japan He ruled from 2006 to 2007 and from 2012 to September 2021. These included, above all, the liberalization of the economy and debt-financed economic stimulus programmes.

Kishida is now promising higher wages for workers and a departure from an economic policy in which “survival of the fittest” is important. Instead, the Japanese prime minister advocates a comprehensive view of the economy.

(Slee, T Online)

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