Kishida holds first panel meeting to chart course for ‘new capitalism’
Prime Minister Fumio Kishida’s goal of reshaping Japan and redistributing wealth to working people came to the fore on October 26 as the panel he set up to discuss creating a “new capitalism “met for the first time at the Prime Minister’s office.
The panel, led by Kishida, is made up of all Cabinet members and 15 experts, including Ken Shibusawa, president of a consulting firm and great-great-grandson of Eiichi Shibusawa, a Japanese industrialist known as the “Father of Japanese capitalism”.
Kishida said panel members “recognized the importance of achieving a beneficial circle of growth and redistribution, the need for the public and private sectors to play a role in achieving these goals and the need to build on all policies “.
He called on participants to draft an urgent proposal in early November on the highest priority issues the administration needs to tackle, such as boosting investments in people.
Kishida created the panel as an afterthought to former Prime Minister Shinzo Abe’s “Abenomics,” whereby companies ‘cash reserves increased but workers’ real wages did not increase significantly.
Through the discussion, Kishida hopes to clarify the roles that government and business can play in the redistribution of wealth.
Kishida aims to rebuild a strong middle class by designing policies that circulate the fruits of corporate profits to workers.
The panel is also expected to develop a vision that will be the foundation of the administration’s economic policies.
Kishida said he would create more panels to discuss his other pet projects, such as “creating a nation of digital garden cities” and “building a new social security for all generations.”
These panels will work in collaboration with the “new capitalism” panel, he said.