Japan’s Kishida seeks fresh growth through ‘new capitalism’ plan

Bloomberg

Japanese Prime Minister Fumio Kishida said the country needed to focus on new areas of growth as a panel laid out proposals for his “new form of capitalism” aimed at reducing social disparities and driving the economy.
“We’ve put together a grand design for a new capitalism,” Kishida said at a meeting of the panel. “We’ll seek new growth, using the problems we face as a source of energy.”
The proposals are likely to get a cabinet rubber-stamp in June. Kishida and several other cabinet ministers are on the panel, along with outside experts. The plan calls for more investment in human capital, greater support of innovation and startups as well as efforts to decarbonise and digitalise the economy.
The prime minister has walked back earlier comments that seemed to suggest efforts to spread the benefits of economic growth more widely might hurt shareholder profits.