Japan’s Prime Minister Fumio Kishida says he is preparing to take bold economic measures, including an income tax cut for households hit by inflation and tax breaks for companies to promote investment. The package announced Monday at the opening of a Parliament session is seen as a move to lift his dwindling public support.
FILE - Japan’s Prime Minister Fumio Kishida speaks at the Atlantic Council Global Citizen Awards, Sept. 20, 2023, in New York. Kishida on Monday, Sept. 25, unveiled the gist of his new economic package that focuses on wage increases and measures to soften the impact of rising prices. Support for his Cabinet has dwindled despite the latest reshuffle less than two weeks ago.
“I’m determined to take unprecedentedly bold measures,” Kishida said, pledging an intensive effort to achieve stronger supply capability in about three years. Previously, Kishida had been considered reluctant to cut taxes because his government must find the funds to double Japan’s defense budget within five years as planned while also trying to counter the impact of Japan’s low birth rate and rapidly declining population.
His Liberal Democratic Party secured a parliamentary seat representing Nagasaki in Sunday’s vote but lost in a combined district in Kochi and Tokushima to a candidate backed by the main opposition Constitutional Democratic Party of Japan.
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