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
Japan's Prime Minister Fumio Kishida prepares to deliver his policy speech during an extraordinary session of the Diet at the parliament in Tokyo Monday, Oct. 23, 2023. Japan's Prime Minister Fumio Kishida said Monday 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, in what's seen as a move to lift his dwindling public support.
“I'm determined to take unprecedentedly bold measures,” Kishida said, pledging an intensive effort to achieve stronger supply capability in about three years. “I will put more emphasis on the economy than on anything else.”, utilities and other costs that have exceeded their salary increases, by implementing income tax cuts. He also pledged to introduce corporate tax incentives to promote wage increases, investment and optimization.
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. Kishida told reporters that he takes the results seriously and that he will tackle important policies one by one. “Now is the time for me to focus on that, and I'm not thinking about anything else,” Kishida said, denying that his tax cut proposal was related to elections.
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