Japanese policymakers talk less of ditching Abenomics and more of building its legacy
Save time by listening to our audio articles as you multitaskThe current prime minister, Kishida Fumio, secured a big majority of seats in the upper house of Japan’s legislature in the election on July 10th. His greater focus on equality and redistribution, which he calls “New Capitalism”, was initially cast as an alternative to Mr Abe’s vision. In reality, it will be built on thehis predecessor laid out.
Mr Kishida’s aides now talk less of ditching Abenomics and more of building its legacy. When his New Capitalism Council revealed its “grand design” document in May, it concluded that the strategy would adhere to the three-arrow framework. The strategy focuses, rightly, on the need to get firms to deploy their excess cash through wage increases or capital investments. Stagnant wages have been Abenomics’s biggest shortcoming.
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