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Economy

10 Nov 2021

Japan Prime Minister Kishida to Pass Economic Stimulus Plan

Japan Prime Minister Kishida to Pass Economic Stimulus Plan

The Index Today

After gaining strong majority in last month’s election, Japanese PM Fumio Kishida will provide new economic plans which aim to revive the declining economy. The PM will discuss his plans at a news conference next week.

The economic stimulus worth 30 trillion yen could boost Fumio Kishida’s popularity and solidify his position in the government. The nation’s declining infection rates and high vaccination numbers could also fall in his favor. Such efforts are likely to make Fumio’s party stand out in comparison to former PM Yoshide Suga.

His party LDP won 261 out of 465 seats in the chamber after being re-elected by the parliament. Kishida announced last month that the former PM resigned shortly after his victory in September. The PM’s party ministers have little experience in the cabinet as he focuses to bet on new people with significant work experience.

Kishida is expected to present a new agenda for economic reforms to help boost the nation’s growth. The stimulus plan is expected to be finalized by the 19th of November. Within the plan, Kishida has introduced stimulus payments of 100,000 yen for children 18 and younger. His ambitions focus on bringing the economy back on track and reducing wealth disparity among citizens.

©Photo: bloombergquint.com