The economy grew at a seasonally adjusted annual rate of 1.9% in the April-June quarter, a tepid pace considering the severity of the pandemic downturn in 2020.
Topping Kishida’s to-do list is another big dose of government spending to help Japan recover from the COVID-19 shock. It’s unclear how much you can really believe them and how they can be realized.” “Maybe Kishida himself isn’t sure what he plans to do,” said Hideo Kumano, executive chief economist at Dai-Ichi Life Research Institute. What people really want tackled are coronavirus pandemic measures and corruption in high places, she said. “Kishidanomics remains a complete mystery to me,” said Kinuko Kuwabara, a free-lancer in Shizuoka Prefecture, central Japan. Now, Japanese are waiting to see what “Kishidanomics” will bring. Abe’s successor, Yoshihide Suga, stuck with that “Abenomics” program.
Under former Prime Minister Shinzo Abe, who stayed in office from late 201, the economy limped along with massive help from the central bank’s ultra-cheap credit and government spending. Kishida appears unlikely to stray far from the pro-market policies of the past decade. The Liberal Democrats prevailed over weaker opposition parties despite widespread unhappiness, until a recent drop in cases, with the government’s handling of the coronavirus pandemic, perennial corruption scandals and a failure to deliver on promises for sweeping reforms intended to drive much faster growth. “With this definite support from the people, I will dedicate myself to working on policies and parliamentary efforts,” said Kishida, chosen as head of the governing party just a month earlier.
and pro-business Liberal Democratic Party, which has ruled Japan almost continuously since World War II, won a better-than-expected 261 seats Sunday in the lower house of Parliament, comfortably exceeding the 233 seats needed and giving Kishida a mandate, at least for now. That sounds dramatic, but analysts say he doesn’t stand for drastic change. Kishida has said he believes a more equal distribution of wealth is needed to prevent the world’s third largest economy from sinking into stagnation. TOKYO (AP) - Prime Minister Fumio Kishida says Japan should revitalize its economy through “new capitalism.” Many in this avidly capitalist country are puzzled over exactly what he has in mind.
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