Japanese Prime Minister: Abenomics has not created a sustainable economy

TOKYO, Jan 18 (Reuters) – Japanese Prime Minister Fumio Kishida said on Tuesday that measures taken under former Prime Minister Shinzo Abe’s “Abenomics” policy of massive monetary and fiscal stimulus were not enough to create a sustainable and inclusive economy.

As part of his “new capitalism” policy, Kishida aims to help create a virtuous circle of economic growth and wealth distribution, he said during a speech at the Forum’s Davos Agenda virtual conference. global economy.

Abenomics was rolled out in 2013 to pull Japan out of economic stagnation, but it failed to close the income gaps that widened as the ranks of workers in less secure, low-paying jobs grew.

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“Rather than leaving everything to the market and competition, I will emphasize that government and the private sector work together for socio-economic transformation,” said Kishida, who took office last October. .

With regard to climate change, Japan intends to cooperate closely with other countries in Asia so that they can meet the impending global challenge together.

“While the EU began as the European Coal and Steel Community during the Cold War, I aim for the ‘Asian Zero Emission Community'”, to jointly drive technology development, infrastructure investment and fundraiser, Kishida said.

The prime minister said he wanted to present a framework for a carbon pricing mechanism to the Japanese public as Japan strives to achieve carbon neutrality by 2050.

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Reporting by Kiyoshi Takenaka, Ju-min Park; Editing by Catherine Evans and Frank Jack Daniel

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