Image Credits: ARAB NEWS
Chief Cabinet Secretary Yoshimasa Hayashi formally declared his candidacy for the Liberal Democratic Party (LDP) leadership election during a press conference held in the Diet on September 3rd. Hayashi’s candidacy comes at a time when several pressing issues are dominating the political landscape, including the contentious debate over financial income tax reforms.
During his announcement, Hayashi addressed one of the key issues of the election—the strengthening of financial income tax. He advocated for a cautious approach, suggesting that the situation should be reassessed in 2025, once corrective measures targeting the super-rich have been implemented. Hayashi underscored the importance of harmonizing tax policies with the broader economic shift from savings to investment, reflecting a nuanced understanding of Japan’s evolving economic environment.
On the topic of China, Hayashi responded to concerns about his perceived pro-China stance due to his previous role as chairman of the Japan-China Parliamentary Friendship League. He clarified that his expertise in Chinese affairs is aimed at fostering a more informed approach to handling relations with China, rather than signaling any undue favoritism.
Hayashi also addressed fiscal policy, emphasizing the need for the government to demonstrate a clear commitment to fiscal consolidation to maintain credibility. He acknowledged the role of nuclear power as a critical carbon-free energy source but reiterated that safety remains a paramount concern.
Amid calls for a sense of renewal within the party, Hayashi stressed that substantive policy implementation is more critical than mere appearances of renewal. He argued that effective policy execution is essential for genuine reform, rather than superficial changes that lack impact.
Further, Hayashi proposed a series of political and administrative reforms, including the establishment of independent administrative agencies, a review of the current structure of ministries and agencies, and potential constitutional amendments. These amendments would explicitly recognize the Self-Defense Forces, create an emergency clause, eliminate combined constituencies in the House of Councillors, and make education free.
As Hayashi positions himself for leadership, his emphasis on a balanced approach to economic reform, cautious fiscal policies, and substantive political change reflects his vision for Japan’s future under his potential leadership.