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The Liberal Democratic Party (LDP) prepares for its presidential election debate, the candidates have laid out a range of economic policies that reflect their visions for Japan’s future. Former Chief Cabinet Secretary Kato has positioned himself at the forefront of the LDP presidential race by prioritizing the goal of doubling national income. Announcing his candidacy on September 10, Kato emphasized his commitment to this ambitious objective as the cornerstone of his economic policy platform. He asserted that no policy is more critical than achieving this income target, promising to implement measures with urgency and resolve. His focus also includes enhancing wage growth through reskilling initiatives, aiming to narrow gender income disparities and drive substantial economic improvements.
Former Secretary-General Ishiba has championed regional revitalization, viewing it as a vital driver for Japan’s economic growth. He plans to encourage business expansion into regional areas and address digital disparities between urban and rural sectors. Ishiba is also focused on combating deflation through increased personal consumption and real wage growth, aiming to harness regional industries to boost national economic performance.
Foreign Minister Kamikawa’s economic strategy involves tackling high prices and stagnating wages through robust support for local industries, such as agriculture, forestry, and fisheries. His September 11 statement underscored a commitment to revitalizing local economies and fostering technological advancements, with a focus on creating shared economic value and addressing Japan’s economic challenges directly.
Shinjiro Koizumi has proposed comprehensive labor market and regulatory reforms aimed at accelerating wage growth and alleviating labor shortages. Announced on September 7, Koizumi’s policies include deregulating industries to facilitate resource flow to startups and small businesses, thus promoting innovation and economic growth.
Digital Minister Kono has outlined a plan for advancing regulatory reforms to stimulate private-sector investment. His proposal, revealed on September 5, includes establishing an independent fiscal agency to review financial and social security issues. Kono’s policies aim to enhance the labor market dynamics and leverage digital technology to spur economic development.
Takayuki Kobayashi is advocating for the creation of strategic industrial clusters across Japan, focusing on sectors like semiconductors and automobiles. His September 10 proposal emphasizes regional investments to strengthen economic power and address rising prices through targeted industrial development.
Minister of State for Economic Security Takaichi stresses the importance of economic growth in reinforcing Japan’s global position. Her September 9 statement highlighted a commitment to strategic fiscal spending and investments in crisis management to ensure a strong economy.
Chief Cabinet Secretary Hayashi proposes raising the minimum wage and bolstering the content industry as part of his economic strategy. Announced on September 10, his policy aims to address income disparities and support Japan’s creative sectors to enhance economic earnings.
Secretary-General Motegi has pledged a “zero tax increase” approach while focusing on ending deflation within six months. His economic policies prioritize increasing incomes and revitalizing local economies, with particular attention to supporting small and medium-sized enterprises.
As Japan confronts economic challenges such as deflation and rising government debt, these varied policy proposals will play a crucial role in shaping the nation’s economic future. The forthcoming debate will likely scrutinize these strategies to determine their potential effectiveness in fostering a resilient and prosperous Japanese economy.