Kishida’s ‘new capitalism’ old wine in a stale bottle

TOKYO – Japanese Prime Minister Fumio Kishida took workplace last October guaranteeing a “new capitalism” to end deflation plus boost living requirements. Ten months upon, the enterprise already looks rather aged.

The problem: Kishida’s Liberal Democratic Party (LDP) is usually placing its wagers on a 31 yen per hour boost – a paltry US$0. 23 – in the minimum wage. May gambit that’s nor new nor especially capitalist nor prone to catalyze the virtuous period of rising consumer need Tokyo now desperately needs.

To be sure, there’s value to raising the particular minimum hourly spend from the current 961 yen, or US$7. 20, during the current fiscal year closing in March 2023. Yet two big concerns are already undermining what Kishida’s party is spinning being an epochal achievement.

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What has ‘champion of democracy’ wrought?

Despite solemn counsel from a lot of quarters against going to Taiwan, including intimidating warnings of terrible consequences from Beijing, the Speaker of the US House of Representatives, Nancy Pelosi, insisted on making the trip. She landed in Taipei in pitch-black conditions near midnight upon Tuesday. Her aircraft landed on the little-used Songshan Airport near to the […]

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