When Fumio Kishida was campaigning ahead of the ruling Liberal Democratic Party¡¯s presidential election last month, he vowed to draft a large stimulus package and to redistribute wealth, all while hinting he would push back the government¡¯s primary balance schedule and avoid a consumption tax hike for the next decade.
With Kishida taking over as prime minister, Finance Minister Shunichi Suzuki will be forced to balance Kishida¡¯s spending plans with the nation¡¯s poor fiscal health.
¡°To ensure market confidence, maintain the sustainability of social security and financial resources to counter emergencies like the ongoing pandemic, it¡¯s necessary to pave the way for fiscal reconstruction,¡± Suzuki, Japan¡¯s first new finance chief in almost nine years, said in an interview with media outlets on Thursday.
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