Prime Minister Fumio Kishida said the country needs to focus on new areas of growth as a panel laid out proposals for his ¡°new form of capitalism¡± aimed at reducing social disparities and driving the economy.

¡°We¡¯ve put together a grand design for a new capitalism,¡± Kishida said at a meeting of the panel on Tuesday. ¡°We¡¯ll seek new growth, using the problems we face as a source of energy.¡±

The proposals are likely to get a Cabinet rubber stamp in early June. Kishida and several other Cabinet ministers are on the panel, along with outside experts.