Japan: PM Kishida promises 'new form of capitalism' at Davos Agenda 2022

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Mandatory Credit: World Economic Forum

SOT, Fumio Kishida, Prime Minister of Japan: “Last year I went through some of the toughest challenges that I’ve witnessed in my political career. First I ran for the presidential election of the ruling Democratic Party and won, taking office as the Prime Minister. Then, my party won the general election by securing a stable majority. My political style is to take an aggressive approach and introduce policies swiftly while pressing the utmost importance to directly communicating with the people and workers at the frontline. I will make the most of my approach to quickly tackle three agendas during my administration: first, overcoming COVID-19, second, reviving the Japanese economy through a new form of capitalism, third, pursuing realism diplomacy for a new era.”

SOT, Fumio Kishida, Prime Minister of Japan: “However, through our fight against COVID-19 things have dramatically changed in this time and age. Nowadays every day we feel this sense of global crisis in our lives when each person and each business share this feeling of ‘half empty’ I am convinced, Japan will be able to transform itself through its bond of solidarity that is inherent in its spirits. In this new form of capitalism, I will demonstrate to a clear and full picture of the historical challenges the Japanese economy and society are currently facing.”

W/S Fumio Kishida, Prime Minister of Japan: “It’s proven in history that state capitalism without a function of cheques and balances carries a high risk of large side effects both at home and abroad. That is why I hope to transform the economy and society towards a new era protecting the universal value of democracy. In other words, my goal is to achieve the great transformation of liberal democratic society.”

SOT, Fumio Kishida, Prime Minister of Japan: “[The Japanese economy is] no longer in a deflationary situation and has achieved the expansion of women’s labour participation and employment. Japan has achieved great results but it is clear that the efforts made thus far are not enough to transform the Japanese economy into a sustainable and inclusive one. My cabinet will build on the *inaudible* achievements regarding macroeconomics and market and boldly pursue the transformation of Japan’s economy and society including green transformation and digital transformation. Against the background of people’s sense of crisis I will design and implement a mechanism that will bring out people’s endeavour and promote investment, especially in the areas of vulnerability in the Japanese economy.”

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Prime Minister of Japan Fumio Kishida outlined his agenda for the future of Japan, at his address at the World Economic Forum (WEF) Davos Agenda virtual event on Tuesday.

He brought forward his ideas for the transformation of the Japanese economy with a “new form of capitalism.”

“I will demonstrate to a clear and full picture of the historical challenges the Japanese economy and society are currently facing, ” the PM said, speaking from Tokyo.

“It’s proven in history that state capitalism without a function of cheques and balances carries a high risk of large side effects both at home and abroad. That is why I hope to transform the economy and society towards a new era protecting the universal value of democracy. In other words, my goal is to achieve the great transformation of the liberal democratic society,” he added.

The 51st Annual Meeting of the World Economic Forum, previously set to take place this week in Davos, was rescheduled to the summer due to the pandemic and replaced by the virtual event to be held on January 25-29.

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