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How Japan's new PM is promising a 'new capitalism'
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How Japan's new PM is promising a 'new capitalism'
Japan's new prime minister, Fumio Kishida, has sold his plan to redistribute wealth in the country as the "new capitalism".
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But some critics on social media suggest the plan sounds more like socialism to them - even dubbing it Japan's "common prosperity", referring to a key policy from the Chinese Communist Party.
"Does he even understand how capitalism works?" tweeted Hiroshi Mikitani, the chief executive of Rakuten - Japan's huge online retailer and answer to retail giant Amazon.
Mr Mikitani was particularly angry about the prime minister's proposal to raise capital gains tax (CGT); the government's levy on profits made from investments, calling it "double taxation".
The Rakuten boss wasn't alone in expressing his dislike for the controversial new proposal, many feared it could swiftly kill-off a recent wave of fresh interest in the stock market from small, retail investors.
In Japan, the election of a new prime minister traditionally kick-starts a stock market rally, but instead Mr Kishida's arrival in October, (ahead of the lower house elections) saw the Nikkei 225 promptly sink.
The index fell on eight-consecutive days, a drop that has now been labelled 'the Kishida shock'.
In response, Mr Kishida swiftly backtracked on his CGT proposal, saying that he would instead not seek to change the country's taxes on capital gains and dividends, for now.
This embarrassing policy U-turn aside, there is already a distinct contrast between Mr Kishida's economic policy style and the approach of his predecessors; Yoshihide Suga and Shinzo Abe.