Japanese Prime Minister Fumio Kishida said Tuesday he instructed a government economic policy panel to compile "urgent proposals" by early November to flesh out his signature "new capitalism" vision.

The proposals of the Japanese govt will include promoting advanced technology for digitalization and de-carbonization, as well as economic security issues including ensuring semiconductor supplies as "top priorities", Kishida said at the end of the panel's first meeting. The economic package planned by Kishida may include some measures in the urgent proposals if his party wins a majority in the House of Representatives election as expected, a government official told reporters.

We shared the view of targeted  improved productivity through growth strategies and increase the levels of people's income through redistribution of the fruits" of that growth, Kishida said, reiterating his principle of creating "the virtuous cycle of growth and distribution", according to reports

The Prime Minister has pledged an economic package worth "tens of trillions of yen," or hundreds of billions of dollars, to boost the Covid-19 pandemic-hit economy. Served as the head of the panel, Kishida will mull policy measures for economic growth and redistribution of wealth under his "new capitalism" policy along with 15 business leaders, researchers and his cabinet.

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