Tokyo: Fumio Kishida, the newly elected Japanese Prime Minister, on Friday delivered his first policy speech, pledging to reach economic growth for the country with his "new form of capitalism" and redistribute the fruits of that success to build up a stronger middle class.

On economic policies, Kishida said that his government would invest in cutting-edge fields such as Artificial Intelligence and seek legislation to prevent the leakage of technology. HE said, "Only when we properly distribute the fruits of growth will we be able to realise more growth," Kishida said, adding that neoliberal policies had caused a "deep rift between the haves and the have-nots". Kishida also pledged to implement tax incentives for companies that raise wages.

Meanwhile, the Prime Minister promised to ward off deflation through drastic monetary easing and fiscal spending. The idea matched with "Abenomics", which was pursued by former premiers Shinzo Abe and Yoshihide Suga. Regarding the coronavirus pandemic, Kishida pledged to get fully prepared for booster shots and medical treatments, and he also stated legislation to make it easier for the government to impose restrictions on movement and secure medical resources when future waves of infections happen."The key to crisis management is to be always prepared for the worst-case scenario," Kishida said.

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