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EDITORIAL: Parties short on specifics for growth, wealth distribution

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Stoking economic growth and distributing wealth are key policy issues for the Oct. 31 Lower House election.

After former Prime Minister Shinzo Abe returned to power in late 2012, the nation enjoyed nearly six years of economic expansion that saw corporate profits balloon 160 percent. But wages rose only 7 percent. Stock dividends vaulted 88 percent, while corporate cash reserves swelled 52 percent.

Clearly, businesses and those with financial assets reveled in the benefits of the Bank of Japan’s “different dimension” monetary easing and corporate tax cuts while average workers saw no notable improvement in their fortunes.

With economic inequality exacerbated even further by the COVID-19 crisis, it stands to reason that Prime Minister Fumio Kishida has proposed an economic program aimed at stemming the trend and achieving both growth and a more equitable redistribution of wealth.

“I will pay serious attention to this growing inequality and seek to realize new capitalism driven by a virtuous cycle of growth and........

© The Asahi Shimbun

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