Japan’s Koizumi Aims For Wage Growth In Policy Proposal Reveal

Shinjiro Koizumi, a reform proponent running for Japan’s ruling party’s top position, said he will aim to create fresh economic measures immediately to counter inflation and raise average wages by ¥1 million ($6,760) within five years. 

Koizumi released his policy proposals on Saturday in Tokyo, saying he will reduce gasoline levies and overhaul income taxes, while aiming to use increase in tax revenues to spur economic growth. Along with his goal for wage gains, he also targets to boost investments in Japan by ¥135 trillion by fiscal year 2030. 

Koizumi is likely to be one of the front-runners in the leadership election of the ruling Liberal Democratic Party, alongside pro-stimulus right-winger Sanae Takaichi, who outlined her policy proposals Friday. Campaigning for the leadership race starts on Sept. 22, with the vote taking place on Oct. 4.