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Opinion

Japan's economic emergency requires more than 'new capitalism'

Fumio Kishida should focus on reinvigoration, not reinvention

| Japan
Fumio Kishida in London on May 5: Kishida must actively encourage innovation.   © AP

Nobuko Kobayashi is a partner with EY Strategy and Consulting Co., Ltd., Strategy and Transactions -- EY-Parthenon.

On May 5, Japan's Prime Minister Fumio Kishida delivered a speech to the City of London elaborating on, among other topics, a "new form of capitalism" that his administration advocates for. According to the transcript provided by the prime minister's office, he explained that "new" meant "an upgrade -- a stronger, more sustainable version of capitalism."

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