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Japan's PM Kishida backpedals on raising tax on investment income

Kishida's policy ideas get cold stock market reception

Prime Minister Fumio Kishida had suggested at a news conference that raising the tax on capital gains and dividends was "one option" for carrying out his growth and redistribution policy.

TOKYO -- Newly elected Japanese Prime Minister Fumio Kishida is already backpedaling on one of his major policies, after markets reacted coolly to his proposal to raise taxes on investment income.

"Much attention has been focused only on the [taxation] issue, and there are widespread misperceptions that we will do it immediately," Kishida stated during a Fuji TV program on Sunday.

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