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Kishidanomics promises 'virtuous growth cycle' with redistribution

Japan's next PM seeks big COVID stimulus and end to deflation

Newly elected LDP leader Fumio Kishida has called for a stimulus package in the hundreds of billions of dollars. (Photo by Kai Fujii)

TOKYO -- Japan's presumed next prime minister, Fumio Kishida, has positioned a "virtuous cycle of growth and distribution" of wealth as the centerpiece of his economic policy, but he also signaled the status quo in many areas, such as sticking with Abenomics to defeat deflation. 

During the Liberal Democratic Party presidential election, Kishida called for income redistribution to rebuild a broad middle class, advocating a modern version of the 1960 "income-doubling plan" that helped Japan grow into an economic power.

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