Japan Cabinet Approves Plans For 'new Form Of Capitalism'
Japan's Cabinet has approved plans for what Prime Minister Kishida Fumio calls a "new form of capitalism." The strategies are aiming to double people's incomes from assets.
The government wants to grow the economy while dealing with issues like climate change and digital transformation.
It plans to make focused investments in four fields including science, technology and innovation, and achieve a 10-fold increase in business startups over the next 5 years.
The government also wants to increase wages. It plans to create a program for about 1 million workers to develop their skills and help find them new jobs.
It also wants to help people shift from savings to investments.
The plans call for a strategy on new technologies, like artificial intelligence.
The government has significant plans for the environment. It will work with the private sector to invest about 1 trillion dollars over the next 10 years to reduce Japan's carbon emissions.
Meanwhile, Prime Minister Kishida decided not to increase tax rates on profits from stock sales. It was originally intended to help close the gap between the rich and poor. But it was not included in the action plan.