Regular jackoffs here often aren’t able to to touch the Japanese stock markets, just as planned.
They should have titled it:
> Resting Banker Bamboozles Besties
I have no historical or anecdotal evidence to back up any suggestion that Kishida’s “New Capitalism” will produce meaningful, positive developments. Everything in the history of Japan Inc. points to the opposite, that it’s just hot air obfuscating the fact that they have no new ideas.
This is why I exited the corporate realm and chose to operate in notably peripheral industries. Working directly with/in the establishment/status quo only provides an individual or organization with headaches. It’s useless at best to do so. It’s much better to understand their myopia and lethargy, their dated practices and conservative attitudes, and use that intelligence as an advantage to support your own activities outside of that death trap.
I will add some detail to this.
Previously, Kishida made a lot of statements and drummed up a lot with his statements on neoliberalism, particularly focusing on the unequal wealth distribution between corporate and workers.
As a result, there were attempts to raise corporate taxes (or at least raise corporate taxes for companies that did not give their workers a significant wage increase), raise wages directly (via industrial action: Kishida aligned himself very closely with Rengo for this year’s spring offensive) but both these measures resulted in a very limited effect. The idea of raising corporate taxes was soon shot down by other (I suspect more Abe-era) LDP officials, and the Rengo this year had a bit of a subpar performance, and although wage increases were attained the impact has not fared well against current increasing inflation.
Recently, the PM’s draft economic policies come across as a disappointment to many. Another poster linked the Asahi Shimbun, but even sources like the Mainichi or even the more right-wing conservative Sankei Shimbun have attacked the PM for his U-turn on his policies of wealth redistribution, with the Sankei Shimbun writing: > What is worrisome is the government’s efforts to address the problem of inequality, which is the most harmful effect of neoliberalism.
> […]
> The draft action plan states that there is a “blockage” in Japan, where the fruits of growth are not properly distributed and not sufficiently passed on to employees’ salaries. It is reasonable to recognize that this is a problem that needs to be resolved. Support for higher wages and other measures to promote this are, of course, important.
> However, in order to more drastically correct the disparity, it will be necessary to redistribute income through the tax system and other means so that the uneven distribution of wealth to high-income groups can be curbed. The Kishida administration is not willing to go that far.
So far I have seen probably only the Yomiuri Shimbun report a “neutral” stance on this U turn but it is quite fair to say that the PM is facing an oddly universal criticism from all over the Japanese political compass (unless they’re LDP bootlickers), and this sort of thing is what will make the LDP lose their voting base to parties like Ishin no Kai in the upcomin election.
The bloomberg article is not a very good representation of this recent development and focuses on his previous statements/thoughts without considering his latest U turn, which I personally felt was extremely disappointing since this means he will be a Abe-Suga following the “growth” narrative without any consideration to the unequal distribution.
I will note that this might be from internal LDP opposition, perhaps to not “solidify” wealth redistribution policies till after the election. But after so long drumming up his critiques against neoliberalism, people are very anxious and quite impatient to hear of his actual policies, which from the latest draft policies seem to be nothing to cry home about and rather lacklustre.
On Kishida’s part, there seems to be more than adequate ideas and even quite a broad way he views inequality. For example, the move towards balancing wage inequality between genders represents that: a general wage increase is going to be less effective if the gender wage gap still exists in its current considerable amount. Moreover, serious attempts to raise corporate taxes were attempted, but did not succeed (again I suspect due to internal LDP opposition). I did hear rumours that in the spring offensive the government threatened to withold government contracts from companies that did not agree to a wage increase. This was even reported on (I do not recall which exact source) and I suspect a lot of government pressure alongside heavy support of Rengo action was undertaken. This leads me to suspect that his more bolder, far-reaching policies were shut down internally.
Senior LDP officials have also come out directly criticising Kishida’s ideas on wealth redistribution, with a “senior LDP official” quoted in the Yomiuri saying that it amounted to “communism”. This leads me hence to suspect that this is an internal LDP dispute, rather than lack of intent or lack of serious intent.
How can the PM overcome this/what might happen? This will largely depend on his performance in the upcoming elections to see if he can still ride off his Koizumi-level of popularity from COVID-19 and Russia. Ishin no Kai will be another space to watch: will they try and push out the more neoliberal spaces in their party to try and “claim up” those dissatisfied with Kishida’s U-turn to press on their momentum they gained in 2021? Also how will the DPP respond now that they have been trying to cozy up with the government, possibly attempting to join them in a coalition?
This upcoming elections are going to be one of the more significant elections to watch imho.
As for how will Kishida respond, it will depend on the election results which may serve to be a double-edged sword. A LDP consolidation of support may mean entrenching many of the Abe-era/faction supporters who would have objected to Kishida’s plans. However, it will give Kishida greater political capital and he might be able to brush them aside to gamble on more ambitious policy. On the other hand, LDP losing support (particularly if it is towards the more left-wing opposition or a more neoliberal-tone Ishin no Kai or a less neoliberal-tone Ishin no Kai, again watch this space) will cause a loss in political capital on Kishida’s part but will emphasise the voters’ focus on wealth redistribution.
In any case, it will be safe to be skeptical of Kishida’s plans/potential until quite openly the wealth redistribution policies are on paper.
Prime Minister Kishida Informs President Zelensky of his intention to consider a visit to Ukraine. https://news.ntv.co.jp/category/politics/88ad1bde7cec46d89436010d8bfb1dbc
5 comments
“From the perspective of people in the stock market, they want Kishida gone as soon as possible.”
dude sounds like a real homie
Alternate viewpoint: [Kishida’s ‘new capitalism’ looks like return to old LDP plans (The Asahi Shimbun)](https://www.asahi.com/ajw/articles/14634943)
I’m personally predicting a continuation of [“socialism for the rich and capitalism for the poor”](https://en.wikipedia.org/wiki/Socialism_for_the_rich_and_capitalism_for_the_poor). There’s going to be a lot of corporate handouts (and likely cuts to social programs) when they [triple the defense budget](https://www.asahi.com/articles/ASQ625CRLQ62UTFK00P.html) to a whopping 1 trillion yen.
What does this mean for regular jackoffs?
Regular jackoffs here often aren’t able to to touch the Japanese stock markets, just as planned.
They should have titled it:
> Resting Banker Bamboozles Besties
I have no historical or anecdotal evidence to back up any suggestion that Kishida’s “New Capitalism” will produce meaningful, positive developments. Everything in the history of Japan Inc. points to the opposite, that it’s just hot air obfuscating the fact that they have no new ideas.
This is why I exited the corporate realm and chose to operate in notably peripheral industries. Working directly with/in the establishment/status quo only provides an individual or organization with headaches. It’s useless at best to do so. It’s much better to understand their myopia and lethargy, their dated practices and conservative attitudes, and use that intelligence as an advantage to support your own activities outside of that death trap.
I will add some detail to this.
Previously, Kishida made a lot of statements and drummed up a lot with his statements on neoliberalism, particularly focusing on the unequal wealth distribution between corporate and workers.
As a result, there were attempts to raise corporate taxes (or at least raise corporate taxes for companies that did not give their workers a significant wage increase), raise wages directly (via industrial action: Kishida aligned himself very closely with Rengo for this year’s spring offensive) but both these measures resulted in a very limited effect. The idea of raising corporate taxes was soon shot down by other (I suspect more Abe-era) LDP officials, and the Rengo this year had a bit of a subpar performance, and although wage increases were attained the impact has not fared well against current increasing inflation.
Recently, the PM’s draft economic policies come across as a disappointment to many. Another poster linked the Asahi Shimbun, but even sources like the Mainichi or even the more right-wing conservative Sankei Shimbun have attacked the PM for his U-turn on his policies of wealth redistribution, with the Sankei Shimbun writing:
> What is worrisome is the government’s efforts to address the problem of inequality, which is the most harmful effect of neoliberalism.
> […]
> The draft action plan states that there is a “blockage” in Japan, where the fruits of growth are not properly distributed and not sufficiently passed on to employees’ salaries. It is reasonable to recognize that this is a problem that needs to be resolved. Support for higher wages and other measures to promote this are, of course, important.
> However, in order to more drastically correct the disparity, it will be necessary to redistribute income through the tax system and other means so that the uneven distribution of wealth to high-income groups can be curbed. The Kishida administration is not willing to go that far.
So far I have seen probably only the Yomiuri Shimbun report a “neutral” stance on this U turn but it is quite fair to say that the PM is facing an oddly universal criticism from all over the Japanese political compass (unless they’re LDP bootlickers), and this sort of thing is what will make the LDP lose their voting base to parties like Ishin no Kai in the upcomin election.
The bloomberg article is not a very good representation of this recent development and focuses on his previous statements/thoughts without considering his latest U turn, which I personally felt was extremely disappointing since this means he will be a Abe-Suga following the “growth” narrative without any consideration to the unequal distribution.
I will note that this might be from internal LDP opposition, perhaps to not “solidify” wealth redistribution policies till after the election. But after so long drumming up his critiques against neoliberalism, people are very anxious and quite impatient to hear of his actual policies, which from the latest draft policies seem to be nothing to cry home about and rather lacklustre.
On Kishida’s part, there seems to be more than adequate ideas and even quite a broad way he views inequality. For example, the move towards balancing wage inequality between genders represents that: a general wage increase is going to be less effective if the gender wage gap still exists in its current considerable amount. Moreover, serious attempts to raise corporate taxes were attempted, but did not succeed (again I suspect due to internal LDP opposition). I did hear rumours that in the spring offensive the government threatened to withold government contracts from companies that did not agree to a wage increase. This was even reported on (I do not recall which exact source) and I suspect a lot of government pressure alongside heavy support of Rengo action was undertaken. This leads me to suspect that his more bolder, far-reaching policies were shut down internally.
Senior LDP officials have also come out directly criticising Kishida’s ideas on wealth redistribution, with a “senior LDP official” quoted in the Yomiuri saying that it amounted to “communism”. This leads me hence to suspect that this is an internal LDP dispute, rather than lack of intent or lack of serious intent.
How can the PM overcome this/what might happen? This will largely depend on his performance in the upcoming elections to see if he can still ride off his Koizumi-level of popularity from COVID-19 and Russia. Ishin no Kai will be another space to watch: will they try and push out the more neoliberal spaces in their party to try and “claim up” those dissatisfied with Kishida’s U-turn to press on their momentum they gained in 2021? Also how will the DPP respond now that they have been trying to cozy up with the government, possibly attempting to join them in a coalition?
This upcoming elections are going to be one of the more significant elections to watch imho.
As for how will Kishida respond, it will depend on the election results which may serve to be a double-edged sword. A LDP consolidation of support may mean entrenching many of the Abe-era/faction supporters who would have objected to Kishida’s plans. However, it will give Kishida greater political capital and he might be able to brush them aside to gamble on more ambitious policy. On the other hand, LDP losing support (particularly if it is towards the more left-wing opposition or a more neoliberal-tone Ishin no Kai or a less neoliberal-tone Ishin no Kai, again watch this space) will cause a loss in political capital on Kishida’s part but will emphasise the voters’ focus on wealth redistribution.
In any case, it will be safe to be skeptical of Kishida’s plans/potential until quite openly the wealth redistribution policies are on paper.