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2025-09-20 12:18:23
Shinjiro Koizumi announces his candidacy for Liberal Democratic Party presidency, aiming to boost wage growth in Japan. Shinjiro Koizumi, a reformist and current Minister of Agriculture, Forestry, and Fisheries, announced he will immediately enact new economic measures to combat inflation and aims to raise average wages by 1 million yen (approximately $6,760) over five years. Koizumi unveiled his policy proposals on Saturday, including a gasoline tax cut and a comprehensive income tax overhaul, while also aiming to use the increased tax revenue to stimulate economic growth. In addition to the wage growth target, he also plans to increase investment in Japan by 135 trillion yen by fiscal 2030. "My top priority is to resolve the pressing issue of high prices facing the people and restore a sense of security and stability in their lives," Koizumi said at a press conference in Tokyo, formally announcing his candidacy for the presidency of the Liberal Democratic Party. Koizumi, currently Japan's agriculture minister, stated, "We will prioritize the economy, working to raise wages and expand investment to achieve national income growth that outpaces price increases." He stated that achieving the wage growth target hinges on a 2% inflation rate (consistent with the Bank of Japan's price target) and a 3% annual nominal wage growth rate. As part of a comprehensive tax reform, Koizumi announced that he would introduce a system that adjusts the tax-exempt portion of income based on price and wage growth.
