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Market-Roiling Kishida Sticks to Japan’s ‘New Capitalism’

  • Remarks contrast with former boss’s call to ‘buy my Abenomics’
  • Premier’s ideas have triggered declines in Nikkei 225 index
Fumio Kishida
Fumio KishidaPhotographer: Yoshikazu Tsuno/Gamma-Rapho/Bloomberg
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After roiling financial markets with comments on capital gains taxes and share buybacks, Japanese Prime Minister Fumio Kishida returned to parliament -- and investors will be watching closely to see if he does it again.

His opening speech Monday to a new session largely reiterated the outline of his New Capitalism policy framework, which is aimed at achieving a virtuous economic cycle through better distribution of the fruits of growth. That seems to contrast with the market focus of his former boss, Shinzo Abe, who as premier in 2013 urged an audience at the New York Stock Exchange to “buy my Abenomics.”