Koizumi Announces Bid for Leadership in Liberal Democratic Party Elections
Young Politician Shinjiro Koizumi Announces Bold Economic Plans for Japan
In a press conference held in Tokyo on Saturday, Shinjiro Koizumi, the 44-year-old agriculture minister and Liberal Democratic Party (LDP) lawmaker, announced his candidacy for the party's leadership and outlined his ambitious economic plans for Japan.
If elected prime minister, Koizumi plans to submit a draft supplementary state budget for fiscal 2025 to an extraordinary session of the Diet, Japan's parliament. He also intends to raise the minimum taxable income level in fiscal 2026 and beyond, a step already agreed upon between the ruling and opposition sides.
Koizumi expressed a negative stance on the policy of cash handouts, which was a pledge made by the LDP during the July election for the House of Councillors. "Even if we want to do it, it's difficult in reality," he stated. Instead, he set a target of increasing people's average wages by 1 million yen by fiscal 2030.
The leadership election at Japan's ruling Liberal Democratic Party is scheduled for Oct. 4, and Koizumi has announced his decision to run. If elected, he plans to immediately consider drawing up economic measures to fight inflation in Japan. He also stated that he will "take up the challenge with determination to lead the rebuilding of the LDP."
Koizumi's plan to scrap the provisional add-on gasoline tax rate immediately is another step towards his goal of stimulating the economy in Japan. He has been vocal about his intention to work on raising the minimum taxable income level and increasing people's wages, aiming to boost consumer spending and revitalise the Japanese economy.
Shinjiro Koizumi, the son of former Prime Minister Junichiro Koizumi, unveiled his candidacy for the LDP's leadership, setting himself apart from other candidates with his youth and fresh perspective. His economic plans for Japan, if implemented, could mark a significant shift in the country's economic policy.
The extraordinary session of the Diet, where Koizumi plans to submit his proposed budget, is a special assembly or meeting outside of the regular session. If elected prime minister, Koizumi will face numerous challenges, but his ambitious plans and determination to lead could pave the way for a new era in Japanese politics and economy.
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