Japan’s Kono Calls for Fiscal Discipline In Entering LDP Leadership Race
(Bloomberg) -- Former Foreign and Defense Minister Kono Taro became the third lawmaker to throw his hat in the ring for the leadership of Japan’s ruling Liberal Democratic Party with a call for the nation to restore fiscal discipline.
Most Read from Bloomberg
Nazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban Eyecatcher
Sydney Central Train Station Is Now an Architectural Destination
How the Cortiços of São Paulo Helped Shelter South America’s Largest City
Kono, who is currently digital transformation minister, also said it was appropriate for the Bank of Japan to continue normalizing monetary policy as long as inflation remains in line with the bank’s expectations.
“It is time to start discussing how to balance the budget as interest rates rise, even if slowly,” Kono said in a press conference Monday to announce his plans to run in the Sept. 27 LDP leadership vote. Whoever wins that election is virtually assured of becoming Japan’s next premier thanks to the LDP’s dominance in parliament. Prime Minister Fumio Kishida said earlier this month he will step down.
“Economic growth at the expense of fiscal discipline isn’t sustainable,” Kono said.
In public opinion polls, Kono trails Shigeru Ishiba, who declared his intention to run on Saturday, and Shinjiro Koizumi, who is expected to announce his candidacy this week. Takayuki Kobayashi, a former minister for economic security, is the only other lawmaker to declare he will run. Campaigning for the election formally begins on Sept. 12.
While other declared and expected candidates have yet to disclose detailed policy platforms, Kono laid out an array of views during the one-hour press conference, from reducing regulations on ride-sharing to help foster regional economic growth to allowing married couples to choose separate surnames.
Kono highlighted his work as Japan’s vaccine czar during the pandemic and his efforts to dismantle regulations in his current role, including eliminating requirements for the use of outdated technology like name stamps, or “hanko.”
“This will be an election in which [candidates’] records in getting things done will be questioned,” he said.
Standing in front of a slogan that read “The emergency is now,” Kono played up his foreign policy experience and said Japan needed to show global leadership to tackle problems such as the war in Ukraine. He referred to both China and Russia as “dictatorships.”
Most Read from Bloomberg Businessweek
Hong Kong’s Old Airport Becomes Symbol of City’s Property Pain
Losing Your Job Used to Be Shameful. Now It’s a Whole Identity
FOMO Frenzy Fuels Taiwan Home Prices Despite Threat of China Invasion
©2024 Bloomberg L.P.
