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Tokyo Koike's new party vows to scrap over-reliance on fiscal, monetary steps
October 5, 2017 / 11:34 PM / 17 days ago

Tokyo Koike's new party vows to scrap over-reliance on fiscal, monetary steps

TOKYO (Reuters) - A new party led by Tokyo Governor Yuriko Koike said on Friday it hopes to pursue policies to revive the economy that do not rely excessively on fiscal and monetary stimulus steps in a party platform unveiled ahead of a national election on Oct. 22.

Tokyo Governor Yuriko Koike, head of Japan's Party of Hope, attends a news conference to unveil its election campaign pledges in Tokyo, Japan October 6, 2017. REUTERS/Issei Kato

Koike’s Party of Hope said it would seek to boost Japan’s potential growth through deregulation in a package of measures dubbed “Yurinomics”.

Taxing companies’ huge cash-pile and using the proceeds to create jobs would be among its proposed steps, along with increasing capital expenditure and revitalising Japan’s stock market, according to the platform.

The party, which is challenging Prime Minister Shinzo Abe’s ruling coalition, also vowed to end nuclear power by 2030 amid public safety worries after the 2011 Fukushima nuclear disaster.

Abe announced the snap election last week in the hope his Liberal Democratic Party-led coalition would keep its majority in parliament’s lower house, where it held a two-thirds “super majority” before the chamber was dissolved.

However, Koike’s new party - launched last week as a “reformist, conservative” alternative to Abe’s equally conservative LDP - has clouded the outlook amid signs voters are disillusioned with Abe after nearly five years in power.

Writing by Leika Kihara; Editing by Chang-Ran Kim and Paul Tait

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