TOKYO (Reuters) - A new party led by Tokyo Governor Yuriko Koike has unveiled policies it dubs “Yurinomics” that aim to revitalise the economy and cut reliance on fiscal spending and monetary easing, seeking to distance itself from Prime Minister Shinzo Abe’s more aggressive stimulus measures.
Below are key points from the policy platform of Koike’s “Party of Hope,” released on Friday:
- Freeze a scheduled sales tax hike to 10 percent from 8 percent in 2019. Scrap over-reliance on fiscal spending and monetary easing.
- Maintain the Bank of Japan’s massive stimulus for the time being, but call on the government and the BOJ to work together to seek a smooth exit from ultra-loose monetary policy.
- Impose tax on companies’ huge internal reserves and use the proceeds to improve Japan’s fiscal health and make up for a shortfall of revenues from freezing the sales tax hike.
- Seek to adopt a “basic income” system, in which all citizens receive a set amount of money on a regular basis, to help low-income households.
- Promote deregulation to revitalise the private sector. Take steps to nurture venture capital and start-up firms in areas like biotechnology and financial technology (fintech).
- Seek to balance the state budget through spending cuts and revenues from selling state assets.
- Echoes Abe’s calls for strict enforcement of sanctions against North Korea as a way to bring North Korea to the negotiating table.
- Put the current security law into effect to deal with escalating threats from North Korea.
- Impose strict immigration controls, address the threat of cyber terrorism and strengthen anti-terrorist policies.
- To give regional governments more autonomy in policy-making, seek a single-chamber system in parliament and drastically reduce the number of seats in parliament.
- To make education from pre-school to high school free, enhance information disclosure at central and regional governments.
- To ensure any government in the future will proceed with policies to phase out completely the use of nuclear power.
- Stays vague on whether to revise Article 9, outlawing resorting to war to settle international disputes. Says debate on revising the constitution should not be confined to this topic.
- To seek public understanding on whether to clarify the status of the Self-Defence Force - as the military is known in Japan - in the pacifist constitution.
- End nuclear power by 2030 amid public safety worries after the 2011 Fukushima nuclear disaster.
- Offer government aid on research to increase the ratio of renewable energy to 30 percent. Cut electricity consumption by 30 percent in 2030 from current levels.
- Eliminate food waste, euthanasia for pets, over-crowded commuter trains, hay fever.
- Promote a smoke-free environment to eliminate second-hand smoke.
Reporting by Leika Kihara and Tetsushi Kajimoto; Editing by SImon Cameron-Moore