May 11, 2022

Japanese Communist Party member of the House of Councilors Daimon Mikishi on May 10, regarding the "asset income-doubling plan" which Prime Minister Kishida Fumio suddenly announced, argued that the government should reduce public anxiety over their future before encouraging them to use money for investment.

On May 5 in the City, London's financial district, PM Kishida announced that he will launch a project to double Japanese people's asset income from investments.

Daimon at an Upper House Financial Committee meeting asked if the Financial Ministry knew of Kishida's statement in the City beforehand. Financial Minister Suzuki Shun'ichi answered, "I didn't know that," triggering voices of surprise even from ruling party Dietmembers.

Daimon again asked, "Why is it that he announced it in London?" A senior official of the Financial Service Agency answered, "Because the plan is to increase Japanese people's assets from investments as yields on investments are better than that on savings."

Daimon said that he cannot support PM Kishida's plan calling on the general public to put their money into investments. Daimon continued to say that most Japanese people worry about their future and that that is why they save money rather than invest it. He emphasized the need for the government to improve the pension and social welfare programs in order to ease public anxiety about the future.

While admitting to the need to clear people's worries about their future, FM Suzuki said in response, "Half of Japanese household assets are deposits and savings. It is necessary to encourage them to use that money for investments.”