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AP photo Prime Minister Fumio Kishida speaks at the New York Stock Exchange on Thursday.
By Kensaku Fujiwara / Yomiuri Shimbun Staff Writer
16:28 JST, September 23, 2022
NEW YORK — Prime Minister Fumio Kishida stated Tokyo’s intention to consider making the Nippon Individual Savings Account (NISA) investment scheme permanent in his speech at the New York Stock Exchange on Thursday.
Kishida also called for more investment in Japan, saying, “Japan’s economy will continue to show strong growth.”
NISA is an investment scheme under which a tax of about 20% on dividends and capital gains from stocks and other financial products is waived for a certain period of time. This measure is a pillar of the “Asset-Income Doubling Plan,” which the prime minister has touted.
“We now have ¥2,000 trillion in personal financial assets. Only around 10% of this is invested in stocks,” Kishida said. “In order to double asset income and enable long-term asset building for retirement, it is essential to make our small-investment tax exemption system for individuals permanent.”
If financial assets held by households flow to companies through the stock market, it is expected to lead to economic growth. The ruling parties are expected to discuss the matter toward the end of the year.
In his speech, Kishida also expressed his intention to work on such issues as reform of the seniority-based wage system, support for startups and decarbonization of the economy.
“With the help of the Japanese people, we will revive and revitalize the Japanese economy,” he said.
