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Stock Market Index in Japan Declines, Kishida Cabinet Starts Difficulty Responding

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Tribunnews.com Correspondent Report, Richard Susilo from Japan

TRIBUNNEWS.COM, TOKYO – Under Fumio Kishida’s government, stock prices have been declining gradually, and Prime Minister Fumio Kishida is having a hard time responding.

“Market participants’ evaluations of “new capitalism”, which emphasizes distribution, are still poor. Due to restrictions on economic activity with the spread of the coronavirus and high crude oil prices as well as Russia’s invasion of Ukraine. There was a stark scene in which opposition parties went on the defensive during the Diet deliberations, ” said a Japanese stock trader to Tribunnews.comMonday (14/3/2022).

Concerns about an economic downturn are spreading due to the tightening situation in Ukraine.

And the Nikkei Stock Average’s closing price fell to 24,717.53 yen on March 9 for the fourth straight business day, updating its lowest price this year.

Chief Cabinet Secretary Hirokazu Matsuno said that he would “closely monitor market trends with caution” and emphasized the idea of ​​working on measures against soaring crude oil prices.

“At the same time, we will mobilize all measures such as the wage increase promotion tax system to create an environment where companies can think about raising wages,” Matsuno said at a press conference, March 7, 2022.

Read also: Hackers threaten to disclose 150,000 Japanese Denso data to the public

The strong stock price goes back to the time when the stock price recovered to the 30,000 yen level following the announcement of the resignation of former Prime Minister Yoshihide Suga on September 3, 2021.

On September 29, 2021, when Prime Minister Kishida won the LDP presidential election, it fell below the 30,000 yen level as early as possible, and has continued to decline since then.

Prime Minister Kishida mentioned at a press conference on October 4, 2021, following the inauguration of the government, a review of financial income taxation, which has been shown to be “preferential treatment for the rich.”

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