Katsunobu Kato Advocates for Economic Revitalization in Leadership Bid

Katsunobu Kato, Japan's former health minister, announced his candidacy for the ruling party leadership race. Kato advocates for a stimulus package aimed at boosting domestic investment and regional economies. His campaign focuses on wage hikes and capital expenditure to ensure a consumption-driven economic recovery. The leadership race winner will become Japan's next prime minister.

Katsunobu Kato, a former health minister of Japan, has put forth his candidacy in the ruling party leadership race with a bold call for a stimulus package targeting domestic investment and the revitalization of regional economies.

Declaring his intention to succeed Prime Minister Fumio Kishida, Kato emphasized the urgent need to double household incomes through wage hikes, advocating for a consumption-driven recovery. 'Japan is on the cusp of emerging from deflation. We shouldn't stop this drive and instead accelerate it,' Kato stated during a news conference.

The winner of the Liberal Democratic Party's leadership race, slated for September 27, will automatically assume the role of Japan's next prime minister due to the party's parliamentary majority. Kato's campaign aims to redirect corporate reserves towards capital expenditure and wages, fostering strong consumption that would lead to further economic growth, although he is currently not the public's top choice for prime minister.

(With inputs from agencies.)