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(Bloomberg) — Japan’s former Environment Minister Shinjiro Koizumi formally announced his bid to become the nation’s next prime minister Friday, saying he will call a general election if selected and speed up decision making, while also considering a meeting with North Korea’s Kim Jong Un.
“I want to make major reforms within a year,” Koizumi said at a press conference Friday as he looks to follow in his father’s footsteps to become prime minister. “It’s time to question why Japan’s decline isn’t stopping.”
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Koizumi said he wants to put together an economic package to support those hit by inflation, submit a bill next year on labor reforms, and hold a referendum on reforming the constitution.
“Japan’s labor market reforms have fallen behind,” said Koizumi. “We should have created a job market that’s more vibrant.”
Koizumi has been placing either first or second alongside former defense minister Shigeru Ishiba in public opinion polls on preferences for LDP leader. While the party itself chooses its leader rather than the public, the weakening of block-voting factions in the party may make it easier for a younger candidate with voter appeal to win rather than a veteran with stronger connections within the party.
A host of other candidates have raised their hands for the country’s top job, including Digital Transformation Minister Kono Taro, and party heavyweight Toshimitsu Motegi.
The party will be looking to refresh its image as it seeks to recover support after a scandal over slush funds. The scandal involved secret payments to members of factions within the party. All but one of the factions have since been broken up.
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Koizumi was not a member of any faction, a factor that has helped distance him from the scandal. He has also received the support of Yoshihide Suga, a former prime minister and an influential figure within the party. Suga has said the party needs to reform itself.
On economic policies, Koizumi said he’ll largely follow Kishida’s trajectory, suggesting that he won’t put pressure on the Bank of Japan to change its normalization path, or make major changes on the fiscal policy front. He said he’d like to quicken the pace of wage hikes, and also make use of energy sources that are available. He said that restarting nuclear reactors is an option.
“With artificial intelligence and the advance of digitalization, we may run short of electricity supplies,” said Koizumi. “We need to use whatever energy sources we can.”
On foreign policy, Koizumi said he’ll further strengthen Japan’s alliance with the US, while also deepening networks in the Indo-Pacific.
In a throwback to his father’s meeting with North Korean leader Kim Jong Il in 2002, Koizumi said he’d also like to consider holding a summit with current leader Kim Jong Un as a way to make progress on the issue of Japanese nationals abducted by Pyongyang in the past.
At 43, Koizumi is likely to be the youngest of the candidates in the election. His limited experience in senior government roles may yet prove a disadvantage. His only cabinet role was as environment minister for two years through 2021.
(Updates with more details on Koizumi’s policy positions.)
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