Fumio Kishida, Japan’s new Prime Minster, dismantled the House of Representatives on Thursday. This opens the door to a general election on Oct 31.
According to Xinhua news agency, it will be the first general election in Japan’s postwar history.
The time between the dissolution and the day of voting will also be the shortest.
Kishida was elected Prime Minister in the LDP-led Parliament on October 4.
Kishida hopes to win more public support for his policies to rebuild the economy after the pandemic and increase its Covid-19 response.
He stated that an economic package of “tens to trillions of Japanese yens” was being prepared to assist people and businesses affected by the pandemic.
Kishida made his first policy speech vowing to bring about economic growth in the country through his “new form” of capitalism and to redistribute that success to create a stronger middle class.
He has however recently stressed that Japan must first achieve economic growth before it can redistribute wealth.
A Kyodo News survey found that 55.7 percent of people approved of Kishida’s Cabinet within a few hours after its launch.
After expressing doubts about his promise to reduce wealth disparities, Kishida has now indicated that he will delay his plan to increase the capital gains tax rate.
The Constitutional Democratic Party of Japan has stated that Japan cannot achieve stable economic growth and poverty reduction without a complete redistribution of wealth.
The party pledged to raise taxes on wealthy individuals and large corporations while decreasing the burden on lower and middle-income households.
CDPJ called for a temporary reduction in the consumption tax, from 10 percent to 5 percent. This would effectively exempt people earning less than 10 million yen ($88,000.633) per year from income tax.