Investors Fear Talk of Taxes in Kishida’s ‘New Capitalism’ (1)

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Fumio Kishida’s first speech to parliament as Japan’s 100th prime minister was an impassioned performance compared to his staid predecessor, but it did little to relieve investor concerns that his talk of redistribution and higher taxes are bad news for stocks.

Kishida’s “new form of Japanese capitalism” made up the bulk of his speech, in which he repeated campaign pledges to redistribute wealth and narrow the gap between rich and poor. His policies have begun to ring alarm bells among some investors in Tokyo, where the Nikkei 225 Stock Average earlier this week fell for eight days in a row, …