Japan’s next leader sets sights on wage hikes to fuel growth

By ELAINE KURTENBACH
AP Business Writer

MITO, Japan (AP) — Japan’s next prime minister says he believes raising incomes is the only way to get the world’s third-largest economy growing again. Growth had stalled even before the pandemic hit, stymied by longstanding problems including a shrinking population, growing inequality and stagnant incomes. Fumio Kishida won a party vote Wednesday and is due to be named prime minister on Monday. Analysts say he is viewed as an establishment choice, not a reformer, and is unlikely to stray far from the playbook of his predecessors. First on his list is another big dose of government spending to help Japan recover from the COVID-19 shock.