(Bloomberg) -- The secretary-general of the ruling Liberal Democratic Party threw his hat into the ring to become Japan’s next prime minister with a pledge to vanquish deflation once and for all within six months of becoming leader.
Former Foreign Minister Toshimitsu Motegi is the fifth lawmaker to announce a plan to contest the Sept. 27 election for presidency of the LDP. The leader of the LDP is all but assured of becoming prime minister because of the party’s dominance in parliament.
Motegi, who is known for his tough guy image, is viewed by political analysts as an outsider in the LDP race. Official campaigning for the election begins on Sept. 12.
In a press conference on Wednesday to announce his candidacy, Motegi said he’d work to achieve economic conditions that would allow him to declare an end to deflation within six months. He would also target nominal gross domestic product growth in the mid-2% range after two years.
He pledged not to raise taxes and said sufficient funds could be found in government accounts to pay for Japan’s planned increase in defense spending and child-rearing support.
Motegi drew attention in July when he urged the Bank of Japan to show its intention to normalize policy ahead of the bank’s July 31 board meeting, essentially urging authorities to raise its benchmark interest rate.
On Wednesday Motegi said he would take responsibility if his goals were not met after three years, an expression that usually implies resignation.
He added that he wasn’t in favor of the introduction of a tax on capital gains because it would discourage people from shifting savings into investments.
Later this week, Shinjiro Koizumi, who is one of the favorites among voters for the LDP election, is set to formally announce his candidacy. Sanae Takaichi, another frontrunner, follows early next week.
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