Prime Minister Fumio Kishida on Friday vowed to transform the Japanese economy by implementing a “new model of capitalism” — identifying growth and the distribution of wealth as “mutually necessary” — while also promising to expand the middle class.

In his first speech to the national legislature after assuming the Prime Minister’s Office on Monday, the nation’s 100th prime minister said he will continue to push for Japan to emerge from deflation and identified the "three arrows" from economic plans developed under former Prime Minister Shinzo Abe — aggressive monetary policy, fiscal consolidation and growth strategy — as his administration’s overall macroeconomic policy management.

He also promised massive investments in science and technology and attempted to engage with the public by sharing personal anecdotes and reflections on the pandemic.