LDP aims to boost Japan's average Income by 50% by 2040

In the day's party executive meeting, Ishiba also called for increasing the country's nominal gross domestic product to 1,000 trillion yen in 2040 as part of the goals.

The prime minister told his party to consider the goals "the most important pledge" in its campaign for the upcoming election for the House of Councillors, the upper chamber of Japan's parliament.

Through the goals, Ishiba hopes to differentiate the LDP from opposition parties, which have featured consumption tax cuts as their main policy promises.

Some in the LDP are discussing a proposal to provide cash benefits without income restrictions as an immediate remedy for the soaring cost of living.

"This year's wage increases are even greater than those of last year, which were the highest in 33 years, so we need to make sure that this (wage hike) trend is bolstered even further," Ishiba told the LDP executives.

The prime minister urged his party to compile election campaign pledges based on a strong determination that the party will create a strong economy.

After the meeting, Ishiba said to reporters, "I hope to share my vision with the people of what a strong economy is."

The country's nominal GDP in fiscal 2024 totalled some 617 trillion yen.

LDP Secretary-General Hiroshi Moriyama said at a press conference after the meeting that the 2040 targets are "fairly ambitious goals that need to be realised."

[Copyright The Jiji Press, Ltd.]