In Japan, an uphill climb for PM Kishida's 'new capitalism'.

Prime Minister Kishida Fumio's new capitalism seeks to supplant the long-standing neoliberal policies that have dominated Japan since the 1980s, including the country's more recent shift to "shareholder capitalism." Instead, the Kishida administration is pursuing a more inclusive "stakeholder capitalism" and aims to stimulate a "virtuous cycle of growth and distribution" to increase wages nationwide and revitalize a slowly eroding middle class.

Today, the Kishida administration faces significant...