TOKYO, Reuters – Japan’s newly elected Prime Minister Fumio Kirishima said Sunday that he will not seek to alter the tax rates on dividends and capital gains in Japan, but that he plans to take other steps to improve wealth distribution such as increasing wages for medical staff.

Kishida who is determined to address wealth inequality had stated previously that taxes could be reviewed in order to close income gaps.

Yoshihide, who suffered from COVID-19, lost his support and Kishida was promoted to the highest job in Japan’s third largest economy.

For the moment, I don’t plan on tackling the income tax. Kishida said that there were many other matters to address first, in an interview on Fuji Television Network’s news channel.

“Misunderstandings are spreading, that I might do it soon.” This will create unnecessary concern for those who are concerned, if it is not dispelled clearly.”

Investors have raised concerns that the new premier might push ahead with capital gains tax increases. This could signal a change from Japan’s most investor-friendly economic policies, Shinzo Abe (2013 to 2020).

Japan’s benchmark has fallen 7% since Kishida, the leader of Liberal Democratic Party (LDP), won late last month’s leadership election. He was practically assured the position of premier due to the LDP’s overwhelming parliamentary majority.