adminThe projected victory means both chambers will be under government control, unblocking the bottleneck that has hampered legislation for the last six short-term premiers.
That will strengthen Abe’s hand as he tries to push through painful, but necessary, structural reforms aimed at dragging Japan out of two decades of economic malaise.
“We want to respond to people’s desire to feel a sense of economic improvement,” Abe told reporters as the results emerged.
“I want to make a virtuous cycle of improving the employment situation, increasing salaries and bringing about a rise in corporate investment.”
Exit polls by NHK showed Abe’s Liberal Democratic Party and its junior partner New Komeito claimed at least 73 of the 121 seats being contested.
There are 242 legislators in the upper house, serving six-year terms. Elections are held for half of the seats every three years. The coalition already has 59 seats that were not up for election yesterday.
Since romping to power in December’s vote for the more powerful lower house, the hard-charging Abe has unleashed a wave of spending and pressured the central bank to flood the market with easy money.
The moves — the first two “arrows” of a project dubbed “Abenomics” — sent the yen plunging, to the delight of exporters, and the stock market soaring.
This, coupled with some feel-good figures on GDP growth, powered 60-percent-plus public approval ratings for the prime minister, whose disastrous first turn in the top job, till September 2007, has paled in the public mind.
The third arrow of Abe’s policy programme remains hazy, but will include corporate tax breaks, special business zones, plans to boost the number of women in the workplace and Japan’s participation in a mooted free trade area that encircles the Pacific.
However, observers say reforms will be tough. Superannuated farmers tending tiny plots make up a powerful lobby group that has already made clear its unease about the extra competition this Trans-Pacific Partnership would bring.
The fact that these rural voters also form the backbone of support for the LDP could prove a problem for the premier. — AFP.
Online Reporter