Fumio Kishida
By Venkatesh Raghavan
The recent election results in Japan giving Prime Minister Fumio Kishida’s Liberal Democratic Party (LDP) a clear and stable mandate albeit a lesser number of seats than in the previous polls, has sent the Japanese stock markets into celebratory mode with the Nikkei registering a robust 2.38% soar within hours of announcement of the poll results. Viewers of Japanese poll fortunes over the years expressed the sentiment that the pro-industry brand value the LDP enjoyed has been vindicated and the freshly elected team is expected to come out with stimulus packages including measures to help Japanese who lost their jobs owing to the pandemic.
With Kishida, who has been serving as Prime Minister of Japan since October 4, 2021, taking charge as PM of a resurgent LDP, his win has kindled sorts of hope that it will usher in a measure of stability in terms of reining in the trend of frequent change of guard for Japan’s PM position. His immediate predecessor Yoshihide Suga had quit the post just a year after taking charge from Shinzo Abe, the longest serving Prime Minister of Japan. Even Abe had resigned twice due to illness, first time just a year of his first term in the office, and second time in September 2020, when he was succeeded by Suga. When Abe resigned as Prime Minister for the first time, he was replaced by Yasuo Fukuda, who became the first in a series of five prime ministers who each failed to retain office for more than sixteen months.
Following Kishida’s victory, for now, the euphoria is expected to settle down soon as the his government adjusts the tight schedule for the remaining part of the year to accommodate the extra budget well in time for the onset of 2022. As the election mandate is also seen as a verdict in favour of Kishida’s position strengthening itself, the budget that will be out is expected to deal with a fair number of stimulus packages. The sole spanner that is expected to be thrown in the LDP’s ambitions to move towards a more equitable society in terms of people’s financial fortunes emerges from the electoral gains of the Innovation Party in Japan’s Osaka region. The Osaka Party has succeeded in trebling its number of seats in the Lower House and is expected to strongly oppose moves to implement liberal economic reforms besides also pitching for a roll back on policies that are already implemented.Though it was only a few that expressed surprise over LDP’s clear and stable mandate, many felt that the Party had failed the electorate in responding adequately to the CoronaVirus pandemic. The Party’s right-wing leanings are set to get accentuated and one of the key policy measures that are likely to find favour is an increased spending on the country’s defense requirements. The numbers game in the lower house of Japan witnessed LDP cornering 261 seats as compared to 276 in its previous electoral essay. However, this was not perceived as much of a setback to the ruling party as it still commands a comfortable majority in the 465 member parliament. Besides, the LDP’s lesser partner in the poll fray, the Komeito has managed to secure 29 seats, boosting the alliance’s overall numbers to the 290 mark.
As of now, the critics hope that the lesser margins won by the LDP should serve to rein in the “arrogance” and “complacence” that have crept into its cadres after years of remaining in power. The poll observers also expressed the hope that LDP pays heed to the dip in its number of seats and succeeds in getting its act together.
