“PUNISHING” POLITICIAN
Ishiba, 67, vowed on Monday to implement reforms to overcome “people’s suspicion, mistrust and anger” after a party slush fund scandal in the LDP, a major reason for its poor election result.
In the Tokyo district of Itabashi, LDP heavyweight Hakubun Shimomura won nine straight elections before being suspended over the scandal, running as an independent and losing on Sunday.
“It was kind of my way of punishing him,” local voter Yayoi Magara, 70, who used to back Shimomura but who cast a blank ballot, told AFP.
Japanese businesses are concerned about the potential for parliamentary paralysis holding up reforms aimed at jumpstarting the world’s fourth-largest economy.
Syetarn Hansakul from Economist Intelligence said the LDP’s poor election showing and “reduced political clout” could dent “investors’ confidence in Japan’s political and economic outlook”.
On Monday, the yen hit a three-month low, partly on fears that the political uncertainty might stop or delay the Bank of Japan increasing interest rates.
“(Although) Ishiba appears to appreciate fiscal discipline, he will likely continue to compromise and refrain from discussing additional revenue measures even though they are important in the long run,” said Shigeto Nagai at Oxford Economics.
The chairman of the Japan Business Federation on Sunday urged political parties to focus on policies to grow the economy and overcome current challenges.
https://www.channelnewsasia.com/east-asia/japan-prime-minister-shigeru-ishiba-support-collaboration-parties-election-results-4709191
