Ishiba, Shigeru

Subterms

    Latest story

    125 Shares135 Views

    Japan Election: Asia’s Most Stable Democracy Is Sent Into Chaos

    by

    Deep-seated grievance among Japanese voters has put the Liberal Democrats, longstanding custodians of the status quo, on notice.For years, Japan has managed to resist the populist waves that have swept Europe and the United States as disaffected electorates have demanded radical change.But as voters handed the longtime governing party of Japan a resounding blow in snap parliamentary elections on Sunday, there were signs that their frustration could convert one of the region’s most stable democracies into a much more chaotic one.On the surface, it appeared that the center had held. Even though the Liberal Democratic Party, which has dominated Japanese politics for most of the postwar era, lost its majority in the lower house of Parliament, the Constitutional Democrats, who won the second-most seats behind the L.D.P., are another relatively centrist party.But minority parties on the far left and far right both gained seats. And while Shigeru Ishiba, who was selected by the Liberal Democrats as prime minister only a month ago, blamed the party’s dismal showing on a protracted political finance scandal, analysts said the sense of grievance among voters went far deeper.“The last 30 years of stagnation and the deterioration of the living standards, especially for young people — the frustration is there,” said Kunihiko Miyake, a former Japanese diplomat who is now a special adviser at the Canon Institute for Global Studies in Tokyo.Election results reflected voter discontent over flat wages, labor shortages and a rapidly aging population.Eugene Hoshiko/Associated PressWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 113 Shares193 Views

      in Elections

      What Japan’s Political Uncertainty Means for Its Market Rally

      by

      The long-ruling Liberal Democratic Party has lost its parliamentary majority, raising questions about the policy stability that has lured investors.The steady course of the Japanese economy and business environment that has helped attract a torrent of investment in the past two years could be undercut by the political turmoil resulting from the country’s parliamentary elections on Sunday.Japan’s economy, though not growing by leaps and bounds, has inched back from the disruptions of the Covid-19 pandemic. The emergence of long-sought inflation has given the Bank of Japan room to raise interest rates for the first time in nearly two decades.Following moves by Warren Buffett last year to increase his holdings in some of Japan’s biggest trading firms, investors have shifted their money to Japan from China, which has economic and geopolitical risks. Corporate earnings in Japan have remained solid and government-led changes, such as guidelines recommending takeover offers be given serious consideration, have prompted companies to take steps to enhance their appeal to investors.Stocks in Japan have experienced one of their strongest rallies in decades. The benchmark Nikkei 225 index is up nearly 50 percent since the beginning of 2023.Now, the Liberal Democrats — the political party that has governed Japan for all but four years since 1955 — has lost its majority in the powerful lower chamber of Parliament, leaving the future structure of the government and direction of its economic policies uncertain.“The reasons that Warren Buffett and others got excited about Japan are not lost, but you need the background that is a stable macro environment,” said Jesper Koll, a director at Monex Group, a financial services firm. “For now, the bastion of stability element that has made Japan attractive is not going to be working.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares195 Views

      in Elections

      For First Time in Decades, Japan Votes in a Knife-Edge Election

      by

      The Japanese electorate seemed poised to punish the Liberal Democrats, even if it does not go so far as to hand power to the opposition.Japanese voters are not accustomed to nail-biter elections.But as the country holds parliamentary elections on Sunday, the party that has governed Japan for all but four years since 1955 is facing the possibility that it could lose its majority in the body’s lower chamber, the House of Representatives.Just one month after a leadership vote by the conservative Liberal Democratic Party anointed Shigeru Ishiba as the new prime minister, the party entered the election under considerable pressure from a public angered by a long-simmering political finance scandal, rising inflation and the burdens of raising families.That does not necessarily mean that Japanese voters are ready to hand the government to a divided and enfeebled political opposition, which last won a general election 15 years ago. Analysts said it was likely that the incumbent party would either eke out just enough seats to retain parliamentary power or would be forced to bring on new coalition partners to remain in charge.“What is most interesting about this election is its uncertainty,” said Masaru Kohno, a political scientist at Waseda University in Tokyo.Unlike in other countries, where the electorate is divided over ideology and vastly different policy platforms, Japanese voters are frustrated by a sense that all options are uninspiring and that the governing party has grown complacent.On the eve of the election, Mr. Ishiba stopped at a rally for a Liberal Democratic candidate near the Tokyo Dome, a baseball stadium in the northern part of the city. Acknowledging the instability in his party, he appealed to the undecided voters standing in the crowd of about 500 that had gathered on the edge of a playground.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares189 Views

      in Elections

      Stocks Tumble in Japan After Party’s Election of New Prime Minister

      by

      Stocks dropped after Japan’s governing party chose Shigeru Ishiba, a critic of the country’s longstanding ultralow interest rates, as its leader.Stocks in Japan fell sharply after the country’s governing party chose a leader some view as hawkish on interest rates, underlining how central bank decisions continue to set the course of the world’s fourth-largest economy after decades of easy money policy.On Friday, Japan’s Liberal Democratic Party elected Shigeru Ishiba, a proponent of raising interest rates to help curb inflation, as Japan’s next prime minister.Mr. Ishiba narrowly defeated Sanae Takaichi, a disciple of Shinzo Abe, who remains committed to the former prime minister’s longstanding policies aimed at strengthening Japan’s economy by maintaining ultralow interest rates.Japan’s benchmark Nikkei 225 index fell more than 4 percent in early trading on Monday.Some economists said the decline, which they described as the “Ishiba Shock,” was caused by the unwinding of stock trading that reflected expectations that Ms. Takaichi would be elected.The market jitters show how the recent L.D.P. election came at a pivotal moment for the Japanese economy.Following a recent surge of inflation, the Bank of Japan has raised interest rates twice this year. The bank’s governor, Kazuo Ueda, has indicated he plans to continue increasing rates, though it is unclear how quickly that might happen.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More