Prime Minister Sanae Takaichi has secured a decisive victory in Japan’s snap general election winning a commanding majority for the ruling Liberal Democratic Party (LDP). Early results suggest the LDP along with its coalition partner Japan Innovation Party (Ishin) is on track to secure up to 366 of the 465 seats in the lower house.
Takaichi who has led Japan since October made history as the country’s first female prime minister. Her campaign pledge to suspend the sales tax on food boosted domestic markets to record highs though it also raised investor concerns over Japan’s already heavy national debt. Analysts say the strong mandate will allow her government to pass key fiscal and economic reforms without opposition support.
Finance Minister Satsuki Katayama stressed that Japan’s foreign reserves would be managed professionally particularly if used to fund tax relief or economic stimulus. Takaichi reaffirmed her commitment to currency stability and long term fiscal sustainability.
International reactions were swift with U.S. Ambassador George Glass congratulating Takaichi and welcoming closer bilateral ties. Meanwhile the far right Sanseito party made modest gains increasing its parliamentary presence.
Elsewhere in the region Thailand held early elections with Prime Minister Anutin Charnvirakul’s Bhumjaithai Party leading early counts amid weather related disruptions.
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