Japan faces a period of political instability after the ruling coalition failed to win a majority in parliament for the first time since 2009, setting up a race between two main blocs to form a government.
A gamble by Prime Minister Shigeru Ishiba to call an early election backfired, as voters punished his ruling Liberal Democratic Party after revelations last year that party members had systematically failed to declare donations from supporters.
“We couldn’t dispel public anger over the political funds issue,” Ishiba said Sunday before the latest result. Asked if he would consider forming a coalition with other parties, he said no decisions had been made, but added that he was willing to cooperate with others if policies align. “The LDP suffered a crushing defeat,” said Takeshi Minami, chief economist at Norinchukin Research Institute, who sees a December rate hike as the main scenario.
So far, no other parties have indicated they would be willing to join the coalition and help the LDP stay in power. The leaders of smaller opposition parties said they had no intention of negotiating with the ruling coalition, but might cooperate on specific policy issues. Ishiba took over the party leadership just last month as the LDP looked to make a clean break from the scandal that had eroded the popularity of former Prime Minister Fumio Kishida.
Ishiba’s challenge will likely be made harder by demands that potential partners might make as the price of cooperation. For example, the conservative Democratic Party for the People is ideologically close to the LDP but wants the sales tax cut in half and income tax allowances increased.
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