(VOVworld) – Japan’s Lower House election will be held on December 14. As Prime Minister Shinzo Abe’s economic policies, known as Abenomics, have failed to restore Japan’s economy, the snap election, 2 years earlier than scheduled, is being called a referendum on his economic reform program and the prestige of the Liberal Democratic Party. Anh Huyen comments:
1,150 candidates will compete for the 475 seats in the Lower House. Although a number of parties have nominated candidates, the race will be primarily between the ruling coalition led by the Liberal Democratic Party (LDP) and the Democratic Party of Japan (DPJ). Campaigning began on December 2.
The latest poll shows that even though Abe’s economic programs have failed to restore Japan’s economic growth, support for his Liberal Democratic Party is four times that of the Democratic Party of Japan. It is almost certain that the LDP-Komeito coalition will receive the majority of votes and that Abe’s government will remain in power despite the challenges it faces.
Abenomics-centered election
Japanese voters are hoping that Abe and his government can still boost economic growth. While opposition parties have been unable to form a coalition strong enough to unseat the LDP-led coalition, Abenomics has been the focus of criticism during the campaign.
Abe became Prime Minister in December, 2012, following his Liberal Democratic party’s landslide victory. He immediately deployed a set of policies to restore Japan’s economy dubbed Abenomics by the media, which is based upon the "three arrows" of fiscal stimulus, monetary easing and structural reforms. After nearly two decades of inflation, Abenomics was expected to be an effective remedy for Japan’s economy. But recent statistics put heavy pressure on Abe and his government. After declining 7.3% in the second quarter, Japan’s GDP fell another 1.6% in the third quarter and public debt has continued to rise. The number of people optimistic about Japan’s economic revival has been decreasing. Public polls prior to the election indicated that only 16% of voters still believe in Abenomics compared to 65% when its policies were introduced.
Abenomics needs more time
Pressured by shrinking public support, the Liberal Democratic Party stressed in its campaign that Abenomics has brought about improvements in employment and wages and deferred an increase in consumption taxes from 8 to 10% which has been announced as a way to reduce budget deficit. Abe promised to balance the budget and organize a snap election to test public support for his economic policies. He said he is ready to resign if his ruling coalition does not receive a majority of the votes.
Through this election, Prime Minister Abe hopes to gain more time for his economic policies to prove effective. For the last 2 years, Japan has recorded export increases, moderate GDP growth, and improved securities indicators. But in the long term, according to economists, Abe’s government must generate more jobs, reduce negative economic indicators and put Japan on a path of sustainable growth.