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Japan PM Kishida was bolstered by an unexpectedly comfortable victory in the elections

TOKYO: Japanese Prime Minister Fumio Kishida announced on Monday that he will take full advantage of his surprising victory in the election when he takes on important policy issues, such as seeking to pass an additional budget to accelerate recovery process from the pandemic.

Stocks jumped to a one-month record on the relief that from the Liberal Democratic Party (LDP) has held on to its one-party majority in the face of expectations – even though it did lose a few of votes, including those of its secretary-general Akira Amari.

The result is likely to inspire Kishida who is only in office for in the last month and having nothing to show the results of his policies which will allow Kishida to put his own stamp on the position prior to an election to the upper house in the coming year.

“We won a majority, which I think in this election was significant,” said the journalist. “I want to make full use of this both in running the government and running parliament.”

Kishida an ex-soft-spoken banker, has stuck to the policies of the right-wing, and has pushed for a boost in military spending to combat a more aggressive China.

But the gains achieved by the LDP’s moderate smaller coalition partner Komeito that added number of seats by 29 percent to 32 might help to tamp down some of the party’s aggressive tendencies in this field analysts say.

Other than that, Kishida is likely to keep the policies of his predecessors, while also enhancing relationships with his main ally that is the United States and like-minded Asian-Pacific countries like India and Australia via his Quad the security structure.

In the domestic sphere, he has pledged to tackle the issue of wealth inequality by promoting an “new capitalism” as the third-largest economy in the world is struggling to recover after the outbreak of coronavirus.

Japanese shares surged on Monday as the Nikkei index rising by more than 2% , bringing it to an all-time high of one month on the hope for a stable, stable government and increased spending by the government.

Stable majority

The initial polls released on Sunday suggested that the LDP could depend on its co-coalition partner Komeito for an upper hand however, the conservative party which has been ruling for only the last few years since the party’s founding in 1955 instead secured a majority of its own.

In the final count in the end, the LDP gained 261 seats, compared to the 276 it had prior to the election. It was a solid majority that gives the party control over the parliamentary committees and allow for the swift passage of laws, including crucial budget plans.

A lower performance would increase the likelihood that Kishida might follow in the footsteps of predecessor Yoshihide Suga as a interim premier in the wake of Shinzo Abe Japan’s longest-serving prime minister who quit last year because of ill health.

The party has taken several notable losses, including the defeat of Amari in his single-seat district, as well as an ex-minister of the economy and leader of one of factions within the party, Nobuteru Ishihara, who lost to an opponent in the western Tokyo district in western Tokyo.

Analysts have suggested that the downfall of these stalwarts, contrasted with the huge successes of younger lawmakers like Taro Kono or Shinjiro Koizumi, could indicate a shift in the generational structure within the LDP.

“If we’re in a post-COVID and post-Abe (era), then the question is what are the new policy agendas that Japan has to face, not just in the next year or two but long-term,” said Kenneth McElwain, professor of political science at the University of Tokyo.

Media said Amari will resign from his position as the party’s leader. However, there was no news about a possible replacement that could affect the party’s policy, especially Kishida’s ambition of putting together an additional budget this year. This could be a very tight timeframe.

Voters took the results stride.

“This is pretty much as I expected, though I thought there might be a bit more of an impact from their handling of the coronavirus pandemic,” said Satoshi Tsujimoto, 53 and an office worker. He did not support the LDP.

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