Tokyo [Japan], October 29: According to Kyodo News, Japan's ruling coalition, consisting of the Liberal Democratic Party (LDP) and the Komeito Party, officially lost its majority on October 28, winning only 215 out of 465 seats in the House of Representatives, much lower than the 288 seats it won in the previous term. To gain a majority in the House of Representatives, the ruling coalition needs at least 233 seats.
The result means the party will also have to enter into complex power-sharing arrangements to stay in power, according to Reuters. This could plunge Japan into a period of political uncertainty amid economic hardship and security tensions in East Asia. Under the Japanese constitution, parties now have 30 days to form a coalition.
" This election was really difficult for us," Japanese Prime Minister Ishiba Shigeru said on television yesterday (October 28). Explaining the main reason for the ruling coalition's election defeat, Mr. Ishiba said: "We failed to resolve the people's doubts, distrust and anger over the underreporting of funds and financial issues in politics."
Voter confidence in the LDP has been eroded by a series of scandals involving dozens of party members who were found to have failed to disclose the correct amount of money raised through political fundraising. In July, 218 members of Japan's ruling party were disciplined for a range of charges, including abuse of power, mishandling classified information and failing to pay for meals at base cafeterias.
However, Prime Minister Shigeru also affirmed that he will continue to lead the government and address growing economic and security challenges.
The Guardian quoted observers as saying that any predictions about the post-election developments in Japan are uncertain, especially when some major opposition parties that have made progress in the 2024 election are showing signs of refusing to join a coalition government with the ruling bloc due to policy differences. In addition, Prime Minister Shigeru said on October 28 that he was not considering a broader political coalition "at this time", while pledging to strongly reform the LDP.
Amid the evolving political landscape, Sakai Saisuke, an economist at Mizuho Institute of Technology and Research (Japan), said: "Uncertainty about the ruling coalition's leadership is growing and the stock market may react with a sell-off, especially from foreign investors."
Mr. Masafumi Fujihara, Associate Professor of Political Science at Yamanashi University (Japan), said: "Without a strong government, it will be difficult for the Bank of Japan to raise interest rates and control the weak yen in the future."
Source: Thanh Nien Newspaper