The Liberal Democratic Party (LDP), led by new leader Shigeru Ishiba, has lost its parliamentary majority in Japan’s latest election. In alliance with the Komeito party, the LDP secured 215 seats, missing the 233-seat threshold required to govern. This election setback comes just days before Ishiba’s official swearing-in as prime minister, leaving his political future uncertain.
Ishiba, acknowledging the public’s dissatisfaction, called the election results a “severe judgement” against the LDP. “Voters have handed us a harsh verdict, and we must humbly accept this result,” Ishiba said on national television. He interpreted the loss as a call for the LDP to “reflect and realign with the people’s will.”
LDP’s Worst Performance in Over a Decade
This election marks the LDP’s worst parliamentary performance since 2009. The party, which has ruled Japan almost continuously since its founding in 1955, has recently struggled with plummeting approval ratings and a series of damaging scandals. Earlier this year, LDP approval ratings sank below 20%, largely due to a political fundraising scandal that implicated several LDP lawmakers.
Scandals and Economic Strain Fuel Discontent
The LDP’s image has been marred by its association with the controversial Unification Church, which critics label as a “cult.” This relationship, alongside a corruption scandal involving high-ranking officials pocketing funds from political events, has eroded public trust. These allegations, involving millions of dollars, have even forced the dissolution of some powerful factions within the LDP.
Amid these controversies, Japanese citizens face economic strain as prices soar, affecting essentials like food, electricity, and gas. Many Japanese, including longtime LDP supporters, are frustrated. “What a wretched state the ruling party is in,” said Michiko Hamada, attending an opposition rally. “It’s tax evasion, and it’s unforgivable.”
The Constitutional Democratic Party (CDP), Japan’s largest opposition party, won 148 seats but struggles to present a unified front. The CDP has low public approval, reported at just 6.6% before the election. However, its leader, Yoshihiko Noda, expressed willingness to collaborate with other parties to challenge the ruling coalition. He called for a renewed opposition effort to hold the LDP accountable.
The election comes at a time when Japanese citizens are grappling with rising living costs and stagnant wages, a phenomenon some refer to as “the lost 30 years.” Ms. Hamada described her food costs increasing by as much as ¥20,000 ($130) per month, forcing her to cut back on basic groceries. Pensioners like Chie Shimizu have also felt the pressure, resorting to part-time work to make ends meet. “Our hourly wage has gone up a bit, but it does not match the prices,” she said while shopping for discounted food.
Nikkei Rises as Yen Falls Amid Political Uncertainty
Despite political uncertainty, Japan’s benchmark Nikkei 225 stock index rose by 1.5% following the election. However, the yen weakened against the US dollar, reflecting mixed market reactions to the LDP’s loss. Economists note that public dissatisfaction over high prices and wage stagnation could continue to challenge any future LDP-led government.
As Ishiba awaits his official appointment as prime minister, his leadership faces intense scrutiny. Many media reports suggest he might step down to take responsibility for the loss, which would make him Japan’s shortest-serving prime minister in post-war history. For now, Ishiba and the LDP must work to regain the public’s trust amid mounting calls for accountability and reform.
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