Japan is gearing up for parliament election in mid December. The ruling Democratic party dissolved the lower house of parliament on Friday to smoothen political process for general election. The cabinet also confirmed the election date for the 480-seat lower house as December 16.
The main opposition Liberal Democratic Party has been up in arms against the government lead by Prime Minister Yoshihiko Noda. The opposition was on a move to present a no-confidence motion in the lower house that would have forced Noda and his cabinet to resign.
Political analysts see the dissolution of the lower house as a submission of Noda government to mounting pressure from the opposition. The government has agreed with the opposition party to pass a deficit financing bill and to issue bonds to cover debt for the current financial year.
Japan has been in trouble reflecting economic setbacks after the massive tsunami destructions in March last year, melting down of nuclear reactors, greater-than-ever tension on Diaoyu Islands with its major trading partner China and territorial disputes with Russia over northern territories. Political indiscipline in ruling party added to the vows.
Noda who assumed the office of prime minister in September last year has doubled the consumption tax and that really irked the public. The government with a thin majority of six members has been losing popularity and a recent opinion poll recorded only 17.8 percent public support.
Single party majority is unlikely in December election and probably a coalition with minor parties would be replacing Noda, the sixth premier in last six years.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.