Prime Minister Shinzo Abe’s ruling coalition was on track for a sweeping election win with the premier claiming a mandate to continue with his economic policies.
The coalition of Abe’s Liberal Democratic Party and junior partner Komeito won a two-thirds majority in the lower house, according to NHK projections based on actual votes cast. The bloc won 325 of 475 seats with two still undeclared, matching the number before the election. Turnout fell to a record low on a combination of voter apathy and heavy snow in parts of the country.
The 60-year-old premier called the early election to seek a new mandate for his economic policies to end deflation after the world’s third-biggest economy slipped into recession. A convincing win would also make it easier for Abe to push ahead with unpopular plans such as restarting nuclear reactors and strengthening the nation’s military, which a majority of Japanese oppose.
Recommended Content
Editors’ Picks
EUR/USD holds steady above 1.0650, awaits US data and Fed verdict
EUR/USD is trading sideways above 1.0650 amid a softer risk tone and broad US Dollar strength on Wednesday. With European markets closed for Labor Day, the pair awaits the US employment data and the Fed policy announcements for the next directional move.
GBP/USD flatlines below 1.2500 ahead of US data, Fed
GBP/USD is off the lows but stays flatlined below 1.2500 early Wednesday. The US Dollar strength caps the pair's upside amid a cautious mood ahead of the top-tier US employment data and the all-important Fed policy announcements.
Gold price remains on tenterhooks with eyes on Fed policy decision
Gold price hovers below $2,300 as uncertainty ahead of the Fed’s policy announcements improves the appeal of the US Dollar and bond yields. The Fed is expected to support keeping interest rates at their current levels for a longer period.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.
ADP Employment Change Preview: US private sector expected to add 179K new jobs in April
The ADP report is expected to show the US private sector added 179K jobs in April. A tight labour market and sticky inflation support the Fed’s tight stance. The US Dollar seems to have entered a consolidative phase.