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No Confidence Motion Voted Down After Upper House Backs Def Spending Bill

JAPAN

The no confidence motion presented against the gov't of PM Fumio Kishida by the opposition Constitutional Democratic Party (CDP) has, as anticipated, been voted down in the House of Representatives. The vote came after the upper house of the Federal Diet, the House of Councillors, approved legislation that will see defence spending increased substantially in the years ahead.

  • Japan Times: "...a pool of nontax revenue will be created to help cover increases in defense spending in and after fiscal 2024, which ends in March 2025. The government plans to secure a total of ¥43 trillion for the country’s defenses in the five years from fiscal 2023 partly by using surplus funds in its foreign exchange special account.It plans to raise more than ¥1 trillion by increasing taxes in fiscal 2027."
  • The centre-left CDP, libertarian Nippon Ishin no Kai, far-left Communist Party of Japan, and centrist Democratic Party for the People all voted against the spending increase, but the support for Kishida's conservative Liberal Democratic Party and its Komeito allies was sufficient to see it through (as well as defeat the no confidence motion).
  • While there has been no confirmation and the PM has sought to downplay rumours, speculation remains that Kishida could dissolve parliament himself and call a snap election. See:https://marketnews.com/local-media-outlets-suggest...
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Homepagemarkets-real-timePolitical Market NewsPolitical RiskBank of Japan (BOJ) Market NewsPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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