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Free AccessREPEAT: MNI: Japan Abe Wins LDP Head Race; 3rd Term As PM
Repeats Story Initially Transmitted at 05:22 GMT Sep 20/01:22 EST Sep 20
TOKYO (MNI) - Prime Minister Shinzo Abe, as widely expected, won the ruling
Liberal Democratic Party leadership race, capturing 553 of the 807 voters cast
by 402 lawmakers and 405 party members from every prefecture at the LDP.
The winner of Thursday's election will not only be the next leader of the
conservative LDP, but, as they are the ruling party, Japan's next prime minister
as well.
That would give the conservative blue-blood politician Abe an unprecedented
third three-year term as the LDP leader, and thus Prime Minister, giving him
more time to push for his life-time ambition of rewriting the post-war pacifist
constitution.
Abe will most likely continue his signature 'Abenomics', which consists of
monetary easing and fiscal spending. At the same time, he will work on expanding
Japan's working-age population.
His rival, Shigeru Ishiba, a former Defense Minister, who claimed the
signature 'Abenomics' policy had done little to benefit rural areas, got 254 of
the 807 votes cast.
--'POLICY WORKING'
Abe insisted his policy has produced results, such as improved employment
rates and a declining number of corporate bankruptcies. He also emphasized that
tax revenue has risen at both the central and local government levels.
Abe returned to power in December 2012, leading the LDP to a crushing
victory in Lower House elections. He promised to correct what he saw as an
overvalued yen, overcome years of deflation and lift inflation to a stable 2%,
with the reflationary policy mix of aggressive monetary easing, increased fiscal
spending and structural reforms.
After more than five years of massive asset purchases by the Bank of Japan,
the annual inflation rate is still under 1% and slow wage growth has left
consumer spending sluggish.
Prime Minister Abe has said the consumption tax should be raised to 10%
from 8% in October 2019 as scheduled.
--POLICY NORMALIZATION
Prime Minister Abe said last week that he would set a course for
normalizing monetary policy before the end of his third term as the president of
the ruling LDP in 2021.
When asked about Abe's remarks, BOJ Governor Haruhiko Kuroda at a news
conference Wednesday said that the BOJ continues with the current easy policy in
order to achieve the 2% inflation target.
Kuroda also said he sees no need to review the 2% price stability target,
which was set in January 2013 in exchange for the government's push for fiscal
consolidation and structural reforms. Japan's economy has improved and corporate
profits have risen but inflation still hasn't gained traction.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.