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MNI: PBOC Net Injects CNY23 Bln Via OMOs Monday
MNI: PBOC Yuan Parity Lower At 7.0575 Monday; -4.91% Y/Y
Sharp Decline In Cabinet Approval Rating Threatens Ruling Party Stability
Support for Prime Minister Kishida's Cabinet fell below the 30% threshold, entering "dangerous zone," as the administration struggles to contain fallout from the Unification Church scandal, the state funeral of Shinzo Abe and the rising costs of living.
- A Jiji Press opinion poll showed that the approval rating of the Kishida Cabinet fell 4.9ppts to 27.4%, a new record low for this administration. Jiji assessed that the support rate fell into "dangerous zone," which generates a decline in the centripetal forces binding the administration together.
- Sources told Jiji that members of the Liberal Democratic Party were hoping that the situation would stabilise after the state funeral of former Prime Minister Shinzo Abe and were shocked to learn that the government's approval rating keeps steadily declining like a "glider without and engine."
- The recent appointment of Kishida's inexperienced son as an executive secretary to the Prime Minister generated an unnecessary fresh headwind for the embattled administration, with the Premier accused of nepotism.
- Against this backdrop, there is talk of lack of coordination between the Prime Minister's office and the ruling party. Tensions have surfaced this week as Finance Minister Suzuki failed to coordinate his trip to the U.S. with lawmakers, forcing an unusual gap in the Diet session, as he needs to attend a Budget Committee.
- While the administration still has three years until the next general election, a steep decline in public support may fuel factional infighting and provoke internal challenges to Kishida's leadership, complicating the process of formulating and passing legislation.
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