Japanese Prime Minister Sanae Takaichi was expected to win a landslide victory in Sunday’s snap election, a result that could infuriate China and spook financial markets.
According to media estimates, Takaichi’s ruling party is believed to have secured a two-thirds majority in the House of Representatives, capitalizing on the start of her honeymoon as Japan’s first female prime minister.
If approved, it would be the Liberal Democratic Party’s best result since the 2017 election, when Takaichi’s mentor, former Prime Minister Shinzo Abe, was assassinated.
The Liberal Democratic Party appears to have regained a majority, winning about 300 of the 465 seats, up from 198 seats, and could win a super majority on its own without its junior partner, the Japan Ishin no Kai (JIP).
Liberal Democratic Party Secretary-General Shunichi Suzuki told the media, “Prime Minister Sanae Takaichi’s responsible and proactive fiscal policy and strengthening of national defense capabilities have received (voters’) support.”
The new centrist Reform Alliance, made up of the main opposition Constitutional Democratic Party of Japan (Constitutional Democratic Party of Japan) and the Liberal Democratic Party’s former partner Komeito, appears to have lost more than two-thirds of its 167 seats.
The anti-immigration Sansei Party is expected to increase its seats from two to five to 14, according to NHK.
Liberal Democratic Party regains popularity under Takaichi administration
Mr. Takaichi, 64, has regained considerable support for his Liberal Democratic Party, which it lost to rising prices and corruption in recent elections.
A heavy metal drummer in his youth and an admirer of former British Prime Minister Margaret Thatcher, Takaichi was at the ultra-conservative fringe of the Liberal Democratic Party when he became leader and prime minister last October.
Since then, she has proven popular with voters, especially young people, but will now have to contribute to the economy and inflation.
She made it a campaign promise to end sales taxes on food, following a $135 billion stimulus package aimed at easing the pain of inflation, a major source of voter dissatisfaction.
Japan’s debt is more than twice that of its entire economy, and yields on long-term government bonds have hit record highs in recent weeks, sparking anxiety around the world.
Sino-Japanese relations are being tested
Her election victory could also cause turmoil in Beijing.
Takaichi, who has only been in office for just two weeks, was seen as a China hawk even before he became prime minister, and has suggested that Japan might intervene militarily if Beijing attempts to take over self-governing Taiwan by force.
China, which considers the democratic island part of its territory and has not ruled out the possibility of military annexation, was furious at the unscripted remarks.
It summoned the ambassador from Tokyo, warned citizens not to visit Japan, and conducted joint air exercises with Russia. Last month, Japan’s last two pandas were also returned to China.