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DPJ Suffers Crushing Defeat; LDP Wins Most Seats

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The loss seems to have been over the proposed sales tax increase, which would have been a strong negative for GDP, so this result is equity friendly:

“Public support for the DPJ rebounded when Kan took, but tumbled quickly after he floated a rise in the sales tax from 5 percent to help rein in debt.”

“Critics blame Kan’s eagerness to hike the rate for causing the DPJ’s major defeat in Sunday’s Upper House election.”

Japan Headlines:

DPJ Suffers Crushing Defeat; LDP Wins Most Seats

Corp Goods Prices Up 0.5% On Year In June

Japan’s used vehicle sales in Jan.-June fall to 2nd-lowest level

IMF Shinohara: Japan Must Be Cautious Discussing Taxes; No Sharp Yuan Rise

Edano: Won’t Rigidly Stick To Drafting Sales Tax Hike This Fiscal Year

LEAD: Tokyo stocks edge lower as post-election uncertainty weighs+

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Nothing hopeful here:

The DPJ won power for the first time yesterday on a pledge to support households battered by two decades of economic stagnation. Hatoyama has also committed to avoid increasing government bond issuance, leaving his main initiative as a redistribution of the former Liberal Democratic Party government’s stimulus efforts, which focused on public works.


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