Japanese Prime Minister Sanae Takaichi was on course for a thumping victory in snap elections on Sunday, a result that could however rile China and worry financial markets.
Capitalising on her honeymoon start as Japan’s first woman premier, Takaichi’s ruling bloc looked to have secured a two-thirds majority in the lower house, according to media estimates.
If confirmed, it would be the best result for the Liberal Democratic Party (LDP) since elections in 2017 under Takaichi’s mentor, assassinated former prime minister Shinzo Abe.
The LDP was seen winning about 300 of 465 seats, up from 198, and regaining a majority – and potentially a super-majority on its own without its junior partner, the Japan Innovation Party (JIP).
“We received (voter) backing for Prime Minister Sanae Takaichi’s responsible, proactive fiscal policies and a strengthening of national defence capabilities,” LDP secretary general Shunichi Suzuki told media.
The new Centrist Reform Alliance of the main opposition Constitutional Democratic Party (CDP) and the LDP’s previous partner Komeito looked to have lost more than two-thirds of its 167 seats.
The anti-immigration Sanseito party was projected to have increased its seats from two to between five and 14, broadcaster NHK said.
The LDP regains lost popularity under Takaichi
The 64-year-old Takaichi has regained a substantial amount of support for the LDP, which it had lost in recent elections due to rising prices and corruption.
A heavy metal drummer in her youth and admirer of former British Prime Minister Margaret Thatcher, Takaichi was on the LDP’s ultra-conservatiuve fringe when she became party chief and prime minister in October last year.
Since then, she has proved to be a hit with voters, especially young ones, but will now have to deliver on the economy and inflation.
She followed up a $135 billion stimulus package aimed at easing the pain of inflation – a big cause of voter discontent – with a campaign promise to suspend a consumption tax on food.
Japan’s debt is more than twice the size of the entire economy, and in recent weeks yields on long-dated bonds have hit record highs, causing jitters worldwide.
Sino-Japanese relations to be put to the test
Her election triumph may also cause consternation in Beijing.
Barely two weeks in office, Takaichi — seen before assuming the premiership as a China hawk – suggested that Japan could intervene militarily if Beijing sought to take self-ruled Taiwan by force.
China, which regards the democratic island as part of its territory and has not ruled out force to annex it, was furious with her unscripted remarks.
It summoned Tokyo’s ambassador, warned its citizens against visiting Japan and conducted joint air drills with Russia. Japan’s last two pandas were even returned to China last month.
