Japanese Premier Abe vows painful economic reforms after election victory
Mon Jul 22, 2013 8:6AM
Japan’s Liberal Democratic Party (LDP) and and its coalition partner New Komeito won 135 seats of the 242-member house of councilors in the July 21 parliamentary election.Japan’s Prime Minister Shinzo Abe says his administration will fix the country’s economic woes by carrying out painful reforms. Abe made the remarks on Monday after his Liberal Democratic Party (LDP) and its coalition partner New Komeito won a solid majority in the election for the upper house of parliament. Abe said that the result of the vote is an endorsement of his conservative economic and political reforms.
“We appealed to voters in this election that we will press forward with economic policies. They back our position after we said this is the way to go and nothing else,” he told reporters in the Japanese capital, Tokyo.“Without a strong economy, we cannot solidify the fiscal foundation to support social security, and it is the same for diplomacy and national security. We will focus on this for now.” Abe added that the government will “make the final decision this autumn on whether to raise the sales tax based on the economic indices from this April to June.” The LDP and Komeito won 135 seats of the 242-member house of councilors. That means that the government will control both legislative chambers until at least 2016. Since Abe’s administration came to power, the economy has grown by four percent and the stock market by over 40 percent. Abe is facing difficult tasks of making structural changes to Japan’s economy, and of increasing taxes. DB/HSN