Zürcher Nachrichten - Japan PM hangs on after election debacle

EUR -
AED 4.28945
AFN 73.571842
ALL 95.234633
AMD 433.475814
ANG 2.09023
AOA 1072.041347
ARS 1624.391249
AUD 1.63948
AWG 2.104962
AZN 1.985679
BAM 1.951191
BBD 2.352842
BDT 143.331446
BGN 1.948012
BHD 0.440853
BIF 3475.37759
BMD 1.167802
BND 1.49167
BOB 8.071934
BRL 5.862249
BSD 1.168141
BTN 110.739429
BWP 15.789637
BYN 3.28933
BYR 22888.911546
BZD 2.349451
CAD 1.598171
CDF 2709.29965
CHF 0.923947
CLF 0.026847
CLP 1056.61498
CNY 7.984784
CNH 7.995079
COP 4246.173364
CRC 531.245179
CUC 1.167802
CUP 30.946743
CVE 110.238003
CZK 24.385326
DJF 207.542203
DKK 7.473761
DOP 69.192348
DZD 154.731664
EGP 61.902945
ERN 17.517024
ETB 183.782725
FJD 2.577453
FKP 0.864315
GBP 0.866456
GEL 3.147281
GGP 0.864315
GHS 13.009401
GIP 0.864315
GMD 85.836974
GNF 10250.380504
GTQ 8.924881
GYD 244.401668
HKD 9.151303
HNL 31.08704
HRK 7.532207
HTG 152.998612
HUF 365.531834
IDR 20288.217362
ILS 3.471232
IMP 0.864315
INR 110.84078
IQD 1529.820108
IRR 1536243.017503
ISK 143.803427
JEP 0.864315
JMD 183.177328
JOD 0.827996
JPY 187.244728
KES 150.771721
KGS 102.100071
KHR 4682.884489
KMF 491.64417
KPW 1050.982522
KRW 1739.416936
KWD 0.359648
KYD 0.973496
KZT 541.071968
LAK 25627.405944
LBP 104635.024073
LKR 373.228421
LRD 214.583882
LSL 19.309587
LTL 3.448215
LVL 0.706391
LYD 7.409667
MAD 10.809464
MDL 20.110412
MGA 4845.208656
MKD 61.610792
MMK 2452.359542
MNT 4179.42903
MOP 9.430026
MRU 46.711865
MUR 54.630429
MVR 18.042542
MWK 2033.142946
MXN 20.457169
MYR 4.615735
MZN 74.634209
NAD 19.32738
NGN 1603.543663
NIO 42.875791
NOK 10.88359
NPR 177.182729
NZD 2.003478
OMR 0.449007
PAB 1.168141
PEN 4.105967
PGK 5.073806
PHP 72.145608
PKR 325.495479
PLN 4.260432
PYG 7267.83311
QAR 4.254594
RON 5.101777
RSD 117.409615
RUB 87.268186
RWF 1705.574251
SAR 4.379685
SBD 9.3727
SCR 16.566391
SDG 701.272768
SEK 10.875182
SGD 1.495884
SHP 0.871882
SLE 28.757092
SLL 24488.211373
SOS 667.396854
SRD 43.746999
STD 24171.135535
STN 24.815784
SVC 10.221856
SYP 129.316627
SZL 19.32667
THB 38.282925
TJS 10.951585
TMT 4.093145
TND 3.367648
TOP 2.811786
TRY 52.631242
TTD 7.943238
TWD 36.957187
TZS 3030.445445
UAH 51.488383
UGX 4351.721074
USD 1.167802
UYU 46.490188
UZS 14095.365366
VES 565.93834
VND 30778.57922
VUV 138.235209
WST 3.171604
XAF 654.408461
XAG 0.016386
XAU 0.000257
XCD 3.156043
XCG 2.105327
XDR 0.814796
XOF 653.381544
XPF 119.331742
YER 278.695642
ZAR 19.627206
ZMK 10511.623057
ZMW 22.04892
ZWL 376.031642
  • BCC

    -3.6100

    79

    -4.57%

  • RBGPF

    -0.5300

    63.47

    -0.84%

  • CMSD

    -0.1400

    23.06

    -0.61%

  • RIO

    -1.9800

    96.51

    -2.05%

  • GSK

    -3.0700

    51.4

    -5.97%

  • CMSC

    0.0100

    22.84

    +0.04%

  • NGG

    -1.5000

    85.95

    -1.75%

  • JRI

    -0.0700

    12.74

    -0.55%

  • BCE

    -0.2450

    23.255

    -1.05%

  • RELX

    -0.2000

    35.81

    -0.56%

  • RYCEF

    0.0200

    15.22

    +0.13%

  • AZN

    -1.3900

    185.29

    -0.75%

  • VOD

    -0.1500

    15.34

    -0.98%

  • BTI

    -1.0050

    57.465

    -1.75%

  • BP

    0.4600

    46.81

    +0.98%

Japan PM hangs on after election debacle
Japan PM hangs on after election debacle / Photo: Franck ROBICHON - POOL/AFP

Japan PM hangs on after election debacle

Japanese Prime Minister Shigeru Ishiba was clinging on Monday even after his coalition disastrously lost its upper house majority in elections, as painful new US tariffs loom.

Text size:

The Liberal Democratic Party (LDP), which has governed almost continuously since 1955, and its partner Komeito had to win 50 seats in Sunday's vote but they fell three short, national broadcaster NHK reported.

Voters angry at inflation turned to other parties on Sunday, notably the "Japanese first" Sanseito, which made strong gains with its "anti-globalist" drive echoing the agenda of populist parties elsewhere.

The election debacle comes only months after Ishiba's coalition was forced into a minority government in the more powerful lower house, in the LDP's worst result in 15 years.

But asked late Sunday if he intended to remain in office, Ishiba told local media: "That's right."

He told another channel that "the deadline of (US) tariffs is coming on August 1. Until then we have to do our best with our body and soul."

Ishiba is expected to inform a meeting of senior LDP figures on Monday that he will stay in office, Jiji Press reported.

If Ishiba does go, it was unclear who might step up to replace him now that the government needs opposition support in both chambers to pass legislation.

"Ishiba may be replaced by someone else, but it's not clear who will be the successor," Hidehiro Yamamoto, politics and sociology professor at the University of Tsukuba, told AFP.

- 'Japanese first' -

In the election 125 seats in the 248-seat upper house were contested in the election.

The coalition needed 50 of those up for grabs but NHK and others said they only won 47, with the LDP winning 39 and Komeito eight, giving them 122 deputies.

Second-placed was the Constitutional Democratic Party of Japan (CDP) which won 22 of those being contested followed by the Democratic Party For the People (DPP) with 17.

The right-wing Sanseito party won 14 seats.

Sanseito wants "stricter rules and limits" on immigration, opposes "radical" gender policies, and wants a rethink on decarbonisation and vaccines.

Last week, it was forced to deny any links to Moscow -- which has backed populist parties elsewhere -- after a candidate was interviewed by Russian state media.

The opposition is fragmented, and chances are slim that the parties can form an alternative government.

But pressure will grow on the coalition to cut or abolish consumption tax, something which Ishiba has opposed in view of Japan's colossal national debts of over 200 percent of gross domestic product.

After years of stagnant or falling prices, consumers in the world's fourth-largest economy have been squeezed by inflation since Russia's 2022 invasion of Ukraine.

- Trump tariffs -

In particular, the price of rice has doubled, squeezing many household budgets despite government handouts.

Voter Hisayo Kojima -- one of legions of older people in Japan's falling and ageing population -- said outside a voting station on Sunday that her pension "is being cut shorter and shorter".

Not helping is lingering resentment about an LDP funding scandal, and US tariffs of 25 percent due to bite from August 1 if there is no trade deal with the United States.

Japanese imports are already subject to a 10 percent tariff, while the auto industry, which accounts for eight percent of jobs, is reeling from a 25 percent levy.

Despite Ishiba securing an early meeting with US President Donald Trump in February, and sending his trade envoy to Washington seven times, there has been no trade accord.

US Treasury Secretary Scott Bessent said Friday after meeting Ishiba in Tokyo that a "mutually beneficial trade agreement... remains within the realm of possibility."

H.Roth--NZN