Conservatives won big in Japan’s elections!

—Japan’s conservative Liberal Democratic Party (LDP) has won a landslide victory in the election for parliament’s lower house, according to TV exit polls, returning to power after a three-year-hiatus with ex-prime minister Shinzo Abe at the helm.

Prime Minister Yoshihiko Noda on Sunday conceded defeat in the general election and said he was stepping down as
leader from his humbled governing party.

“I will resign as the head of the Democratic Party of Japan (DJP) because I take this result seriously,” he told a press conference. “I want to deeply apologise as I could not produce results.”

Noda was speaking after NHK television, citing forecasts based on both official results and its own exit polls, said the LDP had won at least 255 seats with 95 seats undecided, against 39 seats for the DPJ.

The LDP is expected to easily secure a majority of the 480-seat chamber with New Komeito, its junior coalition partner, which is expected to win at least 25 seats, NHK said.

Asked why the DPJ suffered such loss of support, Noda said: “We were unable to live up to people’s expectations when we came into government (in 2009).”

“…The new government will need to quickly deliver results ahead of upper house elections in the summer. To revive Japan’s struggling economy, Abe will likely push for increased public works spending and lobby for stronger moves by the central bank to break Japan out of its deflationary trap….”

Source:QuestCinq and agencies