TOKYO – Japan’s influential business lobbies on Sunday welcomed the ruling Liberal Democratic Party’s securing of a majority in the day’s House of Representatives election.
Yoshinobu Tsutsui, chairman of the Japan Business Federation, called on Prime Minister Sanae Takaichi’s administration to “exercise strong leadership based on the deep trust of the people to swiftly and steadily implement important policies.”
In a statement, the head of the business group, known as Keidanren, said Takaichi faces a variety of issues, including comprehensive reforms of tax, finance and social security systems.
The Keidanren chief released the statement after media outlets, citing exit polls, reported that the LDP is set to secure at least 233 seats in the 465-member lower house.
Separately, Ken Kobayashi, chairman of the Japan Chamber of Commerce and Industry, said the election results reflected voters’ expectations for “achieving a strong economy and political stability.”
Takaichi, an advocate of fiscal and monetary stimulus who took office in October, has vowed to build a strong economy through “responsible yet aggressive” government spending, including massive investments in strategic areas.
Kobayashi called on the administration to give careful consideration to its pledge to consider a two-year consumption tax suspension on food products, so as to “maintain market confidence in Japan’s economy at home and abroad.” Cutting the food tax was a key issue during the election campaign.
Akio Yamaguchi, chairman of the Japan Association of Corporate Executives, known as Keizai Doyukai, said debate on the specifics of the tax cut plan, including alternative revenue sources and timelines, remains insufficient.
AloJapan.com