The ruling Liberal Democratic Party seems to have suffered crushing defeat in the Tokyo metropolitan assembly. This could be a fatal blow to Taro Aso, the prime minister and the LDP as they are heading for a general election that must be held by October.
This is disturbing development. The opposition Democratic Party of Japan (DPJ) is promising heavy transfer payments and hand outs to various sectors of constituents (such as farmers), and (yet) more regulation on already rigid labour market.
The only good news is that Japan may finally be able to get rid of the incompetent prime minister (Taro Aso, having been unable to push through any meaningful reform, deserves this defeat) - but I am skeptical if the next one would be any better.
DPJ Set To Become Top Party In Tokyo Assembly After Election
