Japan's ruling party keeps majority in upper house election

• Japan's ruling Liberal Democratic Party (LDP)-Komeito coalition secured 76 seats and retained majority in Japan’s upper house of parliament in elections on Sunday, just two days after the assassination of former Prime Minister Shinzo Abe.
• The coalition party tallied 146 seats from the 248 seats, 22 more than the majority during the election for half of the seats of the less powerful Upper House.
• With this victory, Prime Minister Fumio Kishida does not need to go to the polls for three years.
• Addressing a press conference, the Japanese PM said, “I am determined to achieve results as part of my ‘new capitalism’ economic model, which is aimed primarily at revitalizing the economy. At the same time, I will take a step-by-step approach to continue our work on diplomacy, security and constitutional revision."
• ETFs: JEQ, EWJ, DXJ, FXY
• Nikkei closed 1.1% higher to 26,812.30.

Comments

[King Rat]

"New capitalism" is just more socialism favoring loyal companies in exchange for future amakudari**. Japan gave up capitalism 40 years ago and has not looked back even in nostalgia.

** www.investopedia.com/...

[Another Mountain's Rock Investing]

@King Rat thought that was only for goverment workers not companies. Sure plenty of similar practices going on either way in the private sector.