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JAPAN’S POWER CHANGE: Hatoyama wins by landslide
WORLD — By MainStreetMantra Desk on August 31, 2009 at 2:33 pm
YUKIO HATOYAMA WINS
Japan’s next leader, Yukio Hatoyama, is beginning a transition to power after winning a landmark general election. Now comes the hard part. Handed a sweeping mandate for change, the Democratic Party of Japan (DPJ) begins the formidable task of delivering on a laundry list of promises intended to lift the country after its worst recession since World War II.
Exit polls show his Democratic Party of Japan overwhelmingly defeated the Liberal Democratic Party, which has governed almost unbroken since 1955. PM Taro Aso has conceded defeat and said he would resign as LDP head. Media forecasts give the DPJ 308 of the 480 seats in the lower house to the LDP’s 119, almost an exact reversal of their previous standing.
Japan’s Nikkei stock market index jumped to an 11-month high in early trading as the scale of the DPJ’s victory became clear, but the rise of the yen and Chinese stock falls led to an overall fall of 0.3%. Official results are still to be released.
Poised to become the next prime minister is DPJ leader Yukio Hatoyama. He was restrained in his first public comments since the vote.
“I hope this victory will be for the people of Japan,” he said Sunday.
Hatoyama is setting up a transition team, but is not expected to announce his Cabinet until he officially takes office through a special parliamentary session in the next two weeks.
The DPJ leader has been touting a Barack Obama-style message of change. He has pledged to raise the minimum wage and discourage hiring through agencies or on temporary contracts.
Hatoyama’s party has adopted a salvation plan based on “trickle up economics.” It wants to put money in the hands of families, in hopes that they will spend it in Japan and stimulate the world’s second-largest economy.
Tags: democratic, elections, exit, government, Hatoyama, Japan, landslide, party, policies, politics, poll, victory, voting, Yukio
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