Japan's PM says he is in no rush to go to polls
Source: Agencies |
October 30, 2012, Tuesday
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Print Edition
Print Edition
JAPAN'S Prime Minister Yoshihiko Noda made clear yesterday he was in no rush to go to the polls, speaking of the risk of a "political vacuum" in a speech likely to anger an opposition that has urged him to keep a promise to call an election soon.
The ruling Democratic Party of Japan swept to power in 2009 and holds a slim majority in the powerful lower house of parliament, but the opposition's domination of the upper house has allowed it to block crucial budget deficit funding legislation.
The opposition Liberal Democratic Party is using the issue to press Noda into calling an early election, at a time when opinion polls show Noda is likely to lose any vote.
But Noda showed no sign of being cowed when he delivered a policy speech at the opening of an extra parliament session called primarily to pass a bill needed to fund a 38.3 trillion yen (US$474 billion) deficit.
"In order to fulfill my responsibility for tomorrow, I cannot abandon jobs halfway to their completion," he told the lower house. "We shouldn't create at will a political vacuum that would cause policies to stall."
Fiscal stimulus plan
Speaking on the eve of a review of monetary policy by the Bank of Japan, Noda also vowed to work with the central bank more closely to support the economy, using terms employed in the past to pressure the central bank into easing policy.
Noda's cabinet approved a US$5.3 billion fiscal stimulus plan last week that economists said was too small to have much impact, and piled more pressure on the BOJ, which is expected to boost monetary stimulus steps at today's meeting.
Unless Noda wins opposition backing for the funding bill Japan's government could run out of money by the end of November, but there were scant signs that the opposition was ready to cooperate.
Noda promised in August to call an election "soon" in order to secure opposition votes for another key piece of legislation - his signature sales tax increase plan designed to shore up state finances saddled by swelling social security costs.
But he has been coy on exactly when he will call the election for the lower house, which must be held by August next year.
Analysts believe he is unlikely to do so in the near future given his party's poor ratings in opinion polls.
"Noda wants to delay the day of reckoning as long as possible," said political commentator Harumi Arima.
The ruling Democratic Party of Japan swept to power in 2009 and holds a slim majority in the powerful lower house of parliament, but the opposition's domination of the upper house has allowed it to block crucial budget deficit funding legislation.
The opposition Liberal Democratic Party is using the issue to press Noda into calling an early election, at a time when opinion polls show Noda is likely to lose any vote.
But Noda showed no sign of being cowed when he delivered a policy speech at the opening of an extra parliament session called primarily to pass a bill needed to fund a 38.3 trillion yen (US$474 billion) deficit.
"In order to fulfill my responsibility for tomorrow, I cannot abandon jobs halfway to their completion," he told the lower house. "We shouldn't create at will a political vacuum that would cause policies to stall."
Fiscal stimulus plan
Speaking on the eve of a review of monetary policy by the Bank of Japan, Noda also vowed to work with the central bank more closely to support the economy, using terms employed in the past to pressure the central bank into easing policy.
Noda's cabinet approved a US$5.3 billion fiscal stimulus plan last week that economists said was too small to have much impact, and piled more pressure on the BOJ, which is expected to boost monetary stimulus steps at today's meeting.
Unless Noda wins opposition backing for the funding bill Japan's government could run out of money by the end of November, but there were scant signs that the opposition was ready to cooperate.
Noda promised in August to call an election "soon" in order to secure opposition votes for another key piece of legislation - his signature sales tax increase plan designed to shore up state finances saddled by swelling social security costs.
But he has been coy on exactly when he will call the election for the lower house, which must be held by August next year.
Analysts believe he is unlikely to do so in the near future given his party's poor ratings in opinion polls.
"Noda wants to delay the day of reckoning as long as possible," said political commentator Harumi Arima.
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