Japanese PM vows economic recovery after election victory

GMT 20:23 2014 Monday ,15 December

Arab Today, arab today Japanese PM vows economic recovery after election victory

Japanese PM Shinzo Abe
Tokyo - KUNA

Japanese Prime Minister Shinzo Abe said Monday he will continue to place a priority on revitalizing the world's third-largest economy and proceed with his economic policies.
Speaking at a news conference one day after his governing Liberal Democratic Party (LDP)-led coalition's landslide victory in Sunday's Lower House election, Abe said, "I received the voice of the public urging to proceed ahead "Abenomics" economic policies. Giving my first priority to the economy, I will firmly and drastically pursue economic measures." Abe also said the government will draw up an economic stimulus package, including measures to offset negative effects of a weaker yen, and a supplementary budget for the current business year, as well as fiscal 2015 budget bills.
With the massive election victory, 60-year-old Abe is expected to be reelected as Japan's 97th premier during a special parliamentary session and form a new Cabinet next week.
In Sunday's election, the LDP alone won 290 and its coalition partner Komeito garnered 35, securing two-thirds majority in the 475-seat strong chamber, which has the power to appoint a prime minister.
The two-thirds majority in the Lower House allows the re-enactment of bills rejected by the Upper House, and paves way to propose amendment of the Constitution.
Abe made the vote a referendum on his economic policies and the decision to delay a planned sales tax hike to 10 percent by 18 months, as the Japan's economy contracted for two quarters in a row since the April sales tax hike, from 5 percent to the current 8 percent. The second increase was originally set for October 2015.

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