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South Wales Argus
2 days ago
- Business
- South Wales Argus
Japan's PM Ishiba says he will stay in office despite election loss
Mr Ishiba's ruling Liberal Democratic Party (LDP) and its junior coalition partner Komeito were three seats short of maintaining a majority in the 248-seat upper house in Sunday's vote. The coalition is now a minority in both houses of the Diet, or parliament, though the LDP is still the leading party. Japan's Prime Minister Shigeru Ishiba attends a press conference at the headquarters of the Liberal Democratic Party in Tokyo (Philip Fong/Pool Photo via AP) Mr Ishiba said he takes the result seriously but that his priority is to avoid creating a political vacuum and to tackle impending challenges, including the August 1 deadline for a tariff deal with the US. 'While I painfully feel my serious responsibility over the election results, I believe I must also fulfil my responsibility I bear for the country and the people so as not to cause politics to stall or go adrift,' Mr Ishiba said. 'Challenges such as global situation and natural disaster won't wait for a better political situation.' The prime minister said he hopes to reach a mutually beneficial deal and meet with US President Donald Trump. Sunday's vote comes after Mr Ishiba's coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. Shigeru Ishiba, Japan's prime minister and president of the ruling Liberal Democratic Party, meets the media at the LDP headquarters in Tokyo (Franck Robichon, Pool Photo via AP) It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan's traditional staple of rice, and dwindling wages. Mr Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of US cars and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect on August 1 has been another blow for Mr Ishiba.
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Japan's PM Ishiba says he will stay in office despite election loss
The coalition is now a minority in both houses of the Diet, or parliament, though the LDP is still the leading party. Japan's Prime Minister Shigeru Ishiba attends a press conference at the headquarters of the Liberal Democratic Party in Tokyo (Philip Fong/Pool Photo via AP) Mr Ishiba said he takes the result seriously but that his priority is to avoid creating a political vacuum and to tackle impending challenges, including the August 1 deadline for a tariff deal with the US. 'While I painfully feel my serious responsibility over the election results, I believe I must also fulfil my responsibility I bear for the country and the people so as not to cause politics to stall or go adrift,' Mr Ishiba said. 'Challenges such as global situation and natural disaster won't wait for a better political situation.' The prime minister said he hopes to reach a mutually beneficial deal and meet with US President Donald Trump. Sunday's vote comes after Mr Ishiba's coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. Shigeru Ishiba, Japan's prime minister and president of the ruling Liberal Democratic Party, meets the media at the LDP headquarters in Tokyo (Franck Robichon, Pool Photo via AP) It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan's traditional staple of rice, and dwindling wages. Mr Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of US cars and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect on August 1 has been another blow for Mr Ishiba.
Japan Today
2 days ago
- Business
- Japan Today
Opposition parties to press Ishiba on consumption tax cut
Shigeru Ishiba, Japan's Prime Minister and president of the ruling Liberal Democratic Party (LDP), walks before a board with few red paper roses showing elected candidate at the LDP headquarters in Tokyo, Sunday, July 20, 2025. (Franck Robichon, Pool Photo via AP) Prime Minister Shigeru Ishiba remains opposed to a consumption tax cut, but opposition parties are expected to intensify calls for such measures after gaining more seats in Sunday's House of Councillors election. Ishiba's Liberal Democratic Party and its junior coalition partner, Komeito, suffered a major setback in the upper house election, as the ruling bloc proposed cash handouts to address inflation as a key pillar of its campaign pledges. Opposition forces have pledged to reduce or abolish the consumption tax, currently set at 10 percent for most goods and services and 8 percent for food and beverages. With households continuing to struggle with rising prices for rice and daily necessities, how to tackle inflation emerged as the central issue in the upper house race. The election results indicated voter support for opposition parties' proposals, with a Kyodo News exit poll showing that 72 percent of respondents favored a consumption tax cut, compared with 22 percent who preferred cash payouts. Speaking on a television program after the polls closed, Ishiba reiterated that the consumption tax is a key source of revenue for medical and other social security programs, adding, "What will happen if the state's finances deteriorate further?" "We struggled to show the public that we were proposing policies for the people, not for the sake of our political parties," he said. However, the ruling coalition, which already lost its majority in the House of Representatives, or lower chamber, in the October election, may now have to pay greater attention to opposition demands to ensure the smooth passage of bills, potentially prompting debates over the consumption tax and government spending. In the run-up to the election, financial markets reacted to projections of a ruling bloc setback, amid concerns that opposition gains could lead to looser fiscal policy and further worsen Japan's already poor fiscal health. Long-term Japanese government bond yields are on the rise on concerns over potential increases in fiscal spending, with the benchmark 10-year yield rising to 1.595 percent on July 17, the highest level since 2008. Japan's combined central and local government debt is projected to reach 1,330 trillion yen ($9 trillion) by the end of March next year, equivalent to 211 percent of the country's gross domestic product, according to the Finance Ministry. The election outcome may also complicate the Bank of Japan's efforts to normalize its monetary policy after ending its unorthodox monetary easing framework, economists say. The central bank may be forced to keep interest rates on hold if Ishiba is replaced by a successor who favors aggressive monetary easing, economists say. © KYODO
Irish Examiner
2 days ago
- Business
- Irish Examiner
Japan's PM Ishiba says he will stay in office despite election loss
Japanese Prime Minister Shigeru Ishiba has said he will stay in office to tackle challenges such as rising prices and high US tariffs after a weekend election defeat left his coalition with a minority in both parliamentary chambers. Mr Ishiba's ruling Liberal Democratic Party (LDP) and its junior coalition partner Komeito were three seats short of maintaining a majority in the 248-seat upper house in Sunday's vote. The coalition is now a minority in both houses of the Diet, or parliament, though the LDP is still the leading party. Japan's Prime Minister Shigeru Ishiba attends a press conference at the headquarters of the Liberal Democratic Party in Tokyo (Philip Fong/Pool Photo via AP) Mr Ishiba said he takes the result seriously but that his priority is to avoid creating a political vacuum and to tackle impending challenges, including the August 1 deadline for a tariff deal with the US. 'While I painfully feel my serious responsibility over the election results, I believe I must also fulfil my responsibility I bear for the country and the people so as not to cause politics to stall or go adrift,' Mr Ishiba said. 'Challenges such as global situation and natural disaster won't wait for a better political situation.' The prime minister said he hopes to reach a mutually beneficial deal and meet with US President Donald Trump. Sunday's vote comes after Mr Ishiba's coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. Shigeru Ishiba, Japan's prime minister and president of the ruling Liberal Democratic Party, meets the media at the LDP headquarters in Tokyo (Franck Robichon, Pool Photo via AP) It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan's traditional staple of rice, and dwindling wages. Mr Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of US cars and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect on August 1 has been another blow for Mr Ishiba.
Western Telegraph
2 days ago
- Business
- Western Telegraph
Japan's PM Ishiba says he will stay in office despite election loss
Mr Ishiba's ruling Liberal Democratic Party (LDP) and its junior coalition partner Komeito were three seats short of maintaining a majority in the 248-seat upper house in Sunday's vote. The coalition is now a minority in both houses of the Diet, or parliament, though the LDP is still the leading party. Japan's Prime Minister Shigeru Ishiba attends a press conference at the headquarters of the Liberal Democratic Party in Tokyo (Philip Fong/Pool Photo via AP) Mr Ishiba said he takes the result seriously but that his priority is to avoid creating a political vacuum and to tackle impending challenges, including the August 1 deadline for a tariff deal with the US. 'While I painfully feel my serious responsibility over the election results, I believe I must also fulfil my responsibility I bear for the country and the people so as not to cause politics to stall or go adrift,' Mr Ishiba said. 'Challenges such as global situation and natural disaster won't wait for a better political situation.' The prime minister said he hopes to reach a mutually beneficial deal and meet with US President Donald Trump. Sunday's vote comes after Mr Ishiba's coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. Shigeru Ishiba, Japan's prime minister and president of the ruling Liberal Democratic Party, meets the media at the LDP headquarters in Tokyo (Franck Robichon, Pool Photo via AP) It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan's traditional staple of rice, and dwindling wages. Mr Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of US cars and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect on August 1 has been another blow for Mr Ishiba.
