Japanese voters have turned their frustration into a strong vote for the
Liberal Democratic Party (LDP), which they had kicked out of office three years
ago after more than five decades of political dominance.
Now, the old hands, mostly
ageing, conservative leaders of the LDP, are back in force.
It is rather unusual for a former
Japanese prime minister, in this case Shinzo Abe, to hold the position for a
second time. This follows his stint of one year from 2006 to 2007. His return,
despite his past dismal record, indicates a mood swing among the Japanese
people. Voters who cared to show up on Sunday picked the LDP because they are
not satisfied with the Democratic Party of Japan's performance.
Japan is facing fierce
competition in an era of globalisation. The domestic economic recession, the
question over future energy sources, and rising nationalism against the
backdrop of territorial disputes in the East China Sea were all electoral
issues. Thus, the Japanese election was closely watched not only by China but
also by South Korea and Russia, with whom Japan also has a territorial dispute.
Japanese voters have decided they want a stronger Japan to face these future
challenges.
Over the past three years, the
Japanese people have suffered from many setbacks, especially the triple
disaster of earthquake, tsunami and nuclear crisis in Fukushima. Most
important, Japan and its people have suffered from a lack of confidence due to
the economic slowdown. The Democratic Party of Japan has not transformed Japan
as it envisaged and promised. Therefore, voters punished the ruling party by switching
to the LDP, even though that party is turning hawkish, which could heighten
tensions with China, its main rival and economic partner.
This time around, together with
its coalition partner, Komeito, the LDP will have an absolute two-thirds
majority of 320, which will allow the new government to pass necessary
legislation to improve the present economic condition. Abe will be the seventh
prime minister in just six and half years.
It remains to be seen how the new
government under Abe will play out in the months to come, especially regarding
Japan-China relations.
The LDP has vowed to implement an
economic platform by further lowering interest rates to boost the economy and
increase public spending.
The LDP also vows to apply a more
hardline approach in response to security threats amidst the simmering
territorial disputes.
Nonetheless, when the LDP takes
the helm, it is likely to become pragmatic in its ties with China. After all,
it was under the LDP that the two countries established diplomatic ties.
Like it or not, the destinies of
China and Japan are tied togethert, despite past memories of colonisation and
the Second World War.
The Japanese and Chinese leaders
know that from now on they have to cooperate, otherwise they may face only one
destiny: mutual destruction. Already, the dispute over the uninhabited
Senkaku/Diaoyu Islands has had economic repercussions on both sides. The rise
of nationalism in the world's second and third largest economies is not healthy
and will have far-reaching ramifications for the region and the world.
The future of the Asean Economic
Community, set to begin in 2015, depends very much on good relations between
Japan and China. Given the uncertainty surrounding these two Asian giants, it
is essential that Asean leaders get their act together. They have to map out
clear strategies of how Asean can survive if there is a protracted conflict
between the two Asian giants.
Asean can no longer entertain the
idea that regional peace and prosperity will continue forever. Asian people
must know Asia and know when to stop hurting themselves.
Editorial Desk
Business & Investment Opportunities
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