- Abe’s LDP and coaltiton partner have secured a majority in the 127 seat Tokyo metropolitan assembly
- Latest projections give them a combined tally of over 80 seats
To the extent that the results are seen as as a harbinger of national support levels, they have given a boost to Abe’s goal of achieving an upper house majority at the July 21 poll. Abe has a majority in the lower house of the Japanese parliament but wants to achieve a majority also in the upper house so he can pass legislation without having to consult with opposition parties, and possibly thus water-down bills. Gaining a majority would be beneficial to the process of passing contentious economic reform measures.
USD/JPY is a fraction higher than its Friday’s North American close, trading around 97.92/96