Markets: Can Abe's landslide help bogged Japan?

One party rule has effectively been reinstated in Japan as Shinzo Abe's Liberal Democratic Party wins both houses. He has a mandate for dramatic reform, but changing moribund firms will be a tough slog.

Japanese Prime Minister Shinzo Abe now has what he wants. Winning yesterday’s election gives his Liberal Democratic Party firm control of both houses of the Japanese parliament. Japan’s broad Topix and Nikkei 225 Index, up 41 per cent and 40 per cent respectively in the year to date, may greet the LDP’s upper house election win with further cheer. The PM has promised to help business by embarking on a legislative campaign to loosen rules for business and cut Japan’s 35.6 per cent corporate tax rate.

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