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Exit Polls: PM Ishiba's LDP Set to Lose Majority in Japan's Lower House Election

Oct 27, 2024, 11:04 AM

Japan's ruling Liberal Democratic Party (LDP) and its coalition partner Komeito faced a significant setback in Sunday's Lower House election, as exit polls indicated they may lose their majority for the first time since 2009. Prime Minister Shigeru Ishiba, leading the LDP through his first national election as prime minister, acknowledged the severe results, stating that the party "didn't gain the public's understanding." The LDP, which has dominated Japanese politics for decades, is projected by NHK to win between 153 to 219 seats, potentially losing up to 78 seats from the previous election, and falling short of the 233 seats needed for a majority in the 465-seat chamber. The main opposition party, the Constitutional Democratic Party of Japan (CDP), is expected to gain significantly, with projections showing it winning between 128 to 191 seats, potentially gaining up to 63 seats. Public discontent over the LDP's involvement in financial scandals, including a slush funds scandal, and frustration over rising living costs have contributed to the ruling coalition's declining support. Voter turnout was reported at around 31.52% as of 7:30 p.m., approximately 2.80 percentage points lower than in the previous election, potentially reflecting the electorate's dissatisfaction. The election results could usher in a period of political uncertainty in Japan, with possible implications for the country's economic policies and markets.