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Japan's Ruling LDP under PM Ishiba Faces Potential Loss of Majority amid Slush Fund Scandal in 465-Seat Election

Oct 26, 2024, 10:03 PM

Japan is holding a crucial general election on Sunday, with voters casting ballots for the Lower House of Parliament, where 465 seats are up for grabs. The ruling Liberal Democratic Party (LDP), led by Prime Minister Shigeru Ishiba, faces one of its toughest tests in years amid declining support due to a slush funds scandal and rising cost of living. Opinion polls suggest the LDP and its coalition partner Komeito may lose their comfortable majority, potentially losing 50 of their 247 seats and suffering their worst result since 2009. The LDP, which has dominated Japanese politics for all but four years since 1955, could be forced into power-sharing deals if it loses its majority. Such an outcome may bring uncertainty to Japanese markets, with analysts predicting potential impacts on stocks. The opposition parties, including the Constitutional Democratic Party of Japan (CDPJ), are capitalizing on public dissatisfaction and campaigning hard to gain seats.