"We must resolve the split in parliament through this upper house election. By doing so, Prime Minister Abe can finally get his revenge from the defeat of six years ago"
- Abe's close ally Chief Cabinet Secretary Yoshihide Suga
The world's third largest economy appears to have developed a fondness for its Prime Minister Shinzo Abe, as more people supporting his recovery plan and is feeling confident about the economic outlook. Almost a third of the nation's population thinks the economy is running well, citing a significant improvement in sentiment, as 27% of the country believes that the economy is gaining momentum, up from a mere 7% a year ago, a report from Pew Research showed. Data also showed that 40% of Japanese citizens are seeing further improvement in the economy in the next 12 months, figure more than double than that of the 16% a year ago. The boost in consumers' sentiment also would have to be credited to Abe's three-arrowed strategy, also known as "Abenomics", aimed at reviving economic growth from its 15-year bout of deflation and weak capital inflows.
Supported by improved sentiment and overall economic performance, Abe's ruling bloc remains on track for a big win in Sunday's upper house election. In case of victory it would help to end six years of parliamentary deadlock. According to the latest survey, from 37% and up to 43% of voters wanted to vote for the LDP, meaning that together with coalition partner the New Komeito, Abe should win a majority in the upper house.
© Dukascopy Bank SA