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Abe’s Falling From Grace

by on December 2, 2013 3:31 am GMT
 

Japanese Prime Minister Shinzo Abe falls from popularity grace as public support falls to 49 percent for the first time. Once supported for his Abeconomic policies and quick economic traction, Abe’s campaign to strengthen secrecy laws may limit his ability to enact further economic reforms.

Criticism comes as many see the Peace Preservation Act of 1925 used on the ordinary Japanese people during Japan’s prewar years and World War II.

According to a survey provided by the Asahi newspaper, Abe’s public approval fell four points from the prior month, and it showed that 50 percent of the surveyed opposed the secrecy bill, which increases consequences for those who leak confidential government information. The lower house already passed the bill, and the upper house still has to vote on the matter.

The recent Japanese inflation is further damaging Abe’s popularity as it is seen that Japan is getting the “bad” inflation. Consumer prices are rising, but it is due to increases in volatile energy prices and the country’s high dependence on foreign energy resources. Businesses also remain stubborn about wage increases.

If Abe’s approval rating continues to fall, it could be lights out of the PM. “If the support rating continues to fall and touches 30 percent, past patterns show the government will collapse within a year,” said Shogo Fujita, a strategist at Bank of America Merrill Lynch.