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The 2024 Lower House election took place under a rare economic circumstance in Japan’s recent history, marked by noticeable inflation amid persistently low wages. This chapter examines how such economic conditions influenced the dismal electoral outcome for the Liberal Democratic Party (LDP) under the brand-new Ishiba government. We argue that Prime Minister Ishiba’s defense of fiscal health and his slow dole-out of distributional measures in the face of the economic policy trilemma of targets of spending and fiscal discipline constituted an essential variable in explaining the LDP’s relative defeat to parties such as DPP or Reiwa, as these opposition parties capitalized on such distributional policies with significant tax reductions.

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Election Under Inflation: LDP’s Choice of Macroeconomic Policy

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  • 发表日期：

    2025年

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  • Kenya Amano,
  • Saori N. Katada

摘要

The 2024 Lower House election took place under a rare economic circumstance in Japan’s recent history, marked by noticeable inflation amid persistently low wages. This chapter examines how such economic conditions influenced the dismal electoral outcome for the Liberal Democratic Party (LDP) under the brand-new Ishiba government. We argue that Prime Minister Ishiba’s defense of fiscal health and his slow dole-out of distributional measures in the face of the economic policy trilemma of targets of spending and fiscal discipline constituted an essential variable in explaining the LDP’s relative defeat to parties such as DPP or Reiwa, as these opposition parties capitalized on such distributional policies with significant tax reductions.