Japan's ruling coalition faces election setback amid deep-seated social issues: expert

A Japanese scholar on Thursday pointed out deep-rooted social issues are key drivers behind the political defeat of Japan's ruling coalition in the general election.

Following Japan's general election on Oct 27, the ruling coalition of the Liberal Democratic Party (LDP) and its partner Komeito fell short of the majority threshold, bringing political uncertainty to an economy that is already facing an array of challenges.

The LDP and Komeito got a total of 215 of the 465 seats in the powerful chamber of parliament, below the 233 seats needed for the majority. The LDP alone won 191 seats, much less than the 247 seats it held prior to the election.

In contrast, the main opposition Constitutional Democratic Party significantly increased its representation, rising from 98 seats before the election to 148 seats.

"One of the reasons the Ishiba government isn't popular is due to the persistent funding scandal, but that's not the only reason. What most people are worried about is obviously the economy and their salaries. Following that are concerns about social welfare and security. Currently, prices in Japan are skyrocketing, with housing costs in places like Tokyo continually on the rise. However, salary increments have failed to keep pace. Consequently, people are feeling the pinch in their day-to-day life," said Ryo Sahashi, a professor at the Institute of Advanced Studies on Asia, University of Tokyo. Japan's parliament is scheduled to convene a special session starting on Nov 11 following the general election. The question of whether the current Japanese Prime Minister Shigeru Ishiba can secure reelection has become a focal point of public interest and scrutiny.

Expressing apprehension, Sahashi highlights a growing concern that Japan is on the brink of entering another turbulent phase, regardless of the election outcome.

"Before 2012, Japan went through a period where it had six prime ministers in six years. This time highlighted that extreme instability makes it impossible to carry out significant strategies or policies. It is crucial to steer clear of a recurrence of this scenario. However, current developments suggest a return to a similar situation, causing us significant concern," said Sahashi.

Japan's ruling coalition faces election setback amid deep-seated social issues: expert

Japan's ruling coalition faces election setback amid deep-seated social issues: expert

Nanjing City in east China's Jiangsu Province has seen a surge in housing listings after easing commodity housing restrictions on Monday, as part of broader efforts to revitalize the local property market.

Under the revised rule, commodity housing units can be listed for sale immediately after the owner obtains a real estate registration certificate. As a result, homeowners have rushed to put their properties on the market.

A local real estate agency has noted a surge in property listings entering the system. Though information such as price, area, and location is available currently, photos of housing details have yet to be taken and uploaded.

"Basically, there are relatively more listings in districts like Jiangning, Qixia, and Pukou, while the number of listings in the downtown area is comparatively lower. Taxes and fees still apply; it's just that sales restrictions have been lifted," said Ye Xiaochao, a staff member from a housing agency in Nanjing City.

According to data from a local real estate agency, the city saw 3,114 new listings on Monday, compared to the usual daily average of around 850.

Industry experts believe that in the long run, lifting sales restrictions will enhance market liquidity and activity, contributing to more stable housing price expectations. At the same time, Nanjing has announced an expanded scope for housing provident funds, allowing eligible parents and children of homebuyers to apply their accounts toward financing a property purchase.

This expanded policy for withdrawing housing provident funds to cover a home's down payment now includes the buyer's parents and children, extending eligibility beyond just the homebuyer and spouse.

When purchasing a property, priority is given to withdrawing funds from the accounts of the buyer and spouse. If the combined balances in both accounts are insufficient, the buyer's parents' or children's account balances can then be utilized.

Nanjing sees spike in home listings after easing restrictions