(POLITICAL) READ: Japanese election ends half a century of rule by conservative party…

Source: Newsrunner

TOKYO — Japan’s opposition swept to a historic victory in elections Sunday, crushing the ruling conservative party that has run the country for most of the postwar era and assuming the daunting task of pulling the economy out of its worst slump since World War II.

A grim-looking Prime Minister Taro Aso conceded defeat just a couple hours after polls had closed, suggesting he would quit as president of the Liberal Democratic Party, which has ruled Japan for all but 11 months since 1955.

 

“The results are very severe,” Aso said. “There has been a deep dissatisfaction with our party.”

Unemployment and deflation — and an aging, shrinking population — have left families fearful of what the future holds.

Fed up with the LDP, voters turned overwhelmingly to the opposition Democratic Party of Japan, which ran a populist-leaning platform with plans for cash handouts to families with children and expanding the social safety net. Read More