The Japanese parliament elected Shinzo Abe as prime minister Wednesday,
giving him a second chance at the same job five years after he resigned
abruptly. He becomes the nation's seventh prime minister in six years. FULL STORY
Japan parliament picks Shinzo Abe as prime minister
December 26, 2012 -- Updated 1103 GMT (1903 HKT)
Shinzo Abe returns to power in Japan
STORY HIGHLIGHTS
- "The economy is at the bottom. It's our first mission to turn it around," Shinzo Abe says
- Abe, 58, is the nation's seventh prime minister in six years
- He faces a major task of reviving the economy and making a decision on nuclear power
Abe, 58, is the nation's
seventh prime minister in six years. He started the revolving door of
prime ministers by resigning in 2007, just one year into the job.
The leader of the Liberal
Democratic Party has vowed to boost the economy and defend Japanese
interests, including territorial disputes with China over a group of
islands.
Asia's first and second
largest economies have been embroiled in a trade dispute over the
islands in the East China Sea. Both nations claim the islands.
China was outraged when Japan nationalized the islands in September.
Abe gets second chance as Japan PM
Japan's leadership changes
Japan's nuclear dilemma
In retaliation, Chinese
consumers slowed their purchases of Japanese products, dropping Tokyo's
exports to China by more than 14% that month.
Some investors believe the second coming of Abe will be good for Japan's equity markets.
"Investors are pricing in
... much greater monetary easing," said Ben Collett, head of Japanese
equities at Louis Capital Markets in Hong Kong.
In November, Abe called
for unlimited monetary easing to jumpstart the economy. He also urged
the Bank of Japan to raise its current 1% inflation goal to as much as
3%.
Since then, investors betting on an Abe administration have pushed the Tokyo Nikkei up by more than 10%.
Then there's the
question of how Japan powers itself amid the backlash against nuclear
energy following the meltdown of Fukushima nuclear reactors. The
reactors melted after a powerful earthquake and tsunami in March last
year.
Abe's party has called
for safety tests on all nuclear plants over the next three years. Those
that pass should be brought back online, he has said.
He'll also have to deal
with the enduring task of cleaning up communities shattered by the
earthquake and tsunami, and contend with local anger that the recovery
seems to have stalled.
Former Prime Minister
Yoshihiko Noda stepped down as party president after exit polls showed a
smashing loss in lower house voting. His Democratic Party of Japan,
once seen as a breath of fresh air, was considered increasingly
ineffective.
Noda conceded defeat in
parliamentary elections, signaling the return to power of the
conservative Liberal Democratic Party that ruled the country almost
continuously since its establishment in 1955. It was forced from power
three years ago by Noda's party.
Abe is inheriting a struggling economy, regional tensions and questions over Japan's role in Asia.
"The economy is at the bottom. It's our first mission to turn it around," he said.
The new prime minister
said though he plans to take a strong stand with China and its other
neighbors, he also seek to improve relations with Beijing.
Since assuming power last year, the outgoing prime minister struggled to contend with the country's economic struggles.
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