Japan has a new government. AFP/CNA reports:
Japanese voters swept to power an untested centre-left party Sunday in an electoral avalanche that ended more than half a century of almost unbroken conservative rule, according to media projections.
The opposition Democratic Party of Japan (DPJ), led by Yukio Hatoyama, stormed home with more than 300 seats in the 480-seat lower house of parliament.
This comes at a time when the Japanese economy is returning to growth. Bloomberg reports today that Japan’s industrial output advanced for a fifth month in July.
Japanese manufacturers increased output in July at the slowest pace in four months as effects of the global stimulus and inventory restocking began to fade.
Production climbed 1.9 percent from June, when it rose 2.3 percent, the Trade Ministry said today in Tokyo. Economists surveyed by Bloomberg News expected a 1.4 percent gain.
Despite the slower pace of growth, manufacturing is likely to continue expanding as the Nomura/JMMA Japan manufacturing purchasing managers index rose again to 53.6 in August from 50.4 in July.