Japanese Opposition Parties Use Weak GDP to Attack Abe

November 18, 2014 Share Print 0

Opposition parties lashed out at the government of Prime Minister Shinzo Abe for its economic policies on Nov. 17 when worse-than-expected Japanese gross domestic product (GDP) data for the July-September period was released.

Economic indicators, including rising share prices, had been seen as a tail wind for the government, but the unexpected negative GDP growth for two consecutive quarters is beginning to set the stage for a possible snap general election to be focused on whether the “Abenomics” economic policy mix is good for the country.

Yukio Edano, secretary-general of the main opposition Democratic Party of Japan (DPJ), told reporters in the Diet building on Nov. 17, “This is a bad figure that goes far beyond our imagination.” He went on to say, “This is the result of the economic policy of the past two years adversely affecting the real economy. The basics of the economic policies should be reviewed.” He blamed Abenomics for the current economic slump.

via Mainichi

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.