Approval Ratings Plunge and Deputy Capital Bill Stalls, Testing Takaichi Cabinet

The approval rating of the Takaichi cabinet has fallen below 50% for the first time since its inauguration, due to delays in measures against high prices and dissatisfaction with the conservative-leaning parliamentary management. In the upper house, as the end of the session approaches, deliberation on the deputy capital bill is stalling because the ruling parties are a minority. On the same day, the government approved its first 'Basic Policy' at a cabinet meeting, outlining an investment plan of about ¥370 trillion, but the market is wary of loosening fiscal discipline.

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Takaichi Cabinet Approval Rating Drops Below 50% for First Time, Discontent Over High Price Measures Erupts Approval ratings have plummeted in opinion polls by ANN, Mainichi Shimbun, and others, falling below 50% for the first time since the cabinet was formed. Criticism is strong that conservative policies, symbolized by the revision of the Imperial Household Law, are being prioritized while measures against high prices are postponed, causing unease even within the Liberal Democratic Party. In the upper house, due to the ruling parties' minority status, the schedule for deliberating the deputy capital bill has not been agreed upon, and the situation continues to be precarious. 1 2 3 4

Government Approves First 'Basic Policy' at Cabinet Meeting, Bond Market Wary of Fiscal Discipline The first economic and fiscal management guidelines of the Takaichi administration were approved at a cabinet meeting. It set an investment target of over ¥370 trillion combining public and private sectors, clearly signaling a shift to 'expansionary fiscal policy,' but avoided explicitly stating fiscal consolidation. As long-term interest rates rise, market attention is focused on the Bank of Japan's independence and the direction of interest rate hikes. 5 6 7

Corporate Governance Guidelines Revised for First Time in 5 Years, Principles Cut from 83 to 30 The Financial Services Agency and the Tokyo Stock Exchange have revised the Corporate Governance Code. In order to shift from formal compliance to substantive improvement in corporate value, they significantly reduced the number of principles and introduced new 'interpretation guidelines.' The revision encourages companies to use cash and deposits for growth investments and to disclose medium- to long-term management strategies. 8 9

Chinese and Russian Vessels Conduct Firing Drills in Japan's EEZ, Defense Minister Warns Defense Minister Koizumi revealed that vessels from China and Russia conducted live-fire exercises within Japan's Exclusive Economic Zone (EEZ). It is believed that a Chinese vessel fired a machine gun off Okinotori Island. The government has protested to China and indicated it will maintain strict vigilance and surveillance. 10

House of Representatives Members' Asset Reports Released, Youngest Lawmaker Has Zero Assets Asset reports for 465 members elected in the February House of Representatives election have been published. The average asset amount was ¥32.78 million, with LDP's Ichiro Ousaka topping the list at ¥790 million. Meanwhile, 26-year-old youngest lawmaker Nagisa Muraki (LDP) declared zero assets in all categories, stating that it 'reflects the reality of the younger generation.' 11 12

10 Years Since Yamayuri Garden Incident, Bereaved Families Call for Preventing Fading of Memory Ahead of the 10th anniversary on July 26 of the incident at a facility for people with disabilities in Sagamihara City where 45 people were killed or injured, a gathering of about 120 people, including bereaved families and welfare officials, was held. Participants criticized that 'the state has not drawn lessons from the incident' and called for the establishment of a human rights relief organization for people with disabilities. 13