The market that can say no

摘要

Spring in Japan this year heralds a rash of more than 1,000 local elections across the country: on April 8th some 13 out of Japan's 47 prefectures hold gubernatorial elections, including Tokyo, Hokkaido in the north and Fukuoka in the south. Nearly every prefecture elects a new assembly on the same day. On April 22nd mayoral and municipal-assembly elections take place, along with two closely watched by-elections for the House of Councillors, the upper house of the Diet (national parliament). The results will give a clue about the prospects for the country's governing coalition of the Liberal Democratic Party (LDP) and New Komeito when they attempt to keep their majority in crucial upper-house elections in July. A strengthened majority then would be a welcome boost for Shinzo Abe, the prime minister who has seen his popularity slump since he came to office six months ago. Defeat would put Mr Abe's future in question.