Following a decision by his political party to allow its presidents to serve three consecutive terms, Japanese Prime Minister Shinzo Abe will have the chance to remain the country’s leader up to and beyond 2020, which would also make him the longest serving ruling leader in the nation’s history.
Abe just about made it into his second term, with assurances he would revitalise the country’s flagging economy and beef up the nation’s military defences. The term will conclude this time next year.
The rule adjustment by his Liberal Democratic Party could give Abe the time he needs to complete a revision of a controversial post-war pacifist constitution which many conservative politicians see as a humiliating symbol of the nation’s defeat in 1945. Other observers take the opposite view that the constitution represents a beacon of true democracy.
At the moment the LDP allows its presidents two consecutive three-year terms but under the new rules a third term will be allowed, although the regulatory change must be ratified at a party convention in March.
Japan is used to a revolving door of leaders, and Abe will break the mould if elected for a third term which would take him past the Tokyo Olympics in 2020. Combined with his previous tenure in 2006-2007 it would make him the longest serving Japanese leader ever.
“Another term would allow Abe to really settle down and tackle the problem of the Japanese economy,” said Stuart Poulson, Head of Corporate trading at Nikko-Desjardins Asset Management.
“It will be some task in the current environment. Many in the financial community are feeling pretty jaded with his ‘Abenomics’ as the strategy doesn’t seem to have been working. It may be the reason why the Bank of Japan has been trying to tweak their approach recently,” added Poulson.
Even though Abe has largely failed to deliver on his economic promises, his popularity at the polls has remained remarkably solid, with the latest figure at 65 percent, largely due to his tough stance on defence and in particular China, which recently overtook Japan as the world’s second largest economy.
Abe is so popular within his own party, and opposition is so weak, that many are concerned his governance will go largely unchecked if given a third term.
Abe will overtake early 20th century premier Taro Katsuraand if re-elected next year, assuming his party finalize the new rule in March.
