The Bank of Japan would be able to raise interest rates more easily under a government controlled by the Democratic Party of Japan, increasing household savings and spending, economists said.

Allowing borrowing costs to rise will help bolster returns on ¥1.400 quadrillion in financial assets held by households, according to Naomi Fink, Japan strategist at Bank of Tokyo-Mitsubishi UFJ Ltd.

"Higher interest rates will enhance income for pensioners," Fink said in an interview Thursday. "One of the reasons households aren't spending is they have no expectations for income growth."