The most amusing reaction to the recent Upper House election — you know, the one that crushed the ruling coalition — came from currency markets. In the wake of the government’s drubbing and the beginning of what can be considered a critical period in the country’s modern history, one marked by great potential instability, traders yawned.
In fact, the yen strengthened against the dollar, because — get this — the electoral results were within the range of expected outcomes. (It began to weaken when U.S. President Donald Trump announced that he had reached a trade deal with Japan. Go figure.)
That blase reaction is a resounding vote of confidence in the bureaucrats that administer policy and keep the ship of state afloat and sailing efficiently ... forward? The problem with that conclusion is that the current course, at least as voters see it, isn’t progress. In fact, they seem quite unhappy. High turnout — 58%, the highest in an Upper House vote since 2010 — and a body blow to the government are clear signals of discontent.
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