Business leaders welcomed the ruling coalition's victory in Sunday's Upper House election, voicing hope that the government of Prime Minister Shinzo Abe will facilitate progress in improving social security programs and restoring fiscal health.

"In this fall's extraordinary Diet session, to sweep away worries about the future, I hope there would be an in-depth debate on reforms to accompany the pain," Kengo Sakurada, chairman of the Japan Association of Corporate Executives, said in a statement, stressing the planned consumption tax hike in October is a "must."

After repeated postponements, the consumption tax is set to be raised from the current 8 percent to 10 percent in that month to boost revenue, at a time Japan's fiscal health has remained the worst among advanced economies, while social security costs are ballooning due to the country's rapidly graying population.