The sun may be setting on the administration of Prime Minister Keizo Obuchi. Recent polls indicate that the Obuchi Cabinet's approval ratings have fallen sharply while its disapproval ratings have risen. The phenomenon is generally blamed on the continuing recession, a growing public-debt burden stemming from the government's free-spending policies and the questionable ruling coalition of the Liberal Democratic Party, the Liberal Party and New Komeito.
Government officials would no doubt contend that deficit financing based on mass bond issues is an unavoidable policy option aimed at putting the slow-moving economy back on recovery track. This option calls for a wide range of public-works spending, which gives no tangible benefits to consumers. There is growing discontent with the government among consumers who have difficulty making ends meet amid the recession.
Obuchi would likely argue that in parliamentary politics based on majority rule, it is essential for the LDP to maintain the three-party coalition in order to secure a majority in the Upper House.