Investing.com - Japan's ruling coalition increased its majority in Upper House elections on Sunday, public broadcaster NHK and other media reported, citing exit polls that suggested Prime Minister Shinzo Abe has widened his mandate to reform the economy and political system.
The ruling coalition and its small allies are estimated to have won two-thirds of the Upper House as well, the first step toward Abe's dream of rewriting the constitution, which has to be decided by a national referendum.
On the economic front, Abe still faces a tough task to reach a sustained 2% inflation target despite three years of aggressive monetary easing.
Abe led his party to a landslide win in Lower House elections in 2012 with a pledge to overcome deflation and to restore national pride with hard-line diplomacy and conservative educational reform. His campaign had a simple slogan - "regain Japan."
He reiterated those goals and pledged to act quickly.
"We will put together a bold and powerful economic stimulus package," Abe told NHK on Sunday night after the polls closed on half the 242 seats in the Upper House up for grabs with results suggesting the coalition now has a combined 146 seats in the 242-seat House of Councilors, up from 135 seats before Sunday's election.