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Japan PM Bets on World-Defying Inflation Policy to Win Election

Older voters who are a key part of the ruling party’s base are being hit hard by inflation, but that isn’t denting their support for the group. 

Campaign workers prepare a poster of Japanese Prime Minister Fumio Kishida in Yokohama.
Campaign workers prepare a poster of Japanese Prime Minister Fumio Kishida in Yokohama.

Photographer: Yuichi Yamazaki/Getty Images

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As politicians around the globe rush to tamp down inflation, Japan Prime Minister Fumio Kishida is betting instead that older voters in particular will look past surging prices in a crucial election on Sunday. 

Kishida has endorsed the Bank of Japan’s unorthodox stance of keeping borrowing costs at rock-bottom levels even as inflation heats up and the yen has slid to a 24-year low. During the campaign for the upper house election, Kishida made the case that higher interest rates would hurt mom-and-pop shops and homeowners even more.