CNN STUDENT NEWS is launching its last week of 2014.Thanks for taking ten minutes for commercial free current event.
First up, this December 15, an election in Japan.Its economy isn't doing well.We told you it fell to a recession this year,which means instead of growing,it's shrinking.But Japanese voters still seem to have faith in President Shinzo Abe to turn that around.
Even though when election wasn't required until 2016, Japan's leader has the authority to hold snap elections earlier. And Sunday's vote looks like it gave Abe's political party even more seats in Japan's parliament.
President Abe's reforms have been controversial.He's increased government spending and tended to help stimulate the economy,but he's also increased sales taxes, which has hurt small businesses and their customers.
So, what does this mean? It means that the Prime Minister will have four more years to institute his plan of economic reforms known as Abenomics. Flooding the market with cash, encouraging corporations to create more jobs and increasing government spending.
All of this in attempt to revive the Japanese economy after nearly two decades of stagnation. So far, the policy has been a mixed bag:there was a very unpopular sales tax increase earlier this year that helped push Japan into a surprise recession.
The Yen is at a seven year low, and in this country, the rely is on imports when the Yen is weak, a lot of things at the grocery store are much more expensive.
So it's really hurting Japanese consumers and small and midsize businesses and many voters are expressing apathy as one reason that the voter turnout in the snap election was so low.
But the prime minister says, this is a mandate from the Japanese people to stay the course and keep pushing ahead with Abenomics, and hopefully, he says, give the Japanese people the economic revival that he promised when he was first elected two years ago. And apparently now reelected for another four years.
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