Japan is getting to the point where it wants to change its Constitution, which currently forbids the government from waging war. If the prime minister can get a supermajority in the Congress, he can put this question to a national referendum. With China getting more aggressive, that could change might just pass.
It’s Article 9 that has to be changed. We will hear more about that in the future. It would lead to a military buildup, which always stimulates the economy. And that is important for investors. Japan could finally get out of its 25 year deflation. A poll by Nikkei showed that a supermajority could be achieved.
Mr. Masatoshi Honda, a professor of politics at Kinjo University, was quoted: “It’ll be hard to touch Article 9,” pointing out that while the Abe cabinet has an approval rating of 55 percent, approval for a constitutional reform under Mr. Abe is about 20 percentage points lower.
It will be interesting to watch. If Japan once again becomes a military power, it will make Asia a very exciting place.