In a startling development, Junichiro Koizumi, Prime Minister of Japan, was overwhelmingly backed in the elections held over the weekend. Koizumi had called for the election after his bid to privatize Japan Post failed to pass in Japan’s Parliament, which was summarily dissolved. In a show of solidarity, Japanese voters have given Koizumi the power to make sweeping political changes and implement structural economic reforms. By coincidence, the election coincided with the release of certain economic data, which indicated Japan is now growing at a healthy 3.3%. It seems Japan’s economy is finally on solid footing, which certainly bodes well for the Yen. The Economist reports:

Investors also applauded revised economic figures that were released on the same day, showing that GDP grew at an annual rate of 3.3%, more than previously announced, in the second quarter.

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