Next Japan PM Hatoyama Begins Transition to Power

Hatoyama, the wealthy heir to an industrial and political dynasty, is expected to announce a transition team later in the day. Photo by cleveland.com

Japan's next leader, Yukio Hatoyama, is beginning a transition to power after winning a landmark general election.

Exit polls show his Democratic Party of Japan overwhelmingly defeated the Liberal Democratic Party, which has governed almost unbroken since 1955.

PM Taro Aso has conceded defeat and said he would resign as LDP head.

Media forecasts give the DPJ 308 of the 480 seats in the lower house to the LDP's 119, almost an exact reversal of their previous standing.

Japan's Nikkei stock market index jumped to an 11-month high in early trading as the scale of the DPJ's victory became clear, but the rise of the yen and Chinese stock falls led to an overall fall of 0,3%. Official results are still to be released.

Hatoyama, the wealthy heir to an industrial and political dynasty, is expected to announce a transition team later in the day.

 

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