Shinzo Abe Re-Elected as Japanese Prime Minister

© AP Photo / Shizuo KambayashiJapanese Prime Minister Shinzo Abe
Japanese Prime Minister Shinzo Abe - Sputnik International
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Japan's parliament re-elected on Wednesday Shinzo Abe who became the 97th Prime Minister of Japan.

The Nikkei 225 Stock Average closed down 1.57% to 17,099.40 at 2:55 p.m. in Tokyo, while the Topix Tokyo Stock Exchange Price Index  had fallen 1.10% to 1384.20 as of 11:55 a.m. - Sputnik International
Japanese Stocks Decline Following Abe Election Win
TOKYO, December 24 (Sputnik) Shinzo Abe was re-elected on Wednesday by an overwhelming majority of the House of Representatives, the lower house of the Japanese parliament, becoming the 97th Prime Minister of Japan.

Abe was backed by 358 votes of the lower chamber with 73 parliamentarians voting in opposition to candidate Katsuya Okada, according to local media. Prior to the House of Representatives voting, Abe's Liberal Democratic Party (LDP) won elections in the House of Councillors, the upper house of the National Diet, the Japanese parliament.

In accordance with the Constitution of Japan, the lower house has the final say in the election of a prime minister. This vote has officially confirmed Abe's reappointment.

Japanese Prime Minister Shinzo Abe - Sputnik International
Japan's Abe Wins Election Landslide: Exit Polls

At mid-December snap parliamentary elections, the LDP, headed by Shinzo Abe, swept the election. The ruling coalition of the LDP and its partner Komeito party won 326 out of 475 member seats.

Later on Wednesday, the members of the cabinet and the prime minister will participate in an approval ceremony of the government by the Emperor of Japan, Akihito.

With this victory, the LDP has extended its term of office for another four years. Its political leader Shinzo Abe is expected to continue his current economic policy, a set of reforms commonly referred to as Abenomics, to boost Japan's economy.

Shinzo Abe, 60, served for a year as prime minister from 2006 to 2007 and was re-elected to the position in December 2012.

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