Japanese PM wins landslide victory in general election

(CBC) - Japanese Prime Minister Junichiro Koizumi won a stunning landslide victory in Sunday's general election giving him a broad mandate to go ahead with his plans to privatize Japan's postal system, a financial services giant that includes a postal savings bank and insurance business with combined assets of $3 trillion.

This is the first time his Liberal Democratic Party had won a majority on its own in 15 years. The 63-year-old Koizuma is described as a media-savvy maverick with a knack for punchy slogans and a penchant for hard rock and Elvis.

He took office in 2001 as a widely popular reformer with bold plans to overhaul Japan's economy and transorm his country into a leaner, more forward-looking nation. His Liberal Democratic Party was assured of winning 296 seats in the 480-seat chamber. It's the first time in 15 years that his party has won a majority on its own.

"I have advocated postal reform for many years. The parliament said it was an absurd argument. The people have said it was the right thing," Koizumi told reporters.

Koizumi's victory will please Washington where he is seen as a staunch friend for backing the U.S. led war on Iraq, and will be welcomed by investors in Japanese financial markets, who want reform to stay on track.