Japanese Prime Minister Sanae Takaichi’s administration is experiencing a slump in approval ratings, according to a recent Yomiuri newspaper poll. The poll, conducted between July 24 and 26, showed that Takaichi’s approval rating fell to 57%, down from 69% in June. This is the first time her approval rating has dropped below 60% since she took office.

Rising Inflation and Market Pressures

The decline in approval ratings is largely attributed to rising living costs and market pressures. Takaichi’s expansionary fiscal and monetary policy bias has caused a spike in bond yields and a slump in the yen to four-decade lows. The government’s decision on whether to cut an 8% levy on food sales, a pledge Takaichi made to cushion the blow from rising living costs, has been delayed due to opposition from within her own ruling party.

The percentage of people who disapproved of Takaichi’s administration rose to 34% from 21% in June, while those who disapproved of her administration’s efforts to combat rising living costs increased to 71% from 56%. Other recent media polls have also seen Takaichi’s approval ratings slide, with some speculating that she may reshuffle her cabinet in August or September.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.