TOKYO — Japan’s opposition party won an overwhelming victory at the polls on Sunday pledging to increase social welfare, better protect workers and do away with American-style, pro-market reforms to lead the country out of its long slump.
But while the presumptive prime minister, Yukio Hatoyama, rallied campaign crowds with his pledge to shift away from the “excessive” market reforms of recent years, many economists here say Japan may need more American-style deregulation and market-led growth, not less, to invigorate its stagnant economy.
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