Japan's ruling party 'set for poll blow'

Japan’s ruling party suffered a major loss in parliamentary elections today, while the leading opposition party made huge gains, according to exit polls.

NTV, a major commercial network, said the ruling Liberal Democratic Party was set to win only 38 seats to 59 for the opposition Democratic Party of Japan.

The network based its forecast on exit polls broadcast shortly after the polls closed.

Other networks had similar projections.

A stinging defeat for Prime Minister Shinzo Abe's Liberal Democratic Party could cost the leader his job and trigger a period of political deadlock for the world's second-largest economy.

Up for grabs were 121 seats in the 242-member upper house of parliament. While last-minute surveys indicated Abe’s LDP and its coalition partner the New Komei Party had been regaining ground, the exit polls showed the coalition far behind the 64 seats needed to keep its majority.

The election was the biggest test yet for Abe, who took office less than a year ago as Japan’s youngest prime minister amid soaring support ratings.

His popularity, however, has plunged amid public outrage over millions of lost pension records and scandals that forced two ministers to resign and another to kill himself.