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Both parties seem to be competing to distance themselves from the small-government policies of former Prime Minister Junichiro Koizumi, perhaps the most dynamic leader Japan has had in recent years. His approach is now blamed for hurting job security and worsening social inequalities. The two parties say they favor steps to shore up Japan’s social safety net, and they have offered generous new spending to woo voters.

“It is not clear that either party has an economic philosophy, besides let’s spend more money,” said Robert Feldman, an economist in Tokyo for Morgan Stanley.