Fukuda-Asō late LDP — GFC crisis response cabinets

Doctrine — stated goals and content

Late-LDP crisis-management doctrine — two transitional cabinets (Fukuda, Asō) governing a twisted Diet (LDP-Komeito lost Upper House July 2007, DPJ control) and a collapsing global economy. Fukuda pursued a consensual centre-right line (G8 Hokkaidō-Tōyako summit July 2008 emphasised climate and food prices) but resigned September 2008 citing inability to govern the split Diet. Asō took over weeks before Lehman and became Japan's GFC-response PM: three supplementary budgets totalling ~¥26tn fiscal stimulus, ¥12,000 per resident cash handout (teigakukyūfukin, announced November 2008, distributed 2009), eco-car and eco-point subsidies for white goods and vehicles, and major SME credit-guarantee expansion via JFC/Shōkō-Chūkin. BoJ cut policy rate from 0.50% to 0.30% (October 2008) then 0.10% (December 2008), restarted JGB/commercial-paper outright purchases. Exports collapsed 40%+ peak-to-trough, 2009 GDP contracted ~5.4%. Popularity of both cabinets bled out; LDP lost the August 2009 Shūgiin election by landslide (DPJ 308 seats vs LDP 119), ending 54 years of near-continuous LDP rule. Coherence line: reactive Keynesian stimulus grafted onto tired LDP coalition, outvoted by DPJ regime-change wave.