Japanese party leaders debate major issues ahead of general election

Yoshihiko Noda, current Prime Minister and President of the ruling Democratic Party of Japan has clashed with Liberal Democratic Party leader Shinzo Abe on the role of the central government in the Bank of Japan's targets and policies. Noda, a former Finance Minister, reiterated his stance that the government should not be involved in setting specific targets for the central bank.

Opinion polls indicate former Prime Minister Abe is likely to retake the post. If things go his way, that will mean "unlimited" monetary easing to flight deflation, and a doubling, possibly tripling of Japan's current inflation target of 1%. Where he will be less aggressive is in ridding the country of nuclear power.

Despite Abe's cautious stance on energy, public opinion surveys have shown overwhelming support for a zero reliance on nuclear power for Japan by 2030.

WIth Japanese utilities looking to hike rates, the energy controversy will continue to pose challenges for Japanese firms and citizens alike.

While much of the debate revolved around hard economic issues, Japan's territorial disputes with China did come up. Former Tokyo governor Shintaro Ishihara was questioned on his involvement in nationalizing what the Japanese call the Senkaku Islands, and what the Chinese all the Diaoyu Islands. But Ishihara defended his position vehemently.

Ishihara's remarks were no more candid than usual, though he's likely being bolstered by his party's popular support, trailing only the the LDP and the DPJ in a nationwide survey in November. But with 46% of the those surveyed still undecided, control of the Lower House is still up for grabs.