InsideJapan News Network

Approval ratings for Japan's prime minister Taro Aso have slipped to an all-time low of 36 per cent.

Of the 1,044 people who were questioned by the Mainichi Shimbun newspaper, 48 per cent said they would back the opposition party in any future election, while 36 per cent said they backed the current government.

Since Mr Aso became the country's new premier in September, the credit crunch has seen record losses on the country's stock markets, reports the Press Association.

Meanwhile, rivals of Mr Aso's Liberal Democratic Party (LDP) have begun claiming he has lost his mandate to govern the country.

Many commentators are predicting he will dissolve Japan's lower house of parliament and hold elections soon - possibly in November.

Since it was founded in 1955, the LDP has spent only ten months in government.

Mr Aso favours tax cuts and increased spending to help navigate the Japanese economy though the current economic crisis, reports Reuters.