Abstract
This paper examines the factors behind the formation and fluctuation of macro-level Cabinet support using public opinion poll data from Jiji Press. Applying Stimson’s dyad ratios algorism to the reasons of cabinet support, I extract two moods: "valence support" mood and "vague support" mood. The vague support mood was higher during the 1955 system, and the valence support mood was higher after the collapse of 1955 system, implying cabinet support became more based on the evaluation of competence after the end of the LDP dominance and institutional reform. The combination of the two moods explains 93% of the cabinet approval rate. Then I analyzed the relationship between the economic indicators and moods using the Vector Autoregression Model. Results show the Nikkei Stock Average is associated with the valence support mood, while the GDP growth rate is associated with the vague support mood. Voters have used the economic situation as a factor to decide cabinet support. However, the vague support mood, which was higher under the 1955 system, was based on economic growth, while the valence support mood, which became important after the 1955 system, was influenced by the Nikkei Stock Average.