India lost $123 billion in black money in a decade

WASHINGTON: The Indian economy suffered $1.6 billion in illicit financial outflows in 2010, capping-off a decade in which it experienced black money losses of $123 billion, according to a new report.

India is ranked as the decade's 8th largest victim of illicit capital flight behind China, Mexico, Malaysia, Saudi Arabia, Russia, the Philippines, and Nigeria, respectively in the report by Global Financial Integrity, a Washington-based research and advocacy organization.

Titled "Illicit Financial Flows from Developing Countries: 2001-2010," the report found that all developing and emerging economies suffered $858.8 billion in illicit outflows in 2010, just below the all-time high of $871.3 billion set in 2008-the year preceding the global financial crisis.

"While progress has been made in recent years, India continues to lose a large amount of wealth in illicit financial outflows," said GFI director Raymond Baker.

"Much focus has been paid in the media on recovering the Indian black money that has already been lost," he said suggesting policymakers should instead make curtailing the ongoing outflow of money priority number one.

"$123 billion is a massive amount of money for the Indian economy to lose," said Dev Kar, GFI lead economist and co-author of the report with GFI economist Sarah Freitas.

"It has very real consequences for Indian citizens. This is more than $100 billion dollars which could have been used to invest in education, healthcare, and upgrade the nation's infrastructure," he said.

A Nov 2010 GFI report, "The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008," found that the Indian economy lost $462 billion to illicit financial outflows from 1948 through 2008.

Authored by Kar, the report measured India's underground economy as 50 percent of GDP, with cumulative illicit outflows accounting for an increasing share of the total underground economy.

The new GFI study also estimates the developing world lost a total of $5.86 trillion to illicit outflows over the decade spanning 2001 through 2010.

The $858.8 billion of illicit outflows lost to all developing countries in 2010 is a significant uptick from 2009, which saw developing nations lose $776.0 billion.

GFI advocated that world leaders increase the transparency in the international financial system as a means to curtail the illicit flow of money highlighted by Kar and Freitas' research.

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

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AP Writer Matt Apuzzo contributed to this report.

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Online:

Asperger's information: http://1.usa.gov/3tGSp5

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Conn. Kids Laid to Rest: 'Our Hearts Are With You'

Visibly shaken attendees exiting the funeral today for 6-year-old Noah Pozner, one of 20 children killed in the Connecticut school massacre last week, said they were touched by a story that summed up the first-grader best.

His mother, Veronique, would often tell him how much she loved him and he'd respond: "Not as much as I [love] you," said a New York man who attended the funeral but was not a member of the family.

Noah's family had been scheduled to greet the public before the funeral service began at 1 p.m. at the Abraham L. Green & Son Funeral Home in Fairfield, Conn. The burial was to follow at the B'nai Israel Cemetery in Monroe, Conn. Those present said they were in awe at the composure of Noah's mother.

Rabbi Edgar Gluck, who attended the service, said the first person to speak was Noah's mother, who told mourners that her son's ambition when he grew up was to be either a director of a plant that makes tacos -- because that was his favorite food -- or to be a doctor.

Outside the funeral home, a small memorial lay with a sign reading: "Our hearts are with you, Noah." A red rose was also left behind along with two teddy bears with white flowers and a blue toy car with a note saying "Noah, rest in peace."

CLICK HERE for complete coverage of the tragedy at Sandy Hook.

Don Emmert/AFP/Getty Images

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The funeral home was adorned with white balloons as members of the surrounding communities came also to pay their respects, which included a rabbi from Bridgeport. More than a dozen police officers were at the front of the funeral home, and an ambulance was on standby at a gas station at the corner.

U.S. Sen. Richard Blumenthal, U.S. Rep. and Sen.-Elect Chris Murphy and Gov. Dannel P. Malloy, all of Connecticut, were in attendance, the Connecticut Post reported.

Noah was an inquisitive boy who liked to figure out how things worked mechanically, The Associated Press reported. His twin sister, Arielle, was one of the students who survived when her teacher hid her class in the bathroom during the attack.

CLICK HERE for a tribute to the shooting victims.

The twins celebrated their sixth birthday last month. Noah's uncle Alexis Haller told the AP that he was "smart as a whip," gentle but with a rambunctious streak. He called his twin sister his best friend.

"They were always playing together, they loved to do things together," Haller said.

The funeral for Jack Pinto, 6, was also held today, at the Honan Funeral Home in Newtown. He was to be buried at Newtown Village Cemetery.

Jack's family said he loved football, skiing, wrestling and reading, and he also loved his school. Friends from his wrestling team attended his funeral today in their uniforms. One mourner said the message during the service was: "You're secure now. The worst is over."

Family members say they are not dwelling on his death, but instead on the gift of his life that they will cherish.

The family released a statement, saying, Jack was an "inspiration to all those who knew him."

"He had a wide smile that would simply light up the room and while we are all uncertain as to how we will ever cope without him, we choose to remember and celebrate his life," the statement said. "Not dwelling on the loss but instead on the gift that we were given and will forever cherish in our hearts forever."

Jack and Noah were two of 20 children killed Friday morning at Sandy Hook Elementary School in Newtown, Conn., when 20-year-old Adam Lanza sprayed two first-grade classrooms with bullets that also killed six adults.

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U.N. chief alarmed by escalating violence in Syria

UNITED NATIONS (Reuters) - U.N. Secretary-General Ban Ki-moon expressed alarm on Sunday at the worsening violence in Syria, including the reported mass killing of Alawites and alleged firing of long-range missiles on Syrian territory, Ban's spokesman said.

"The Secretary-General is alarmed by the continued dramatic escalation of violence in Syria over the past several days, and the grave danger facing civilians in areas under fire," Ban's spokesman, Martin Nesirky, said in a statement.

"There have been extremely worrisome reports earlier this week of a mass killing of civilians in the village of Aqrab near Hama, as well as alleged firing of long-range missiles in some areas of the country," he said.

In the Aqrab incident, up to 200 members of President Bashar al-Assad's Alawite minority were injured or killed in an attack on their village in central Syria on Tuesday, opposition activists said. The death toll was still not known.

There have also been reports of the Syrian government using Scud missiles. NATO's U.S. commander said on Friday the alliance was deploying the Patriot anti-missile system along Syria's northern frontier because Assad's forces had fired Scud missiles that landed near Turkish territory.

Nesirky said that "continued bombing raids by fixed-wing military aircrafts and attack helicopters on populated areas have been amply documented."

"Today's reports of aerial bombing amid intense violence resulting in many casualties among the Palestinian refugee population in the Yarmouk camp in Damascus are a matter of grave concern," he said.

Activists said fighter jets had bombed the Yarmouk camp, killing at least 25 people sheltering in a mosque.

Nesirky said Ban "calls on all sides to cease all forms of violence. The Secretary-General reminds all parties in Syria that they must abide by their obligations under international humanitarian law to protect civilians."

"Targeting civilians or carrying out military operations in populated areas, in an indiscriminate or disproportionate fashion that harms civilians is a war crime," he added.

Syrian Vice President Farouq al-Sharaa told a Lebanese newspaper that neither forces of President Bashar al-Assad nor rebels can win the war in Syria. That is a view a number of U.N. officials and diplomats have voiced privately to Reuters.

The U.N. Security Council has been incapable of taking any meaningful action in the conflict. Veto powers Russia and China refuse to condemn Assad or support sanctions. Assad's government accuses Saudi Arabia, Qatar, Turkey, the United States and other Western governments of supporting and arming the rebels, an allegation the governments deny.

Meanwhile, U.N.-Arab League envoy Lakhdar Brahimi has failed to bridge the gaps between the Russian and U.S. positions on Syria, which U.N. diplomats say is at the heart of the longstanding deadlock on the Security Council.

Nesirky said Ban "reiterates his call on the international community to make every effort to stop the tragic spiral of violence in Syria and urgently to promote an inclusive political process leading to a peaceful political transition."

(Reporting By Louis Charbonneau; Editing by Sandra Maler)

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AIG moves to sell final shares in AIA

HONG KONG: US insurance giant American International Group (AIG) will sell its remaining stake in Asian insurer AIA, in a deal that could raise up to $6.5 billion.

The sale will mark AIG's total exit from AIA after the US insurer, which was bailed out by Washington during the financial crisis, sold two-thirds of the unit in a Hong Kong listing in 2010 to help repay the financial aid.

The Hong Kong initial public offering in 2010 raised US$20.5 billion, making it one of the world's biggest.

AIG, which holds 13.69 per cent in AIA, started selling 1.65 billion shares at a price range of HK$29.65-HK$30.65 ($3.82-$3.95), Dow Jones Newswires said, quoting a term sheet.

In a short statement AIA said trading in it had been suspended in Hong Kong on Monday pending the potential sale by AIG on a "significant portion" of its stake.

AIA said it expects the trading to resume no later than Tuesday.

AIG has sold off assets as it restructured itself back to a path of profitability, and raising money to repay the $182 billion bailout it received from the US government four years ago.

It has sold AIA shares twice this year, raising a total of $8 billion.

The move also comes a week after the US Treasury sold off all of its remaining shares in AIG, earning the government $7.6 billion from the sale and taking the government's net profit on the AIG bailout to $22.7 billion.

- AFP/ck

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Railways to adopt PPP mode for modernization: Bansal

SANGRUR: Union railway minister Pawan Bansal said on Sunday that public private partnership (PPP) mode would be adopted for modernizing and upgrading the railway infrastructure.

The minister, who was in Sangrur and Barnala districts of Punjab to lay the foundation stones for new railway projects, said that Rs 1.10 lakh crore would be generated through PPP mode for implementing the revamping plan.

"Railways is failing in mobilizing the required funds through internal sources. The annual plan for the ongoing fiscal has been cut short by over Rs 4,000 crore and the plan outlay has been reduced from earlier Rs 60,100 crore to Rs 55,900 crore," he said.

Bansal, who belongs to Tapa town of Barnala district, said, "The railways has chalked out ambitious plans for doubling the tracks, electrification, laying of new railway lines and manufacture of coaches in the next five years. All this will be done on PPP mode."

Bansal said that railways will need about 30,000 more coaches in the coming years and for this, all the states have been asked to provide land on which railways will set up coach factories.

"Both Punjab and Haryana have already shown keen interest in the plan," said Bansal.

He said that presently, there are 14,000 unmanned railway crossings in India and the railways is inching towards making these manned in a phased manner.

Bansal said that the Kolkata-Ludhiana and Delhi-Mumbai freight corridors will be completed during the next five years.

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

Asperger's information: http://1.usa.gov/3tGSp5

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Obama: Nation Faces 'Hard Questions' After Shooting

President Barack Obama said at an interfaith prayer service in this mourning community this evening that the country is "left with some hard questions" if it is to curb a rising trend in gun violence, such as the shooting spree Friday at Newtown's Sandy Hook Elementary School.

After consoling victims' families in classrooms at Newtown High School, the president said he would do everything in his power to "engage" a dialogue with Americans, including law enforcement and mental health professionals, because "we can't tolerate this anymore. These tragedies must end. And to end them we must change."

Mandel Ngan/AFP/Getty Images

President Obama: 'Newtown You Are Not Alone' Watch Video

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The president was not specific about what he thought would be necessary and did not even use the word "gun" in his remarks, but his speech was widely perceived as prelude to a call for more regulations and restrictions on the availability of firearms.

The grieving small town hosted the memorial service this evening as the the nation pieces together the circumstances that led to a gunman taking 26 lives Friday at the community's Sandy Hook Elementary School, most first graders.

"Someone once described the joy and anxiety of parenthood as the equivalent of having your heart outside your body all of the time, walking around," he said, speaking of the joys and fears of raising children.

"So it comes as a shock at a certain point when you realize no matter how much you love these kids you can't do it by yourself," he continued. "That this job of protecting kids and teaching them well is something we can only do together, with the help of friends and neighbors, with the help of a community, and the help of a nation."

CLICK HERE for Full Coverage of the Tragedy at Sandy Hook

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Egyptians narrowly back Islamist-shaped constitution, say rival camps

CAIRO (Reuters) - Egyptians voted narrowly in favor of a constitution shaped by Islamists and which opponents said was a recipe for deepening divisions in the nation, officials in rival camps said on Sunday after the first round of a two-stage referendum.

The result based on unofficial tallies, if confirmed for this round and repeated in Saturday's second stage, may give Islamist President Mohamed Mursi limited cause for celebration as it shows the wide rift in Egypt at a time when he needs to build consensus on tough measures to heal a fragile economy.

Official results are not expected till after the next round.

Mursi and his backers say the constitution is vital to move Egypt's democratic transition forward. Opponents say the basic law is too Islamist and tramples on minority rights, including those of Christians who make up 10 percent of the population.

The build-up to Saturday's vote was marred by deadly protests. Demonstrations erupted last month when Mursi awarded himself sweeping powers and then fast-tracked the constitution through an assembly dominated by his Islamist allies.

The vote passed off peacefully with long queues forming in Cairo and other cities and towns where this round of voting was held. The vote was staggered because many judges needed to oversee polling staged a boycott to voice their opposition.

But late on Saturday, as polls were closing, Islamists attacked the offices of the liberal opposition Wafd party newspaper, a party that was part of the National Salvation Front coalition that pushed for a "no" vote.

"The referendum was 56.5 percent for the 'yes' vote," a senior official in the Brotherhood's Freedom and Justice Party operations room set up to monitor voting told Reuters.

The Brotherhood and its party, which propelled Mursi to power in a June election, had representatives at almost all polling stations across the 10 areas, including Cairo, where this round of voting was held.

The official, who asked not to be identified, said the tally was based on counts from more than 99 percent of polling stations in this round.

'VERY CLOSE'

One opposition official also said the vote appeared to have gone in favor of Islamists who backed the constitution, after the opposition had previously said late on Saturday when voting ended that their exit polls indicated the "no" camp would win.

Another opposition official had suggested as counting proceeded through the night that the vote would be "very close".

Even a narrow loss could hearten leftists, socialists, Christians and more liberal-minded Muslims who make up the disparate opposition camp, which has been beaten in two elections since Hosni Mubarak was overthrown last year.

They were drawn together to oppose what they saw as Mursi's power grab and his constitution push. Their National Salvation Front includes prominent figures such as Nobel Peace Prize laureate Mohamed ElBaradei, former Arab League chief Amr Moussa and firebrand leftist Hamdeen Sabahy.

If the constitution is approved, a parliamentary election will follow early next year. Opposition leaders say the Front could help unite the opposition for that poll after their divided ranks have split the vote in previous elections.

But analysts questions whether the group in this form will survive to a parliamentary election. The Islamist-dominated lower house of parliament elected earlier this year was dissolved based on a court order in June.

Violence in Cairo and other cities has plagued the run-up to the referendum. At least eight people were killed when rival camps clashed during demonstrations outside the presidential palace earlier this month.

Several party buildings belonging to the Muslim Brotherhood's party have been burned by angry protesters.

'MOVE ON'

On Friday, a day before the vote, rival factions armed with clubs, knives and swords fought in the streets of Alexandria. Opposition supporters trapped a Muslim preacher inside his mosque after he called for a "yes" vote.

"The sheikhs (preachers) told us to say 'yes' and I have read the constitution and I liked it," said Adel Imam, 53, as he queued to vote in Cairo on Saturday. "The country will move on."

Echoing the views of many Christians, Michael Nour, a 45-year-old Christian teacher in Alexandria, said: "I voted 'no' to the constitution out of patriotic duty. The constitution does not represent all Egyptians."

In order to pass, the constitution must be approved by more than 50 percent of voters who cast ballots. A little more than half of Egypt's electorate of 51 million were eligible to vote in the first round.

Rights groups reported some abuses, such as polling stations opening late, officials telling people to vote "yes," bribery and intimidation.

But Gamal Eid, head of the Arab Network for Human Rights Information, which is monitoring the vote, said nothing reported so far was serious enough to invalidate the referendum.

Islamists have been counting on their disciplined ranks of supporters and the many Egyptians desperate for an end to turmoil that has hammered the economy and sent Egypt's pound to eight-year lows against the dollar.

Howaida Abdel Azeem, a post office employee, said: "I said 'yes' because I want the destruction the country is living through to be over and the crisis to pass."

If the constitution is voted down, a new assembly will have to be formed to draft a revised version, a process that could take up to nine months.

The army has deployed about 120,000 troops and 6,000 tanks and armored vehicles to protect polling stations and other government buildings. While the military backed Mubarak and his predecessors, it has not intervened in the present crisis.

(Additional reporting by Tamim Elyan; Writing by Edmund Blair and Giles Elgood; Editing by Eric Walsh)

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Japan votes in poll likely to eject ruling party

TOKYO - Voters in Japan went to the polls Sunday in an election likely to return conservatives to power at a time of growing tension with China and as the nation seeks to arrest economic decline.

Polls point to a heavy defeat for Prime Minister Yoshihiko Noda's government, but observers say the electorate will hand the reins of power only reluctantly to the opposition Liberal Democratic Party (LDP).

Hawkish one-time premier Shinzo Abe appeared set for a return to office, after a campaign in which he has sketched out a harder line on foreign policy, as tensions rise with China over disputed islands in the East China Sea.

Polls opened early Sunday and exit polls from broadcasters will be released shortly after the ballot boxes are sealed at 8:00 pm (1100 GMT).

Abe, whose brief stint as premier in 2006-2007 ended ignominiously, has pledged to right Japan's listless economy, which has suffered years of deflation, made worse by a soaring currency that has squeezed exporters.

"With stronger monetary policies, fiscal policies and growth policies, we will end deflation, correct a high yen, and grow the economy," said Abe Saturday.

"It's time to put an end to the confusion and doldrums of three years and three months," Abe said, referring to the stint in power of Noda's Democratic Party of Japan.

"We've got to take a fresh step forward. Please join us for the fight," added the former premier, whose party ruled Japan almost continuously for more than five decades until it was ousted by the DPJ.

He has also pledged to boost spending on infrastructure projects at a time when large parts of the tsunami-ravaged northeast have yet to see significant rebuilding following the March 2011 catastrophe.

The collapse of an ageing highway tunnel that claimed nine lives earlier this month lent credence to his calls, which have been criticised by opponents as a return to the LDP's "construction state" of the last century.

Public unease about a deteriorating security environment -- North Korea launched a rocket over Japan's southern islands last week and China sent a plane into Japanese airspace -- has bolstered Abe's cause.

He has promised to boost defences and revitalise a security alliance with the United States that is widely thought to have drifted under Noda's party.

"It is an urgent task to rebuild the Japan-US alliance as unshakable and achieve peace and stability in Asia," Abe's LDP said in a statement issued ahead of the Sunday vote.

The DPJ disappointed voters who handed it a hefty majority in 2009 polls. Policy missteps, diplomatic gaffes and vicious factional infighting saw it burn through three premiers in as many years and squander its electoral hand.

A plodding and sometimes confused response to the disaster at Fukushima where nuclear reactors went into meltdown after the tsunami last year did it no favours either.

"Let us have another try... a lot of promises have yet to be fulfilled," Noda was quoted as saying in newspaper adverts published on Sunday.

Opinion polls show that despite a strong anti-nuclear feeling in Japan, an array of smaller parties promising an atomic exit may struggle to get much traction.

But commentators say there is little enthusiasm for any party, and the LDP's likely victory will come from their perceived status as the least-worst option.

- AFP/ir

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