REPORT: Japan Just Called A Snap Election

After a heap of speculation, Japanese prime minister Shinzo Abe has told his party leadership that he's calling a snap election for Japan's lower house, according to the Japanese public broadcaster.

He's trying to get a mandate for some changes, after dismal economic data pushed the country back into recession.

Abe was already expected to call an election when analysts were expecting a 0.5% increase in GDP for the third quarter, and the deal seemed sealed when the figure actually came in at -0.4%.

The GDP slippage is being attributed to a sales tax hike in April, which was agreed by political consensus before Abe came to office. Media have speculated that he will use a new mandate from the election to scrap the second half of the tax hike, which is planned for October 2015. Japan's NHK is reporting that Abe wants an 18 month delay on the hike.

Abe's party currently has an 85 seat majority in the lower house.