Prime Minister Shinzo Abe will most likely announce a parliamentary elections to take place Dec. 14.

Abe's decision to call for an election comes after his plan to increase the country's national sales tax from 8 percent to 10 percent by October 2015.

Japan's July-September gross domestic product revealed a hounding problem as the economy actually shrank further by 1.6%, following the 7.3% contraction in the previous quarter.

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These figures actually serve as the biggest deterring factor to the tax-increase plan.

However, Abe is likely to argue that the proposed tax hike is the very reason why he is seeking for a fresh mandate for his pro-growth Abenomics platform.

Poll results reveal that there is an overwhelming opposition to the tax increase.

Observers believe that the decision to push through  for a tax hike is a risky bet for the PM, given that the ruling party, LDP could lose seats.

The LDP won a landslide victory in 2012, after its members managed to obtain 295 of the 480 seats in the lower chamber.

Among Abe's plans for next year include a belligerent decision, to reopen some of the country's nuclear power plants, which have all been closed since 2013.

Also among the prime minister's plans include the passing of a legislation that would expand Japan's military, in a bid to reinterpret Japan's pacifist constitution.

The LDP is still the strongest political party in Japan. It has garnered at least 30% of popular support, compared to the country's largest opposition Democratic Party, which only got a single-digit support rate.

The election (if ever Abe announces it) would sought elections for members in the lower house, which is the most powerful of Japan's two parliamentary chambers.

The lower house elects the prime minister and passes the budget even if the upper house vetoes it.

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