Hello from Tokyo. Last Saturday, Sanae Takaichi was elected as the leader of Japan's ruling Liberal Democratic Party (LDP). Takaichi's coalition negotiations following her election as leader are proving extremely difficult, with long-standing political partner Komeito deciding to withdraw from its alliance with the LDP on Friday.
If Takaichi clears this hurdle and becomes Japan's first female prime minister during the extraordinary Diet session, which is scheduled for sometime after Oct. 20, it will be a significant breakthrough in Japan's political landscape, where the gender gap index has long remained low and the "glass ceiling" has persisted throughout society.
A remark made by Takaichi immediately after being elected leader of the LDP -- "I will abandon the notion of work-life balance" -- has already stirred controversy in Japanese society, where efforts to advance women's participation in the workplace have been underway for some time. Another comment that drew attention was her repeated use of the phrase that she will "work, work, work" as the new leader of the LDP. She also stressed, "everyone," meaning LDP lawmakers, "will be required to work -- work like a horse."
At Nikkei Asia's newsroom, we place a strong emphasis on work-life balance. Still, last Saturday, editors and reporters in Tokyo were busy "writing, writing, writing" to cover the leadership race.
The first reactions to Takaichi's appointment came from the financial markets. The Nikkei Stock Average surged, reaching a fresh all-time high. Meanwhile, the Japanese yen plummeted. With Komeito's decision on Friday to leave the coalition, negotiations with other parties are expected to become increasingly chaotic.
If Takaichi is appointed as prime minister of Japan, her first test will be in diplomacy. The presumptive new leader, who is known for her conservative stances, will make her diplomatic debut at the ASEAN Summit in Malaysia, which begins on Oct. 26. Soon after, U.S. President Donald Trump, who is known for his assertive foreign policies, is scheduled to visit Japan.
As Editor-in-Chief of Nikkei Asia, I would never ask our members of the newsroom to "work like a horse," but our editors and reporters in Tokyo will likely continue to "report, report, and keep reporting" on developments in Japanese politics and diplomatic issues between Asian countries and the U.S. that are expected in the weeks ahead. Please follow our coverage on Nikkei Asia.
My suggested reads
1. Beijing's push to reduce students' study hours to boost children's well-being, combat inequality and alleviate pressure on parents to support the birth rate appears to be flailing. This week's Big in Asia looks at how, with job creation slowing as economic momentum dissipates and youth unemployment rising to new highs, many Chinese parents are keeping their high school-aged children enmeshed in a system that has them studying from dawn until deep into the night.
2. Vietnam has bold ambitions to reach developed country status by 2045. One of the ways it hopes to achieve this is by creating an International Finance Center to attract pools of foreign capital. Plans for the dual hub center, in Danang and Ho Chi Minh City, are gathering significant momentum. But, as our reporters note, challenges remain: Will the nation's capital controls be relaxed and how will legal certainty for overseas investors be guaranteed?
3. China has a track record of disrupting global tech manufacturing, be it in displays, solar panels, smartphones or EVs. The country's latest ambition is to become a major maker of silicon wafers, undercutting global rivals while strengthening its own chip supply chain. Cheng Ting-Fang and Lauly Li take readers inside the "astonishing" industry trends that Japanese, South Korean and Taiwanese wafer suppliers are fretting about.
Wishing you a wonderful weekend!
Akito Tanaka
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