Takaichi Sanae secured the leadership of Japan’s governing Liberal Democratic Party (LDP) in a “surprise” victory on Saturday, positioning herself as the first woman to become Japanese prime minister.
The 64-year-old is a “disciple” of the late Japanese prime minister Abe Shinzo, especially on economic matters. Despite Japan’s high debt-to-GDP ratio, she’s committed to fiscal stimulus and easing cost-of-living pressures, potentially through targeted tax-relief measures. Stocks soared on news of Takaichi’s victory, but bond yields also rose, suggesting lingering concern around increasing government debt.
Takaichi is seen as a social conservative; she opposes same-sex marriage and separate surnames for married couples. Unlike her predecessor, Ishiba Shigeru, Takaichi is open to expanding her two-party coalition to include far-right political parties. She has recently taken a harder line on overstaying tourists and land acquisitions by foreigners.
Her first real test will come in mid-October, when Japan’s Diet will vote on her political fate; she will have to rely on opposition lawmakers to become prime minister.
Takaichi was first elected to Japan’s lower house in 1993. She previously served as Japan’s minister of economic security and minister for internal affairs. This was her third time running to lead the LDP.
Takaichi counts former U.K. prime minister Margaret Thatcher as an inspiration.
Summitry season
If Takaichi is confirmed as prime minister, she will have to cobble together a cabinet and embark on a whirlwind stretch of diplomacy, including summits for the Asia-Pacific Economic Cooperation and Association of Southeast Asian Nations, and hosting U.S. President Donald Trump later this month. Trump praised Takaichi on Monday, referring to her as “a highly respected person of great wisdom and strength.”
Takaichi would likely implement “a more confident Japanese foreign policy,” according to APF Canada’s Sun Ryung Park, who expects Takaichi to “accelerate Japan’s defence buildup and push constitutional revision to strengthen the role of the Self-Defense Forces — possibly enabling deeper security co-operation with Taiwan under the U.S. alliance.”
Takaichi also suggested that she won’t reopen the recently concluded Japan–U.S. trade deal, which saw Tokyo pledge to invest a whopping US$550 billion in the U.S.
Carney bound for Asia
Canadian Prime Minister Mark Carney’s inaugural Asia trip is slated for later this month. He’ll attend the ASEAN summit in Malaysia and the APEC summit in South Korea and likely make a pitstop in Japan.
Japan is Canada’s closest ally in the Indo-Pacific and fourth-largest trading partner. Both countries are G7 members and parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
A soon-to-be-published Angus Reid survey, prepared for APF Canada, suggests that 82 per cent of Canadians hold a favourable view of Japan, the highest percentage for any country included in the poll.
