Japan’s Iron Maiden Needs to Fire Abe’s Last Arrow
Stocks are thrilled, but the weak yen could knock Sanae Takaichi her off target.
Abe and Takaichi in 2014.
Photographer: Kiyoshi Ota/Bloomberg
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Japan’s long-hegemonic Liberal Democratic Party has thrown caution to the winds and elected its own Iron Lady, Sanae Takaichi, as leader and therefore the likely next prime minister. Like Margaret Thatcher, she stands to be her nation’s first female premier. As Gearoid Reidy points out, this is a risky move when safer (and blander) options were available. But markets are really excited about it. Why?